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DocuSign Envelope ID: EF025B1F-945D-4AD0-89C8-770395A67984 <br /> or credentials and that such licenses certifications, or credentials are current, active, and <br /> not in a state of suspension or revocation. <br /> f. The Contractor is responsible for all physical damage to owned or rented machinery, tools, <br /> equipment, forms, and other items owned, rented or used by the Contractor and/or <br /> Subcontractor(s) in the performance of the Work including all of Owner's property in <br /> Contractor's care, custody, or control, and all such property while it is in transit. <br /> g. The Contractor is solely responsible for obtaining all permits necessary to complete the <br /> Work in compliance with all local, state, and federal laws. <br /> 5. PAYMENT & TAXES <br /> a. The Owner and the Town hereby agree to pay to the Contractor for the faithful <br /> performance of this Agreement, and the Contractor hereby agrees to perform all of the <br /> Work for a sum not-to-exceed Sixty Thousand Dollars ($60,000.00). The Owner shall be <br /> responsible for a sum not-to-exceed Thirty Thousand Dollars ($30,000.00) and the Town <br /> shall be responsible for a sum not-to-exceed Thirty Thousand Dollars ($30,000.00) Not <br /> later than the fifth (5th) day of each calendar month the Contractor shall submit to the <br /> Town a Request for Payment for the value of one half(50%) of the Work done during the <br /> previous calendar month and shall similarly submit a Request for Payment to the Owner <br /> for the value of the remaining one half(50%) of the Work. <br /> i. The Request for Payment shall be in form of a standardized invoice or AIA <br /> Document G702-703 appropriately addressed to Owner at 131 W. Margaret Lane, <br /> Hillsborough NC 27278 and shall show substantially the value of work done during <br /> the previous calendar month. The Request for Payment to the Town shall be in the <br /> form of a standardized invoice or AIA Document G702-703 appropriately <br /> addressed to Town at Town Attorney's Office, Town of Chapel Hill, 405 Martin <br /> Luther King Jr. Blvd., Chapel Hill,NC 27514. <br /> ii. The amount due for payment shall be ninety-five percent (95%) of the value of <br /> work completed since the last Request for Payment and this amount shall be paid <br /> by the Owner and Town on or before the last business day of the month. Owner <br /> and Town shall each retain five percent (5%) of their respective payment <br /> obligations. <br /> 1. Upon Owner's Representative's certification that ninety percent (90%) of <br /> the Work has been satisfactorily completed retainage may be discontinued. <br /> Retainage may be discontinued, at Town or Owner's Discretion, so long as <br /> work continues to be completed satisfactorily and on schedule. <br /> iii. Final payments shall not be due to the Contractor until thirty (30) days after one <br /> hundred percent (100%) of the Work, including punch list work, has been <br /> satisfactorily completed and an appropriate affidavit as required in Section 7(c) <br /> below has been received by Owner. <br /> b. Should Owner reasonably determine that Contractor has failed to perform the Work related <br /> to a Request for Payment, Owner, at its discretion may provide the Contractor ten (10) <br /> days to cure the breach. Owner may withhold the accompanying payment without penalty <br /> until such time as Contractor cures the breach. <br /> i. Should Contractor or its representatives fail to cure the breach within ten (10) days, <br /> or fail to reasonably agree to such modified schedule, Owner may immediately <br /> Revised 12/18 3 <br />