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DocuSign Envelope ID: 12DCC4E1-4D61-4DOE-A2A2-7C6E689613AC <br /> a. The Owner hereby agrees to pay to the Contractor for the faithful performance of this <br /> Agreement, and the Contractor hereby agrees to perform all of the Work for a sum not-to- <br /> exceed Four Million, Four-Hundred Forty-Four Thousand, Five Hundred Dollars <br /> ($4,444,500.00). Not later than the fifth (5th) day of each calendar month the Contractor shall <br /> submit to the Owner's Representative, generally the Designer if a Designer is retained on the <br /> Work, a Request for Payment for work done during the previous calendar month. <br /> (i) The Request for Payment shall be in form of a standardized invoice or AIA Document <br /> G702-703 appropriately addressed to Owner's Representative at Smith Sinnett <br /> Architecture, 4600 Lake Boone Trail, Suite 205 Raleigh, NC 27607 and shall show <br /> substantially the value of work done during the previous calendar month. <br /> (ii) The amount due for payment shall be ninety-five percent (95%) of the value of work <br /> completed since the last Request for Payment and this amount shall be paid by the <br /> Owner on or before the last business day of the month. Owner shall retain five percent <br /> (5%) (the "Retainage"). <br /> (1) Upon Owner's Representative's certification that fifty percent (50%) of the <br /> Work has been satisfactorily completed Retainage shall be reduced to two and <br /> one half percent(2%2%). <br /> (2) Upon Owner's Representative's certification that ninety percent (90%) of the <br /> Work has been satisfactorily completed Retainage may be discontinued. <br /> Retainage may be discontinued, at Owner's Discretion, so long as work <br /> continues to be completed satisfactorily and on schedule. <br /> (iii) Final payment shall not be due to the Contractor until thirty (30) days after Final <br /> Completion of the Work, including punch list work, has been satisfactorily completed <br /> and an appropriate Affidavit, Indemnification, and Release as required in Section 8(d) <br /> below has been received by Owner. <br /> b. Should Owner reasonably determine that Contractor has failed to perform the Work related to <br /> a Request for Payment, Owner, at its discretion may provide the Contractor ten (10) days to <br /> cure the breach. Owner may withhold the accompanying payment without penalty until such <br /> time as Contractor cures the breach. <br /> (i) Should Contractor or its representatives fail to cure the breach within ten (10) days, or <br /> fail to reasonably agree to such modified schedule, Owner may immediately terminate <br /> this Agreement in writing, without penalty or incurring further obligation to <br /> Contractor. <br /> (ii) This section shall not be interpreted to limit the definition of breach to the failure to <br /> perform the Work related to a Request for Payment. <br /> c. The Contractor has included in the Contract Price and shall pay all taxes assessed by any <br /> authority on the Work or the labor and materials used therein. It shall be the Contractor's <br /> responsibility to furnish the Owner documentary evidence showing the materials used and <br /> sales and use tax paid by the Contractor and each of its subcontractors. <br /> Revised 12/18 4 <br />