Orange County NC Website
39 <br /> <br />Revised NETPLANNER v2 <br /> <br />Owner and the Owner shall make any payment due with respect to such certification as a part of <br />his next payment after such certification. <br /> <br />20.6 No certificate issued or progress payment made shall constitute an acceptance of the Work <br />or any part thereof. <br /> <br />20.7 The amount certified by the Designer for payment shall be ninety-five percent (95%) of the <br />value of Work completed and materials stored since the Designer's last certification as shown <br />on the Request for Payment, less any amounts not certified in accordance with paragraph 20.4, <br />and this amount shall be paid by the Owner on or before the last business day of the month, but <br />payment shall not be past due until not paid within fifteen (15) days thereafter. <br /> <br />20.8 After certification by the Designer that the Work is fifty percent (50%) complete, based on a <br />determination that the Contractor's gross project invoices, excluding the value of materials <br />stored off-site, equal or exceed fifty percent (50%) of the value of the Contract, (except the <br />value of materials stored on-site shall not exceed twenty percent (20%) of the Contractor's gross <br />project invoices for the purpose of determining whether the Project is fifty percent (50%) <br />complete) and the Contractor has provided to the Owner the written consent of its sureties to <br />the cessation of further percentage retention, the amount certified for payment with respect to <br />subsequent Requests for Payment shall be one hundred percent (100%) of the value of Work <br />completed and materials stored since the Designer's last certification as shown on the Request <br />for Payment, less any amounts not certified in accordance with paragraphs 20.4 and 20.5; <br />provided, however, that the aggregate of periodic payments shall not exceed ninety-seven and <br />one half percent (97.5%) of the Contract Price. If the Owner determines that the Contractor's <br />performance under the Contract is unsatisfactory, the Owner may resume withholding <br />percentage retention from each subsequent periodic payment application up to the maximum <br />amount of five percent (5%) of the Contract Price. <br /> <br /> <br />ARTICLE 21. FINAL PAYMENT <br /> <br />21.1 If the Work of the Contractor is limited to demolition, pilings, caissons and structural steel, <br />the remaining unpaid balance of the Contractor’s Contract Price, less a sum equal to five-tenths <br />percent (0.5%) of the Contract Price, shall be paid within sixty days following receipt of the <br />following documents, all of which must be received before payment shall become due: (i) <br />request for payment from the Contractor; (ii) receipt of consent from the Contractor’s surety to <br />the payment; and (iii) approval or certification from the Designer that the work performed by the <br />Contractor is acceptable and in accordance with the Contract Documents. <br /> <br />21.2 Except as set forth in paragraph 21.1, within forty five days after Substantial Completion of <br />the Project, the remaining unpaid balance of the Contract Price shall be paid to the Contractor, <br />less an amount equal to two and one-half times the value of punch list work or other work <br />remaining to be completed or corrected, as reasonably estimated by the Owner. <br /> <br />21.3 Upon Substantial Completion, the Designer shall prepare and submit to the Contractor a <br />deficiency list identifying all portions of the Work which are known by the Designer at that time <br />to be incomplete or defective. Within thirty (30) days of receipt of this deficiency list, the <br />Contractor shall complete and correct all items on that list along with all other Work required to <br />achieve Final Completion of the Work. At any time prior to completion of the period of warranty, <br />DocuSign Envelope ID: 78B556CA-C028-4315-8EF4-948059C1C6F0DocuSign Envelope ID: F2D1756F-740F-4E82-9BEB-D1EEF4761E30