Orange County NC Website
Browse       Search
7 <br /> on or before the last business day of the month. Owner shall retain five percent (5%) <br /> (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 /> (3) The Owner may discontinue withholding retainage in accordance with the <br /> provisions of NCGS-143-(bl)(2)when the project is 50% complete. <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 (as <br /> determined by the County)completed and an appropriate Affidavit,Indemnification,and <br /> Release as required in Section 5.4(e) of Exhibit 1 has been received and approved by <br /> Owner. <br /> b. Should Owner reasonably determine that Contractor has failed to perform the Work related to a <br /> Request for Payment, Owner, at its discretion may provide the Contractor ten(10) days to cure <br /> the breach. Owner may withhold the accompanying payment without penalty until such time as <br /> 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 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 sales <br /> and use tax paid by the Contractor and each of its subcontractors. <br /> d. Should the Owner receive notice that the Contractor has failed to pay a Subcontractor for the <br /> Work performed related to a Request for Payment, Owner shall have the authority to withhold <br /> payment of the disputed amount until parties resolve their dispute. Failure to pay the Contractor <br /> pursuant to this section of the Agreement shall not be deemed to be a breach of the Agreement. <br /> 6. NON—APPROPRIATION <br /> a. Contractor acknowledges that Owner is a governmental entity,and the validity of this Agreement <br /> is based upon the availability of public funding under the authority of its statutory mandate. <br /> b. In the event that public funds are unavailable or not appropriated for the performance of Owner's <br /> obligations under this Agreement, then this Agreement shall automatically expire without <br /> Revised 04/23 4 <br />