Orange County NC Website
Browse       Search
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 (21/2%) . <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 ofNCGS443 - (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 /> 01) 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 />