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6 <br /> Hillsborough, NC 27278 and shall show substantially the value of work done during <br /> 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(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 of NCGS-143-(b 1)(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, <br /> and Release as required in Section 5.4(e) of Exhibit 1 has been received and approved <br /> 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 /> 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 <br /> Contractor pursuant to this section of the Agreement shall not be deemed to be a breach of the <br /> Agreement. <br /> Revised 01/24 4 <br />