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5 <br /> and subcontractors engaged in such activities possess such licenses, certifications, or <br /> credentials and that such licenses certifications, or credentials are current, active, and not in <br /> a state of suspension or revocation. <br /> f. The Contractor is responsible for all physical damage to owned or rented machinery, tools, <br /> equipment, forms, and other items owned, rented or used by the Contractor and <br /> Subcontractor(s) in the performance of the Work including all of Owner's property in <br /> Contractor's care, custody, or control, and all such property while it is in transit. <br /> g. The Contractor is solely responsible for obtaining all permits necessary to complete the <br /> Work in compliance with all local, state, and federal laws. <br /> 5. PAYMENT & TAXES <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 Total Bid of One Hundred Sixty Eight Thousand Eight Hundred Sixteen Dollars <br /> plus Add Alternate 1: Thirty Four Thousand Five Hundred Forty for a total of Two <br /> Hundred Three Thousand Three Hundred Fifty Six Dollars ($203,356). Not later than the <br /> fifth (5th) day of each calendar month the Contractor shall submit to the Owner's <br /> Representative, generally the architect if an architect is retained on the Work, a Request for <br /> 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 <br /> Document G702-703 appropriately addressed to Owner's Representative at Orange <br /> County, Attn: Asset Management, PO Box 8181, Hillsborough NC 27278 and shall <br /> show 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 <br /> work completed since the last Request for Payment and this amount shall be paid <br /> by the Owner on or before the last business day of the month. Owner shall retain <br /> five percent (5%). <br /> 1. Upon Owner's Representative's certification that ninety percent (90%) of <br /> the 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 one <br /> hundred percent (100%) of the Work, including punch list work, has been <br /> satisfactorily (as determined by the County) completed and an appropriate affidavit <br /> as required in Section 7(c)below has been received by Owner. <br /> b. Should Owner reasonably determine that Contractor has failed to perform the Work related <br /> to a Request for Payment, Owner, at its discretion may provide the Contractor ten (10) <br /> days to cure the breach. Owner may withhold the accompanying payment without penalty <br /> until such time as Contractor cures the breach. <br /> i. Should Contractor or its representatives fail to cure the breach within ten (10) days, <br /> or fail to reasonably agree to such modified schedule, Owner may immediately <br /> terminate this Agreement in writing, without penalty or incurring further obligation <br /> 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 /> Revised 01/24 3 <br />