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<br />Revised 01/24 <br /> <br /> <br />4 <br />(i) The Request for Payment shall be in form of a standardized invoice or AIA Document <br />G702-703 appropriately addressed to Owner’s Representative at 1020 US 70 West , <br />Hillsborough, NC 27278 and shall show substantially the value of work done during <br />the previous calendar month. <br /> <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 /> <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 (2½%). <br /> <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 /> <br />(3) The Owner may discontinue withholding retainage in accordance with the <br />provisions of NCGS-143-(b1)(2) when the project is 50% complete. <br /> <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 /> <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 /> <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 /> <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 /> <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 /> <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 />Docusign Envelope ID: BC2F5A53-4A4D-4A43-BA5E-2B15089F70A6