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( 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 Smith Sinnett <br /> Architecture , 4600 Lake Boone Trail , Suite 205 Raleigh , NC 27607 and shall show <br /> 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 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 (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 retamage in accordance with the <br /> provisions ofNCGS - 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, <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 E <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 /> E <br /> i <br /> ( i) Should Contractor or its representatives fail to cure the breach within ten ( 10) days , or j <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 /> 4 <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 /> i <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 /> Revised 01 / 24 4 <br />