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42 . 9 . 7 . Subtract retainage as provided below . <br /> 42 . 10 Except with the Owner' s prior approval, payments allocated to Subcontractors shall be subject to a <br /> retention of five (5 %) . Whenever any item of Work indicated on the CMAR' s schedule of values <br /> is completed on or before a target date mutually agreed upon by the Owner, Project Designer and <br /> the CMAR, and the Project Designer and Owner agree the Work is completed, the Owner may <br /> reduce the amount of retainage on that item by fifty (50%) for the remainder of the Project. <br /> 42 . 11 Retainage in the traditional sense shall not be held on the CMAR' s Fee ; . <br /> Satisfactory completion and close out of the Project means that the Owner and <br /> Project Designer are satisfied that the Project has been completed in accordance <br /> with the Construction Documents and within the GMP, all general conditions of <br /> the Contract pertaining to the close out have been satisfied, and all Subcontractors <br /> have satisfactorily completed their respective contracts . Retainage is applicable <br /> only as related to Subcontractors . There will be no retainage held on the <br /> following costs : general conditions, general requirements, site services, <br /> insurances, bonds, or fee. <br /> 42 . 12 . Except with the Owner ' s prior approval, the CMAR shall not made advance payments to suppliers <br /> for material or equipment that has not been delivered and stored at the site . <br /> 42 . 13 . The Project Designer shall take action on the CMAR' s application for payment in accordance with <br /> the agreement between the Owner and Project Designer. The Project Designer ' s certification for <br /> payment shall be based upon the Project Designer ' s on-site observation and the documentation <br /> submitted in accordance with this paragraph and the CMAR' s application for payment. <br /> 43 . CERTIFICATES OF PAYMENT AND FINAL PAYMENT <br /> 43 . 1 . Within five (5 ) days from receipt of request for payment from the CMAR, the Project Designer <br /> shall issue and forward to the Owner a certificate for payment. This certificate shall indicate the <br /> amount requested or as approved by the Project Designer. If the certificate is not approved by the <br /> Project Designer, it shall state in writing to the CMAR and the Owner its reasons for withholding <br /> payment. No certificate issued or payment made shall constitute an acceptance of the Work or any <br /> part thereof. <br /> l . l . 43 . 2 . The Owner reserves the right, prior to making final payment to the <br /> CMAR, to conduct a final audit of the expenditures by the CMAR on the Project <br /> for assurances that the final payment to the CMAR does not exceed the amounts <br /> properly payable to the CMAR for the Cost of the Work, General Conditions, <br /> any special allowances, and CMAR-GMP Contingency savings . In the event an <br /> audit determines that the CMAR has been paid more than it is entitled to be paid <br /> under the Contract, the CMAR will refund the overpayment to the Owner. <br /> Notwithstanding anything contained herein to the contrary, the Owner' s audit <br /> rights shall not extend to any lump sum amounts , unit rates , established charges, <br /> fixed rates or multipliers . <br /> 43 . 3 . The making and acceptance of final payment shall constitute a waiver of all claims by the Owner <br /> except : <br /> 43 . 3 . 1 . Claims arising from unsettled liens or claims against the CMAR. <br /> 4343 . 2 . Faulty Work or materials appearing after final payment. <br /> Page 41 of 52 <br /> Revised 12/24, 4/25 <br />