03-25-2015 Council Packet - Laserfiche WebLink

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General Conditions may furnish a Letter of Credit or other collateral satisfiietory to Owner to indemnify Owner against any Lien. 5.10 FINAL PAYMENT AND ACCEPTANCE If, on the basis of Owner's observation of the Work during construction and final inspection, and Owner's review of the final Request for Payment and accompanying documentation, all as required by the Contract Documents, Owner is satisfied that the Work has been completed and Contractor has fulfilled all of its obligations under the Contract Documents, Owner will, within twenty days after receipt of the final Request for Payment, pay the final Request for Payment. Thereupon Owner will give written notice to Contractor that the Work is acceptable subject to the provision of section 5.9. Otherwise, Owner will return the Request for Payment to Contractor, indicating in writing the reasons for refusing to recommend final payment, in which case Contractor shall make the necessary corrections and resubmit the Application. If the Request for Payment and accompanying documentation are appropriate as to form and substance., Owner shall, within thirty days after receipt thereof pay Contractor the amount recommended. IC through no fault of Contractor, final completion of the Work is significantly delayed thereof and if Owner so confirms, Owner shall, upon receipt of Contractor's final Request for Payment, and without terminating the Contract, make payment of the balance clue for that portion of the Work fully completed and accepted. If the remaining balance to be held by Owner for Work not fully completed or corrected is less than the retainage stipulated in the Contract, and if Bonds have been furnished as required herein, the written consent of the Surety to the payment of (he balance due for that portion of the Work fully completed and accepted shall be submitted by Contractor to Owner with the Request for Payment for such payment. Such payment shall be made under the terms and conditions governing final payment, except that it shall not constitute a waiver of claims. 5.11 CONTRACT'OR'S CONTINUING OBLIGATION Contractors obligation to perform and complete the Work in accordance with the Contract Documents shall he absolute. Neither recommendation of any progress or final payment by Owner, nor the issuance of a certificate of Substantial Completion or any payment by Owner to Contractor under the Contract Documents, nor any use or occupancy of the Work or any part thereof by Owner, nor any act of acceptance by Owner nor any failure to do so, nor the issuance of a notice of acceptability by Owner pursuant to Sections 5,8 or 5.9, nor any correction of defective Work by Owner shah constitute an acceptance of Work not in accordance with the Contract Documents or a release of Contractor's obligation to perform the Work in accordance with the Contract Documents. 5.12 WAIVER OF CLAIMS The making and acceptance of final payment shall constitute: 5.12.1 A waiver of all claims by Owner against Contractor, except claims arising from unsettled Liens, from defective work appearing after final inspection pursuant to Section 5.7 or from failure to comply with the Contract Documents or the terms of any special guarantees specified therein', City of Little Canada, City Hall Audio/Video Project 20 24