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<br />00700 - 34/38 <br /> <br />A. After the CONTRACTOR has completed all correction Work referred to in <br />Paragraph 14.7 and delivered all maintenance and operating instructions, <br />schedules, guarantees, Bonds, certificates of inspection, marked-up record <br />documents (as provided in the General Requirements) and other documents, all <br />as required by the Contract Documents, and after the ENGINEER has indicated <br />that the Work is acceptable, the CONTRACTOR may make application for final <br />payment following the procedure for progress payments. The final Application for <br />Payment shall be accompanied by all documentation called for in the Contract <br />Documents, together with complete and legally effective releases or waivers <br />(satisfactory to the OWNER) of all liens arising out of or filed in connection with <br />the Work. <br /> <br />14.9 FINAL PAYMENT AND ACCEPTANCE <br /> <br />A. If, on the basis of the ENGINEER's observation of the Work during construction <br />and final inspection, and the ENGINEER's review of the final Application for <br />Payment and accompanying documentation, all as required by the Contract <br />Documents, the ENGINEER is satisfied that the Work has been completed and <br />the CONTRACTOR's other obligations under the Contract Documents have been <br />fulfilled, the ENGINEER will, within fourteen (14) days after receipt of the final <br />Application for Payment, indicate in writing the ENGINEER's recommendation of <br />payment and present the Application to the OWNER for payment. <br /> <br />B. After acceptance of the Work by the OWNER's governing body, the OWNER will <br />make final payment to the CONTRACTOR of the amount remaining after <br />deducting all prior payments and all amounts to be kept or retained under the <br />provisions of the Contract Documents, including the following items: <br /> <br />1. Liquidated damages, as applicable. <br /> <br />2. Two times the value of outstanding items of correction Work or punch list <br />items indicated on the Certificate of Substantial Completion/Notice of <br />Completion as being yet uncompleted or uncorrected, as applicable. All <br />such Work shall be completed or corrected to the satisfaction of the <br />OWNER within the time stated on the Certificate of Substantial <br />Completion/Notice of Completion, otherwise the CONTRACTOR does <br />hereby waive any and all claims to all monies withheld by the OWNER to <br />cover the value of all such uncompleted or uncorrected items. <br /> <br />14.10 RELEASE OF RETAINAGE AND OTHER DEDUCTIONS <br /> <br />A. After executing the necessary documents to initiate the lien period, and not more <br />than forty-five (45) days thereafter (based on a 30-day lien filing period and <br />15-day processing time), the OWNER will release to the CONTRACTOR the <br />retainage funds withheld pursuant to the Agreement, less any deductions to <br />cover pending claims against the OWNER pursuant to Paragraph 14.5B. <br /> <br />B. After filing of the necessary documents to initiate the lien period, the <br />CONTRACTOR shall have thirty (30) days to complete any outstanding items of <br />correction Work remaining to be completed or corrected as listed on a final punch <br />list made a part of the Certificate of Substantial Completion/Notice of Completion.