Reso 2010-1658 - Laserfiche WebLink

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15.4 Final Payment and Acceptance: 15.4.1 If, on the basis of Public Services Director's observation of the Work during construction and final inspection, and Public Services Director's review of the final Application for Payment and accompanying documentation, Public Services Director is satisfied that the Work has been completed in accordance with the Contract Documents and CONTRACTOR'S other obligations under the Contract Documents have been fulfilled, Public Services Director will, within ten (10) days after receipt of the final Application for Payment, indicate in writing Public Services Director's recommendation of payment and present the Application to CITY for payment. Thereupon Public Services Director will give written notice to CITY and CONTRACTOR that the Work is acceptable. Otherwise, Public Services Director will return the Application 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. Fifteen (15) days after presentation to CITY of the Application and accompanying documentation, in appropriate form and substance, and with engineer's recommendation and notice of acceptability, the amount recommended by Public Services Director will become due and will be paid by CITY to CONTRACTOR. Payment shall be wire transferred as set forth above. 15.4.2 If, through no fault of CONTRACTOR, final completion of the Work is significantly delayed and if Public Services Director so confirms, CITY shall, upon receipt of CONTRACTOR'S final Application for Payment and recommendation of Public Services Director, and without terminating the Agreement, make payment of the balance due for that portion of the Work fully completed and accepted. If the remaining balance to be held by CITY for Work not fully completed or corrected is less than the retainage stipulated in the Agreement, and if bonds have been furnished as required, the written consent of the surety to the payment of the balance due for that portion of the Work fully completed and accepted shall be submitted by CONTRACTOR to Public Services Director with the Application 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. 15.5 Final payment. Final payment, constituting the entire unpaid balance of the Guaranteed Maximum Price, shall be paid by the CITY to the CONTRACTOR when the Work has been completed in accordance with the Contract Documents, this Agreement fully performed, and a final certificate for payment has been issued by the Public Services Director. The making of final payment shall constitute a waiver of claims by CITY except those arising from: 15.5.1 Liens, claims, security interests or encumbrances arising out of this Agreement and unsettled. 15.5.2 Faulty or defective work and latent defects discovered after acceptance. 15.5.3 Failure of the work to comply with the requirements of the Contract Documents. 15.5.4 Terms of special warranties required by the Contract Documents. 29