Reso 2017-2715 - Laserfiche WebLink

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S 3'--4on_p rrcent (10%) of all monies earned by Contractor shall be retained by the City until final Comptctieti, tree' closeout documents, and acceptance by the City. Any reduction in retainage shall be in accordance wii eat6n.2 .05! _78 Florida Statutes. Any interest earned on ,Q retainage shall accrue to the benefit of the City. All reqnage reducti —`uogts fer tanon shall be in IC writing in a separate stand alone document. 00 Vel A�en to 5.4 'file City may withhold, in whole or in part, payment to such extent as may be necessary to protect itself from loss on account ofCity t(fk Manager's 5.4.1. Defective Work not remedied by Contractor. intiais: 5.4.2 Claims filed or reasonable evidence indicating probable filing of claims by other parties against Contractor or the City because of Contractor's performance. 5.4.3 Failure of Contractor to make payments properly to Sub -Contractors or for material or labor, 5.4.4 Liquidated damages and 'costs incurred by the City for extended construction administration. 5.4.5 Failure of Contractor to comply with other provisions of this Agreement. 5.5 Upon receipt of written notice from Contractor that the Work is ready for final inspection and acceptance, the City will make an inspection thereof. If the City finds the Work acceptable, the requisite documents have been submitted and the requirements of the Contract Documents fully satisfied, and all conditions of the permits and regulatory agencies have been met, a Final Certificate for Payment will be -issued by the City, stating that the requirements of the Contract Documents have been performed and the Work is ready for acceptance under the terms and conditions thereof. 5.6 Before issuance of the Final Certificate for Payment, Contractor shall deliver to the City a complete release of all liens raising out of this Agreement, or receipts in full in lieu thereof, an.affidayit certifying that all suppliers and Sub -Contractors have been paid in full and that all other indebtedncss connected with the Work has been paid, and it consent of the surety to. final payment;. and the final bill of materials, if .required, and Application for Payment. Contractor shall deliver the written Contractor's and all Manufacturers warranties pflor to issuance of the Final Certificate for Payment.' 5.7 if, atter the Work has been substantially completed, full completion thereof is materially delayed through no fault of Contractor, and the City so certifies same, the City will, and without terminating the Agreement, make payment of the balance due for that portion of the Work fully completed mid accepted. Such payment shall be made under the terms and conditions goveming final payment, except that it shall not constitute a waiver of claims.. 5.8 Final payment shall be made only after the City has reviewed and approved the final application for payment. The acceptance of final !payment shall constitute a waiver of all claims by Contractor, except those previously madein strict accordance with the provisions of the Agreement and identified by -Contractor as unsettled at the time of the application for final payment. 6303178 -AMERICAN RAMP COMPANY Page 27 ofX 63 0 cr n