Reso 2013-2040 - Laserfiche WebLink

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15.4 Final Payment and Acceptance. 15.4.1 If the Work is not acceptable to the CITY, then the CITY shall indicate the reasons for refusing to make final payment, in which case CONTRACTOR shall make the necessary corrections or compliance and resubmit the Application for payment. If the CITY is satisfied that the Work has been completed in accordance with the Contract Documents and the CONTRACTOR'S other obligations under the Contract Documents have been fulfilled, the CITY will agree to make the final payment. 15.4.2 If, through no fault of CONTRACTOR, final completion of the Work is significantly delayed, CITY may consider making 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 may be submitted by CONTRACTOR for such payment. The CITY may consider making such payment under the terms and conditions governing final payment, except that it shall not constitute a waiver of claims. 15.5 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, and this Agreement fully performed. The making of food 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. 15.5.5 Any of CONTRACTOR'S continuing obligations under this Agreement. The acceptance of final payment by CONTRACTOR or the Subcontractor for materials and supplies shall constitute a waiver of claims by that payee except those previously made in writing and identified by payee as unsettled at the time of final application for payment. 15.6 CITY'S Right to Withhold Payment. The CITY may withhold in whole or in part, final payment or any progress payment to such extent as may be necessary to protect itself from loss on account of: 15.6.1 Defective work not remedied. IB 30 Jl