Agenda - Council - 05/14/2024 - Laserfiche WebLink

Home

twenty (20) Calendar Days of presentation of an approved application for payment, and receipt of final payment documents pay the Contractor the amount approved by the Engineer. ARTICLE 30. Retention of a Portion of the Contract Sum The Owner may retain up to a maximum of five percent (5%) of value of Work completed and requested for payment. The Owner must release all retainage no later than 60 days after Substantial Completion, subject to the terms of these General Conditions. After Substantial Completion, the Owner may withhold no more than: (1) two hundred and fifty percent (250%) of the cost to correct or complete work known at the time of Substantial Completion; and (2) one percent (I%) of the value of the Contract or $500, whichever is greater, pending completion and submission of all required documentation under Article 29 of these General Conditions. If the Owner reduces the amount of retainage, the Contractor must reduce retainage for any Subcontractors at the same rate. Those amounts released shall be considered not required to be retained to protect the Owner's interest in satisfactory completion of the Agreement. ARTICLE 31. Waivers of Claims and Continuing Obligations 31.1 The Contractor's obligation to perform the Work and complete the Project in accordance with the Contract Documents shall be absolute. Neither approval of any payment by the Engineer, nor the issuance of a certificate of completion, nor any payment by the Owner to the Contractor under the Contract Documents, nor any use or occupancy of the Project or any part thereof by the Owner, nor any act of acceptance by the Owner nor any failure to do so, nor any correction of faulty or defective Work by the Owner shall constitute an acceptance of Work not in accordance with the Contract Documents. 312 The making and acceptance of payments shall constitute: 31.2.1 A waiver of all claims by the Owner against the Contractor other than those arising from unsettled liens, from faulty or defective Work appearing after final payment or from failure to comply with the requirements of the Contract Documents or the terms of any special guarantees specified therein; and 31.2.2 A waiver of all claims by the Contractor against the Owner other than those previously made in writing and still unsettled. ARTICLE 32. Indemnification 32.1 To the fullest extent permitted by law, the Contractor shall indemnify and save harmless, the Owner and Engineer of and from loss or damage caused to any person or property by reasons of any carelessness or neglect in the doing or making of this improvement or furnishing of material and by reason or failure to pay all laborers, materials, mechanics, and subcontractors, and all persons who shall supply said Contractor with materials, provisions and supplies for the performance and completion of said Agreement to promptly pay all just debts, dues and demands incurred in the performance of said Agreement, and of and from all expenses of inspection and/or of whatever kind of nature, which shall be caused by delay or failure in the performance and completion of this Agreement, and further to indemnify and save harmless of and from all suits and action of the Owner and Engineer on account of any injuries or damages sustained by any person or persons by reason of GC 22