R2003-170 AUTHORIZING WATER MAIN AGREEMENT

Home Browse Search

. - - - � 12.1.8 Except with the Owner's prior approval, payments to Subcontractors shall be subject to retainage of not less than perceni ( %).The Owner � and the Contractor shall agree upon a mutually acceptable procedure for review and approval of payments and retention for Subcontractors. 12.1.9 In taking action on the Contractor's Applications for Payment, the Architect shall be entitled to rely on the accuracy and completeness of the information furnished by the Contractor and shall not be deemed to represent that the Architect has made a detailed examination,audit or arithmetic verification of the documentation submitted in accordance with Subparagraph i2.i.4 or other supporting data;that the Architect has made exhaustive or continuous on-site inspec- tions or that the Architect has made examinations to ascertain how or for what purposes the Contractor has used amounts previously paid on accouni of the Contract. Such examinations, audits and veriFications,if required by the Owner,will be performed by the Owner's accountants acting in the sole inieresi of the Owner. 12.2 FINAL PAYMENT 12.2.1 Final payment,constituting the entire unpaid balance of the Contract Sum,shall be made by the Owner to the Contractor when: .� the Contractor has fully performed the Contract except for the Contractor's responsi- bility to correct Work as provided in Subparagraph i2.z.z of AIA Document AZoi-i997� and to satisfy other requirements,if any,which extend beyond final payment;and .2 a final Certificate for Payment has been issued by the Architect. 12.Z.2 The Owner's final payment to the Contractor shall be made no later than 3o days after the issuance of the Architect's final Certificate for Payment,or as follows: 12.2.3 The Owner's accountants will review and report in writing on the Contractor's Final accounting within 3o days after delivery of the final accounting to the Architect by the Contractor. Based upon such Cost of the Work as the Owner's accountants repori to be substantiated by the Contractor's final accounting,and provided the other conditions of Subparagraph i2.2.i have been met, the Architect will, within seven days after receipt of the written report of the Owner's accountants, either issue to the Owner a final Certificate for Payment with a copy to the ' Contractor, or notify the Contractor and Owner in writing of the Architect's reasons for withholding a certificate as provided in Subparagraph 9.5.i of the AIA Document AZoi-i997.The time periods stated in this Subparagraph i2.2.3 supersede those stated in Subparagraph 9.4.i of the AIA Document AZoi-i997. 12.2.4 If the Owner's accountants report the Cost of the Work as substantiated by the Contractor's final accounting to be less than claimed by the Contractor,the Contractor shall be I entitled to demand arbitration of the disputed amount without a further decision of the (�� Architect. Such demand for arbitration sha�l be made by the Contractor within 3o days after the o 0 Contractor's receipt of a copy of the Architect's final Certificate for Payment; failure to demand oo�.00 arbitration within this 3o-day period shall result in the substantiated amount reported by the o Owner's accountants becoming binding on the Contractor.Pending a final resolution by arbitra- �i 9 9� A I A� tion,the Owner shall pay the Contractor the amount certified in the Architect's final Certificate A�A DOCUMENT Alll-1997 fOP PSyIIleIIt. OWNER-CONTRACTOR AGREEMENT 12.2.5 If, subsequent to final payment and at.the Owner's request, the Contractor incurs costs The American Institute described in Artide 7 and not excluded b��Article 8 to correct defecti��e or nonconforming Work, of Architects - 1735 New York Avenue, N.W. � Washington, D.C.20006-5292