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Grease Monkey Remodel <br /> Friday, August 03, 2018 <br /> Page 5 of 9 <br /> Article 3.1. The approximate commencement date of the project shall be after required county <br /> permits are issued. The approximate completion date of the project shall be <br /> approximately four months after project commencement, however any change <br /> orders and/or unusual weather might delay or otherwise affect the completion <br /> date. <br /> Article 4. THE CONTRACT PRICE <br /> Article 4.1. The purchase price of the project shall be set at the sum of One Hundred Ninety <br /> Eight Thousand Twenty Nine Dollars and Forty Cents, ($198,029.40), subject <br /> to additions and deductions pursuant to authorized change orders and allowances. <br /> Closing costs shall be paid by the Owner. <br /> Article 4.2. The Owner and the Contractor acknowledge that the Owner will pay a sum of <br /> Twenty Five Thousand Dollars, ($25,000.00), upon signing of this contract and <br /> before construction begins as a deposit and part of the purchase price of the <br /> project. <br /> Article 5. PROGRESS PAYMENTS <br /> Article 5.1. The Owner will make payments to the contractor pursuant to the approved <br /> construction draw schedule as work required by said schedule is satisfactorily <br /> completed. Owner shall make draw payments to contractor within seven days <br /> days after request by contractor. Should the owner fail to make payment, <br /> contractor may charge a penalty of eight percent annually upon the unpaid <br /> amount until paid. <br /> Article 5.2. If payment is not received by the Contractor within fourteen days after delivery of <br /> payment demand for work satisfactorily completed, contractor shall have the right <br /> to stop work or terminate the contract at his option. Termination by Contractor <br /> under the provisions of this paragraph shall not relieve the Owner of the <br /> obligations of payments to Contractor for that part of the work performed prior to <br /> such termination. Termination by Owner under the provisions of this paragraph <br /> shall not relieve the Owner of the obligations of payments to Contractor for that <br /> part of the work performed prior to such termination. <br /> Article 6. DUTIES OF THE CONTRACTOR <br /> Article 6.1. All work shall be in accordance to the provisions of the plans and specifications. <br /> All systems shall be in good working order. <br /> Article 6.2. All work shall be completed in a workman like manner, and shall comply with all <br /> applicable national, state and local building codes and laws. <br /> Initialed by: Owner (-Contractor V <br />