Laserfiche WebLink
<br />3.3 Payment terms for the Project Sum are net 30 days, provided that Owner shall be entitled to the <br />following discounts for earlier payment: 1 % discount for net 15 day payment, 2% discount for net 10 day payment, <br />3% discount for net 5 day payment. <br /> <br />3.4 The procedure for the payment of the Project Sum to Contractor shall be as follows: <br /> <br />A. Interim Draw Requests. Contractor shall invoice Owner periodically <br />during performance of the Work using Owner's "Request for Payment" form attached hereto as <br />Exhibit B. Each Request for Payment shall contain (i) a detailed description of the Work <br />covered by the interim draw request, (ii) a breakdown in accordance with the format on Exhibit C <br />of the specific amounts contained in the interim draw request, (iii) a partial waiver of lien <br />(properly endorsed and sealed) from Contractor in the amount of the interim draw request (or <br />evidence that such claim has been bonded against as permitted in Article IX of the General <br />Conditions), and (iv) copies of all permits required from any applicable governmental authorities <br />required to perform the Work (the "Permits"), and (v) all backup documentation reasonably <br />required by Owner. Owner shall have five (5) business days from receipt of the interim Request <br />for Payment to inspect the covered Work. Contractor will promptly, at its expense, correct any <br />items requested by Owner as a result of Owner's inspection, prior to payment. Owner's <br />inspection pursuant to this Section shall not affect or limit Owner's final inspection rights as <br />described below. <br /> <br />128770 <br /> <br />B. Final Draw Request. Upon final completion of the Project, Contractor <br />shall submit to Owner for approval, a Certificate of Substantial Completion, in the form attached <br />as Exhibit D. Owner and Contractor shall, at Owner's option, jointly inspect the Project and <br />Owner shall compile a list of defective work or "red tagged" items, which shall promptly be <br />repaired or remedied by Contractor, after which the Work shall be re-inspected by Owner. Upon <br />written acceptance of the Work by Owner, Contractor shall submit its final Request for Payment <br />which shall include (i) a lien waivers (properly endorsed and sealed) executed by Contractor and <br />each Subcontractor and major material supplier retained by Contractor in connection with the <br />Work, each of which shall indicate full and final payment for all work performed or supplies <br />provided (or evidence that such claim has been bonded against as permitted in Article IX of the <br /> <br />Form <br />4400158 <br />5/04 <br /> <br />GC <br /> <br />