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  2. Finance Committee - Agenda - 6/7/2017 - P186

Finance Committee - Agenda - 6/7/2017 - P186

By dnadmin on Mon, 11/07/2022 - 10:23
Document Date
Wed, 06/07/2017 - 00:00
Meeting Description
Finance Committee
Document Type
Agenda
Meeting Date
Wed, 06/07/2017 - 00:00
Page Number
186
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/fin_a__060720…

C. Payment Becomes Due

1. Thirty days after the presentation to OWNER of the Application for Payment and accompanying
documentation, the amount recommended by ENGINEER will become due and, when due, will be paid by
OWNER to CONTRACTOR.

14.08 Final Completion Delayed

A. If, through no fault of CONTRACTOR, final completion of the Work is significantly delayed, and if
ENGINEER so confirms, OWNER shall, upon receipt of CONTRACTOR's final Application for Payment and
recommendation of ENGINEER, and without terminating the Agreement, make payment of the balance due for
that portion of the Work fully completed and accepted. If the remaining balance to be held by OWNER for Work
not fully completed or corrected is less than the retainage stipulated in the Agreement, and if Bonds have been
furnished as required in paragraph 5.01, the written consent of the surety to the payment of the balance due for
that portion of the Work fully completed and accepted shall be submitted by CONTRACTOR to ENGINEER
with the Application for such payment. Such payment shall be made under the terms and conditions governing
final payment, except that it shall not constitute a waiver of Claims.

14.09 Waiver of Claims
A. The making and acceptance of final payment will constitute:

1. A waiver of all Claims by CONTRACTOR against OWNER other than those previously made in writing
which are still unsettled.

ARTICLE 15 - SUSPENSION OF WORK AND TERMINATION

15.01 Termination, Abandonment, or Suspension at Will
The OWNER, in its sole discretion, shall have the right to terminate, abandon, or suspend all or part of the
project and contract at will. Ifthe OWNER chooses to terminate, abandon, or suspend all or part of the project, it

shall provide CONTRACTOR 10 day’s written notice of its intent to do so.

If all or part of the project is suspended for more than 90 days, the suspension shall be treated as a termination at
will of all or part of the project and contract.

Upon receipt of notice of termination, abandonment, or suspension at will, CONTRACTOR shall:
1. Immediately discontinue work on the date and to the extent specified in the notice.

2. Place no further orders or subcontracts for materials, services, or facilities, other than as may be necessary
or required for completion of such portion of work under the contract that is not terminated.

3. Immediately make every reasonable effort to obtain cancellation upon terms satisfactory to the OWNER of
all orders or subcontracts to the extent they relate to the performance of work terminated, abandoned, or
suspended under the notice, assign to the OWNER any orders or subcontracts specified in the notice, and
revoke agreements specified in the notice.

4. Not resume work after the effective date of a notice of suspension until receipt of a written notice from
the OWNER to resume performance.

GC - 53 of 57

Page Image
Finance Committee - Agenda - 6/7/2017 - P186

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