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  2. Finance Committee - Agenda - 6/3/2020 - P125

Finance Committee - Agenda - 6/3/2020 - P125

By dnadmin on Mon, 11/07/2022 - 13:29
Document Date
Fri, 05/29/2020 - 15:04
Meeting Description
Finance Committee
Document Type
Agenda
Meeting Date
Wed, 06/03/2020 - 00:00
Page Number
125
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/fin_a__060320…

2. No occupancy or separate operation of part of the Work may occur prior to compliance with the requirements of
paragraph 5.10 regarding property insurance.

14.06 Final Inspection

A. Upon written notice from CONTRACTOR that the entire Work or an agreed portion thereof is complete,
ENGINEER will promptly make a final inspection with OWNER and CONTRACTOR and will notify
CONTRACTOR in writing of all particulars in which this inspection reveals that the Work is incomplete or defective.
CONTRACTOR shall immediately take such measures as are necessary to complete such Work or remedy such
deficiencies.

14.07 Final Payment
A. Application for Payment

1. After CONTRACTOR has, in the opinion of ENGINEER, satisfactorily completed all corrections identified
during the final inspection and has delivered, in accordance with the Contract Documents, all maintenance and
operating instructions, schedules, guarantees, Bonds, certificates or other evidence of insurance certificates of
inspection, marked-up record documents (as provided in paragraph 6.12), and other documents, CONTRACTOR
may make application for final payment following the procedure for progress payments.

2, The final Application for Payment shall be accompanied (except as previously delivered) by: (i) all
documentation called for in the Contract Documents, including but not limited to the evidence of insurance
required by subparagraph 5.04.B.7; Gi} consent of the surety, if any, to final payment; and (iit) complete and
legally effective releases or waivers (satisfactory to OWNER) of all Lien rights arising out of or Liens filed in
connection with the Work.

3. In lieu of the releases or waivers of Liens specified in paragraph 14.07.4.2 and as approved by OWNER,
CONTRACTOR may furnish receipts or releases in full and an affidavit of CONTRACTOR that (i) the releases
and receipts include all labor, services, material, and equipment for which a Lien could be filed; and (ii) all
payrolls, material and equipment bills, and other indebtedness connected with the Work for which OWNER or
OWNER's property might in any way be responsible have been paid or otherwise satisfied. If any Subcontractor or
Supplier fails to furnish such a release or receipt in full, CONTRACTOR may furnish a Bond or other collateral
satisfactory to OWNER to indemnify OWNER against any lien.
B. Review of Application and Acceptance

1. If, on the basis of ENGINEER's observation of the Work during construction and final inspection, and
ENGINEER's review of the final Application of Payment and accompanying documentation as required by the
Contract Documents, ENGINEER is satisfied that the Work has been completed and CONTRACTOR's other
obligations under the Contract Documents have been fulfilled, ENGINEER will, within ten days after receipt of the
final Application for Payment, indicate in writing ENGINEER's recommendation of payment and present the
Application for Payment to OWNER for payment. At the same time ENGINEER will also give written notice to
OWNER and CONTRACTOR that the Work is acceptable subject to the provisions of paragraph 14.09.
Otherwise, ENGINEER will return the Application for Payment to CONTRACTOR, indicating in writing the
reasons for refusing to recommend final payment, in which case CONTRACTOR shall make the necessary
corrections and resubmit the Application for Payment.

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.

GC - 49 of 53

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Finance Committee - Agenda - 6/3/2020 - P125

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