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  2. Finance Committee - Agenda - 3/17/2021 - P390

Finance Committee - Agenda - 3/17/2021 - P390

By dnadmin on Mon, 11/07/2022 - 13:45
Document Date
Fri, 03/12/2021 - 12:03
Meeting Description
Finance Committee
Document Type
Agenda
Meeting Date
Wed, 03/17/2021 - 00:00
Page Number
390
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/fin_a__031720…

C. Payment Becomes Due

1. Not more than 30 days after presentation of the application for payment to OWNER with ENGINEER’s
recommendation, the amount recommended will become due, and when due will be paid by OWNER to
CONTRACTOR.

D. Reduction in Payment.
1. OWNER may refuse to make payment of the full amount recommended by ENGINEER because:

a. Claims have been made against OWNER on account of CONTRACTOR's performance or furnishing of the
Work;

b. Liens have been filed in connection with the Work, except where CONTRACTOR has delivered a specific
Bond satisfactory to OWNER to secure the satisfaction and discharge of such Liens;

c. There are other items entitling OWNER to a set-off against the amount recommended; or

d. OWNER has actual knowledge of the occurrence of any of the events enumerated in paragraphs 14.02.B.5.a
through 14.02.B.5.c or paragraph 15.02.A.

2. If OWNER refuses to make payment of the full amount recommended by ENGINEER, OWNER must give
CONTRACTOR immediate written notice (with a copy to ENGINEER) stating the reasons for such action and
promptly pay CONTRACTOR any amount remaining after deduction of the amount so withheld. OWNER shall
promptly pay CONTRACTOR the amount so withheld, or any adjustment thereto agreed to by OWNER and
CONTRACTOR, when CONTRACTOR corrects to OWNER's satisfaction the reasons for such action.

3. If it is subsequently determined that OWNER's refusal of payment was not justified, the amount wrongfully
withheld shall be treated as an amount due as determined by paragraph 14.02.C.1.

14.03 CONTRACTOR’S Warranty of Title

A. CONTRACTOR warrants and guarantees that title to all Work, materials, and equipment covered by any Application
for Payment, whether incorporated in the Project or not, will pass to OWNER no later than the time of payment free
and clear of all Liens.

14.04 Substantial Completion

A. When CONTRACTOR considers the entire Work ready for its intended use CONTRACTOR shall notify OWNER and
ENGINEER in writing that the entire Work is substantially complete (except for items specifically listed by CONTRACTOR
as incomplete) and request that ENGINEER issue a certificate of Substantial Completion. Promptly thereafter, OWNER,
CONTRACTOR, and ENGINEER shall make an inspection of the Work to determine the status of completion. If
ENGINEER does not consider the Work substantially complete, ENGINEER will notify CONTRACTOR in writing giving the
reasons therefore. If ENGINEER considers the Work substantially complete, ENGINEER will prepare and deliver to
OWNER a tentative certificate of Substantial Completion which shall fix the date of Substantial Completion. There shall
be attached to the certificate a tentative list of items to be completed or corrected before final payment. OWNER shall
have seven days after receipt of the tentative certificate during which to make written objection to ENGINEER as to any
provisions of the certificate or attached list. If, after considering such objections, ENGINEER concludes that the Work is
not substantially complete, ENGINEER will within 14 days after submission of the tentative certificate to OWNER notify
CONTRACTOR in writing, stating the reasons therefore. If after consideration of OWNER's objections, ENGINEER
considers the Work substantially complete, ENGINEER will within said 14 days execute and deliver to OWNER and
CONTRACTOR a definitive certificate of Substantial Completion (with a revised tentative list of items to be completed

GC - 49 of 55

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Finance Committee - Agenda - 3/17/2021 - P390

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