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200405934
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Last modified
10/16/2011 5:20:18 PM
Creation date
10/21/2005 2:02:39 AM
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DEEDS
Inst Number
200405934
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200405994 <br />(b) If such liens, claims or damage arise after Final Payment, or if the amount due Trade Contractor is <br />insufficient to indemnify and hold harmless SIGNATURE and the Owner, then Trade Contractor, <br />within ten (10) days of written demand by SIGNATURE, shall reimburse SIGNATURE for all <br />costs that SIGNATURE and/or the Owner have incurred or paid in discharging such lien or claim, <br />including reasonable attorneys' fees and disbursements. <br />5.4 Disbursement of Trade Contract Price: <br />(a) Disbursement of the Trade Contract Price shall be limited to an amount calculated as follows: <br />(1) Determine the percentage of completion attained for each component part of Trade <br />Contractor's Schedule of Values; <br />(2) Multiply the percentage of completion for each component part of the Schedule of <br />Values by the sum allocated to that component part; <br />(3) Add together the computed amounts for all component parts on the Schedule of Values; <br />(4) Subtract the amounts already paid and retainage. In no event will disbursements to Trade <br />Contractor exceed the Trade Contract Price. <br />(b) SIGNATURE will review Trade Contractor's determination of the percentage of completion <br />attained on each payment application. SIGNATURE shall have the right to disapprove the <br />percentage of completion attained for each component part of the Trade Contractor's Work listed <br />on each payment' application. SIGNATURE's forwarding of Trade Contractor's payment <br />application to the Owner or Architect for payment shall not constitute final or conclusive approval <br />of the percentage of completion attained. <br />(c) Before the first disbursement of the Trade Contract Price and periodically thereafter, <br />SIGNATURE may require all of Trade Contractor's subcontractors and material suppliers to <br />provide signed verifications confirming the accuracy of the amount of their respective contracts, <br />the amounts paid to date and any amounts owed. In the event of any material discrepancy, <br />SIGNATURE shall require the discrepancy be resolved prior to payment. <br />5.5 Payment: Subject to the provisions of this Trade Contract, and any other right of SIGNATURE to <br />withhold payment, SIGNATURE shall pay to Trade Contractor, only after receipt from the Owner, any <br />amount received from Owner allocable to the Trade Contract Price. <br />5.6 Backcharges: SIGNATURE may deduct from any payment due Trade Contractor, any costs incurred by <br />SIGNATURE which are chargeable to Trade Contractor. <br />5.7 Retainage: Retainage equal to ten percent (10 %) of the dollar value of all Work completed to the <br />satisfaction of the Owner, SIGNATURE and the Architect shall be withheld from each progress payment. <br />Retainage may be reduced to 5% upon substantial completion of the Contractors Work and only if: (i) <br />backcharges between SIGNATURE and Trade Contractor have been resolved; (ii) Trade Contractor's Work <br />is in conformance with this Trade Contract, the Project Schedule, the Contract Documents and all <br />applicable laws; (iii) Trade Contractor has waived any and all claims for direct and/or indirect additional <br />costs not contained in approved Change Orders to the date of the retainage reduction, and released all lien <br />claims associated with the Work; (iv) Trade Contractor has paid its subcontractors and suppliers on a <br />current basis and there are no sums due and owing its subcontractors except on a current basis; (v) the <br />Project remains free of liens by Trade Contractor or anyone under contract to Trade Contractor; (vi) <br />SIGNATURE has no good faith reason to believe that Trade Contractor is involved in any dispute which <br />may result in claims against the Project; and (vii) Owner's consent is granted. The continuing reduction of <br />retainage will be subject to Trade Contractor's conformance with these conditions with each application for <br />payment. Notwithstanding anything herein to the contrary, any reduction in retainage shall be at <br />SIGNATURE's sole discretion and SIGNATURE shall not be obligated to reduce the retainage. <br />5.8 Trade Contract to Remain Balanced: At all times, the Trade Contract Pri'pit ,shall remain balanced with <br />the cost of completing the remaining Work. This means the undistributed proceeds of Trade Contract <br />Initial � —/ -kl <br />6 `. <br />
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