200405934 - Laserfiche WebLink

Browse

200405934 Price, including retainage, equal or exceed the amount necessary to pay for Work already completed but unpaid and all Work yet to be completed. If at any time the undistributed proceeds become insufficient for such purpose, regardless of how such insufficiency occurs, Trade Contractor shall continue its Work and SIGNATURE may suspend, reduce or withhold any further payments of the Trade Contract Price until the undistributed proceeds are balanced, as defined in this Subsection. 5.9 Final Payment: Final Payment of the Trade Contract Price shall be made only after all of the following events have occurred: (a) Final Completion of Trade Contractor's Work in strict conformance with this Trade Contract and the Contract Documents; (b) acceptance of Trade Contractor's Work by SIGNATURE, the Owner and the Architect; (c) satisfactory evidence that Trade Contractor has paid in full all persons furnishing labor or materials in connection with Trade Contractor's Work; (d) satisfactory evidence that neither Trade Contractor nor any person claiming under or through Trade Contractor has filed or has the right to file a lien or claim against the Owner, SIGNATURE, SIGNATURE's surety, if any, or the premises on which the Project is located; (e) delivery of all guarantees, warranties, maintenance bonds, instruction manuals, test reports, as- built drawings, keys and similar items required by the Contract Documents with respect to Trade Contractor's Work; (f) execution and delivery by the Trade Contractor, in a form acceptable to SIGNATURE, of a General Release and Waiver of Claims running in favor of SIGNATURE and the Owner; (g) Final Payment by Owner to SIGNATURE for Trade Contractor's Work. Final Payment by the Owner to SIGNATURE shall be an express condition precedent to SIGNATURE's duty to make Final Payment to the Trade Contractor. 5.10 Use of Payments by Trade Contractor: Trade Contractor shall use the sums paid to it pursuant to this Trade Contract solely for the purpose of fulfilling its responsibilities and obligations under this Trade Contract. Any and all funds paid to Trade Contractor hereunder constitute trust funds in the hands of Trade Contractor to be applied, before application to any other purpose, to the payment of the following costs incurred by Trade Contractor pursuant to this Trade Contract: Subcontractors, laborers, suppliers, materialmen or other persons employed by Trade Contractor; utilities furnished and taxes imposed; premiums on surety bonds, other bonds and insurance required by the Attachments to this Trade Contract; any indemnity obligations of Trade Contractor; union or association dues, assessments and fringe benefits, taxes; and, all other costs of Trade Contractor's performance of its responsibilities and obligations under this Trade Contract. 5.11 Joint Checks and Direct Payment: At SIGNATURE's sole discretion, payments may be made by check payable jointly to Trade Contractor and its creditors. If Trade Contractor fails to promptly pay, when due, for any labor, fringe benefits, services, materials or equipment furnished in connection with the performance of its Work, or fails to make other payments required by the Trade Contract, SIGNATURE may make such payments directly to the subject creditor and recover the amount thereof from Trade Contractor directly, or deduct such payments from the Trade Contract Price. 5.12 Additional Rights of SIGNATURE to Withhold Payment: In addition to SIGNATURE's other rights to withhold payment, SIGNATURE may reduce or withhold payment from Trade Contractor for the same reasons and under the same circumstances that Owner may withhold payment under the Contract between SIGNATURE and the Owner, whether or not the Owner had reduced or withheld SIGNATURE's payment. Initial M / kzl