05-28-1985 Council Packet - Laserfiche WebLink

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(c) Withholding of the Request for Payment, informing the Contractor in writing of his reasons for recommending withholding of the Request. A 9.4 OWNER'S ACTION ON AN APPROVED REQUEST FOR PAYMENT Within thirty (30) days from the date of recommending approval of a Request for Payment by the Engineer, the Owner shall: (a) Pay the Request for Payment as recommended by the Engineer. (b) Pay such other amount in accordance with Section 9.5 as Owner shall decide is due the Contractor, informing the Contractor and the Engi- pe neer in writing of the reasons for paying the modified amount. (c) Withholding payment in accordance with Section 9.5 informing the Contractor and the Engineer in writing of Owner's reasons for withholding payment. 9.5 OWNER'S RIGHT TO WITHHOLD PAYMENT 9.5.1 The Owner may withhold payment in whole or in part to the extent neces- sary to protect itself from lass on account of any of the following causes: (a) Violation of any of the terms of the Contract Documents. (b) Defective work not remedied, or completed work which has been dam- aged. (c) Reasonable evidence indicating potential filing of claims by other parties against the Contractor or Owner. ,1l (d) Failure of the Contractor to make payments to Subcontractors, �d materialmen or suppliers. (e) Damage to the Owner or any other person. 1 (f) Contractor's unsatisfactory prosecution of the work. r' 9.5.2 When any of the above grounds for which payment is tieing withheld is ( removed, payment shall be made for the amount withheld. 9.5.3 Should the Owner fail to pay a Request for Payment within 30 days from the date of recommendation of approval by the Eny;.ueer and should he fail to inform the Engineer and Contractor in writing of the reasons for withholding payment, the Owner shall pay to the Contractor simple interest on the past due amount at an annual rate equal to the monthly indeA of long term United States 1 bond yields for the month prior to the month in hich the obligation is incur- red plus an additional one percent per annum. L - 35 - 1/85 - 850/b Copyright 1985 Bonestroo, Rosene, Anderlik 6 Associates, Inc.