1809 HOLBROOK AVE 2018-01-02 MF Import

5. Allowance Overage —It the Owner selects materials whose cost is in excess of 115% of the specified allowance, the Contractor shall prepare an allowance overage change order. Change Order — The Owner may request changes to the work. 1. During Construction — If the change is requested during construction, the Contractor shall prepare a cost and time estimate, including overhead and profit at a rate of 25%. The change shall be implemented upon approval of the change order by the Owner. 2. Allowance Accounting — Upon completion of an allowance category, the Contractor shall provide an accounting to th3 Owner, including overhead and profit at a rate of 25% if Final Payment allowance costs exceed 115% of the allowance amount. 1. Due — Final payment is due within 3 days after substantial completion. 2. Temporary Occupancy — When weather, seasonal or other job related conditions prevent a final occupancy permit from being issued, then a temporary occupancy permit shall meet the requirements of substantial completion. The Contractor shall pay for any bonds, fees, etc. required to obtain a temporary occupancy permit. 3. Occupancy —The Owner shall not occupy the work until temporary or final permits are obtained and until final payment has been made to the Contractor. 4. Walk -Through — When a request for final payment is made, the Owner and Contractor shall conduct a walk-through inspection. All mutually agreed upon items shall be listed. The dollar value to be withheld by the Owner for each item shall be mutually agreed upon by the Owner and Contractor. These amounts shall be paid to the Contractors as soon as each individual item has been completed. 5. Waiver of Liens — At the date of substantial completion, the Contractor shall provide a waiver of liens statement indicating that all subcontractors and suppliers have been paid or will be paid from the proceeds of the final draw. The Contractor shall be liable for any lien claims, including any cost and reasonable attorney's fees required to discharge any liens. 6. Arbitration —Any disputes or claims arising it of the request for final payment shall be settled Termination by arbitration in accordance with Paragraph 11 B of this contract. 1. If an arbitrator employed in acwrdance with Paragraph 11 B determines that the Contractor defaults or persistently fails or neglects to carry out the Work in accordance with the Contract Documents or fails to perform any provision of the Contract, the Owner, after seven days' written notice to the Contractor and without prejudice to any other remedy he may have, may make good such deficiencies and may deduct the cost thereof from the payment then or thereafter due the Contractor or may terminate the Contract and take possession of the site and of all materials, equipment, tools, and construction equipment and machinery thereon owned by the Contractor and may finish the Work by whatever method he may deem expedient, and if the unpaid balance of the Contract Sum exceeds the expense of finishing the Work, such excess shall be paid to the Contractor, but if such expense exceeds such unpaid balance, the Contractor shall pay the difference to the Owner. 2. The Owner may terminate this Contract for reasons other than provided in Paragraph 4.F.1 by / providing ten (10) days' written notice to the Contractor. In such event the Contractor shall be reimbursed from construction financing funds and funds of the Owner for all work completed prior to notice of termination. The total amount of money to be paid to the Contractor shall be �y nq determined using the construction draw schedule as a basis for computing the money due for the I / work completed prior to notice of termination. Any and all deposit monies shall be retained by the Contractor. 3. In the event of a loss greater than 30% of contract value due to occurrences covered by property insurance described in Paragraph 6.C, the Contractor shall be paid from combined proceeds of insurance, construction financing, and Owners funds, for all work completed prior to notice of termination. The total amount of money to be paid to the Contractor shall be determined using the construction draw schedule as a basis for computing the money due for the work completed prior to notice of termination. Any and all deposit monies shall be retained by the Contractor. At this ume the original contract shall be automatically terminated. At Owners option Contractor agrees to negotiate in good faith a new, contract for the repair and/or completion of the custom residence. 5. In the event of a loss less than 300K of contract value due to occurrences covered by property insurance described in Paragraph S.C, the Contractor shall prepare a written change order for the labor, materials, and profit and overhead costs required to repair the damage caused by the occurrence. Upon acceptance of the change order by the Owner, Contractor shall proceed to repair the damages caused by the occurrence. Cost of the change order shall be paid from proceeds of insurance, and funds of the Owner. Subsequent to completion of the repairs, Contractor shall continue work under the original contract. Should Owner choose not to accept the change order as prepared by Contractor, the provisions of Paragraph 4.F.3 shall apply. 6. CONTRACT DOCUMENTS A. The contract documents listed below are incorporated as part of this contract and in total are the entire agreement between the parties. 410