Laserfiche WebLink
I <br /> 1 the Subcontractor, to the extent of each Subcontractor's interest <br /> 2 therein. <br /> ' 3 <br /> 4 2. Prompt and full payment of retainage from the Prime Contractor <br /> 5 to the Subcontractor shall be made within 30 days after <br /> 6 Subcontractor's Work is satisfactorily completed. <br /> 7 <br /> 8 3. For purposes of this Section, a Subcontractor's work is <br /> 9 satisfactorily completed when all task and requirements of the <br /> 10 Subcontract have been accomplished and including any required <br /> 11 documentation and material testing. <br /> 12 <br /> 13 4. Failure by a Prime Contractor or Subcontractor to comply with <br /> 14 these requirements may result in one or more of the following: <br /> 15 <br /> 16 a. Withholding of payments until the Prime Contractor or <br /> 17 Subcontractor complies <br /> 18 <br /> 19 b. Failure to comply shall be reflected in the Prime Contractor's <br /> 20 Performance Evaluation <br /> 21 <br /> 22 c. Cancellation, Termination, or Suspension of the Contract, in <br /> 23 whole or in part <br /> 24 <br /> 25 d. Other sanctions as provided by the subcontract or by law <br /> 26 under applicable prompt pay statutes. <br /> 27 <br /> 28 Conditions <br /> 29 This clause does not create a contractual relationship between the <br /> 30 Contracting Agency and any Subcontractor as stated in Section 1- <br /> 31 08.1. Also, it is not intended to bestow upon any Subcontractor, the <br /> 32 status of a third-party beneficiary to the Contract between the <br /> 33 Contracting Agency and the Contractor. <br /> 34 <br /> 35 Payment <br /> 36 The Contractor will be solely responsible for any additional costs <br /> 37 involved in paying retainage to the Subcontractors. Those costs shall <br /> ' 38 be incidental to the respective Bid Items. <br /> 39 <br /> 40 <br /> HOT MIX ASPHALT OVERLAY 2017 MARCH 2017 <br /> 33 <br />