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At the tune the Work is fit~y percent (50%~ complete and thereaRer, if the manner of completion of the Work and its pro_~ess are and remain satisfactory_ to the Arelutect and Owner. the Owner wall. on submissxon by the Contractor ora consent of surety~ wathhold no retamage from the remaining pro~ess payments. The Owner may reinstate the fifll ten percent (10%~ r~,;,a_~e if the manner of completion of the Work and its pro~ess do not remain saUsfactory to the Architect and Owner. 5JI.9 Except with the Owner's prior approval, the Contractor shall not make advance payments to suppliers for materials or equipment wh,ch have not been dehvered and stored at the sate. 5.2 FINAL PAYMENT 5.2.1 Final payment, constituting the entire unpaid balance of the Contract Sum, shall be made by the Owner to the Contractor when: .1 the Contractor has fully performed the Contract except for the Contractor's respons~ility to correct Work as provided in Subparagraph 12.2.2 of AIA Document A201-1997, and to satisfy other requirements, if any, which extend beyond final payment; and .2 a final Certificate for Payment has been issued by the Architect. All pr~or certificates or estimates upon which hay~ been made. being merely pax'ual estimates, are subject to correction in the final payment. 5.2.2 The Owner's f'mal payment to the Conlxactor shall be made no later than 30 days after the msua. nce of the Architects final Certificate for Payment, or as follows: ARTICLE 6 TERMINATION OR SUSPENSION 6.1 Thc Contract may be terminated by thc Owner or the Contractor aa provided in Arbcle 14 of AL& Document A201-1997. 6.2 The Work may be suspended by the Owner as provided in Article 14 of AIA Document A201-1997. ARTICLE ? MISCELLANEOUS PROVISIONS 7.1 Where reference is made in this Agreement to a provision of AIA Document A201-1997 or another Contract Document, the reference refers to that provision as amended or supplemented by other provisions of the Conlxact Documents. ?.2 Payments due and unpaid under the Contract shall bear interest from the date payment is due at the rate stated below, or m the absence thereof, at the legal rate prevailing from time to time at the place where the Project is located. (Insert rate of Interest agreed upon, if any.) Interest w~ll be charges at t~e legal rate prevailing from thc dat~ payment is duc~ (Usury laws and requirement~ under the Federal Truth in Lending Act, stmtlar state and local cortsumer credit laws and other regulations at the Owner's and Contractor's prtncipal places of buzmes$, the location of the Project and elsewhere may affect the validity of'thts provtston. Legal advtce should be obtained with respecl to delettons or modifications, and also regarding requirements guch as wrttten dirclosurer or watv,,r~ ) 7.3 The Owner's representative as: (Nome, address and other information) Joe Sides Construction Manager Cabarrus County_ Schools Concord. NC 28026 7.4 The Contractor's representative is: (Name, addr'~vt and othor' mforrnatton) President Culp Brothers. Inc. 3300 Bethlehem Church Road Gold Hill. NC 28071-9608 7.5 Neither the Owner's nor the Contractor's representauve shall be changed without ten days written notice to the other party. © AIA DOCUMENT Al01 -OWNER - CONTRACTOR AGREEMENT. 1997 'EDITION - AIA - COPYRIGHT 1997 - THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVENUE N.W, WASHINGTON. D.C. 20006-5292 WARNING: Unlicensed photocop~nng wolatea U.S. copyright laws and yell subject the wolator to legal pr~ecuuon. Thzs document was elec~omcally produced vath permissmn of the AIA and can bo re~roduced vathout wolatnon until the , clare or exp~ratmn as noted below exp~ratmn as noted below User Document~ CABNEWBETHELELEMSITEWORKAI0 I.AL& - 3/5/2003. AIA Lacense Number I 121653, whmh expires on 1/31/2004 Electronic Format A101-1997