Laserfiche WebLink
C. Payments to Subcontractors. <br /> (1) Prompt Payment to Subcontractors. Pursuant to Minn. Stat. § <br /> 471.25, Subd. 4a, the Contractor must pay any subcontractor <br /> within ten(10) days of the Contractor's receipt of payment from <br /> the City for undisputed services provided by the subcontractor. <br /> The Contractor must pay interest of 1 1/2 percent per month or any <br /> part of a month to the subcontractor on any undisputed amount not <br /> paid on time to the subcontractor. The minimum monthly interest <br /> penalty payment for an unpaid balance of$100.00 or more is <br /> $10.00. For an unpaid balance of less than $100.00, the Contractor <br /> shall pay the actual penalty due to the subcontractor. <br /> (2) Form IC-134 (attached) required from general contractor. Minn. <br /> Stat. § 290.92 requires that the City of Elk River obtain a <br /> Withholding Affidavit for Contractors, Form IC-134, before <br /> making final payments to Contractors. This form needs to be <br /> submitted by the Contractor to the Minnesota Department of <br /> Revenue for approval. <br /> The form is used to receive certification from the state that the <br /> vendor has complied with the requirement to withhold and remit <br /> state withholding taxes for employee salaries paid. <br /> D. Final Payment. Upon final completion of the Work, Owner shall pay the <br /> remainder of the Contract Price as recommended by the Building <br /> Maintenance Supervisor. <br /> 5. COMPLETION DATE. The Work must be completed within 180 days after the <br /> date the Contract Times commence to run, and completed and ready for final payment in <br /> accordance with the General Conditions within 180 days after the date when the Contract Times <br /> commence to run. <br /> 6. CONTRACTOR'S REPRESENTATIONS. <br /> A. Contractor has examined and carefully studied the Contract Documents <br /> and other related data identified in the Contract Documents. <br /> B. Contractor has visited the Site and become familiar with and is satisfied as <br /> to the general, local, and Site conditions that may affect cost, progress, and <br /> performance of the Work. <br /> C. Contractor is familiar with and is satisfied as to all federal, state, and local <br /> laws and regulations that may affect cost, progress, and performance of <br /> the Work. <br /> Doc.#171155v.1 2 <br /> RNK:6/26/2013 <br />