4.7. SR 08-19-2019 - Laserfiche WebLink

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2. The prime contractor shall pay interest of 1-1/2 percent per month or any part of a month to the subcontractor on any undisputed amount not paid on time to the subcontractor. 3. The minimum monthly interest penalty payment for an unpaid balance of$100 or more is$10. For an unpaid balance of less than $100,the prime contractor shall pay the actual penalty due to the subcontractor. 4. A subcontractor who prevails in a civil action to collect interest penalties from a prime contractor must be awarded its costs and disbursements, including attorney's fees, incurred in bringing the action." 6.04 Final Payment A. Upon final completion and acceptance of the Work in accordance with Paragraph 15.06 of the General Conditions,Owner shall pay the remainder of the Contract Price as recommended by Engineer as provided in said Paragraph 15.06. ARTICLE 7—INTEREST 7.01 All amounts not paid when due shall bear interest at the rate of 1.5 percent per annum. ARTICLE 8—CONTRACTOR'S REPRESENTATIONS 8.01 In order to induce Owner to enter into this Contract,Contractor makes the following representations: A. Contractor has examined and carefully studied the Contract Documents,and any data and reference items identified in the Contract Documents. B. Contractor has visited the Site,conducted a thorough,alert visual examination of the Site and adjacent areas,and become familiar with and is satisfied as to the general, local,and Site conditions that may affect cost, progress,and performance of the Work. C. Contractor is familiar with and is satisfied as to all Laws and Regulations that may affect cost, progress, and performance of the Work. D. Contractor has carefully studied all: (1) reports of explorations and tests of subsurface conditions at or adjacent to the Site and all drawings of physical conditions relating to existing surface or subsurface structures at the Site that have been identified in the Supplementary Conditions, if any,especially with respect to Technical Data in such reports and drawings,and (2) reports and drawings relating to Hazardous Environmental Conditions, if any,at or adjacent to the Site that have been identified in the Supplementary Conditions,especially with respect to Technical Data in such reports and drawings. E. Contractor has considered the information known to Contractor itself; information commonly known to contractors doing business in the locality of the Site; information and observations obtained from visits to the Site;the Contract Documents; and the Site-related reports and drawings identified in the Contract Documents, if any,with respect to the effect of such information,observations,and documents on (1)the cost, progress,and performance of the Work; (2)the means, methods,techniques, sequences,and procedures of construction to be employed by Contractor; and (3)Contractor's safety precautions and programs. F. Based on the information and observations referred to in the preceding paragraph,Contractor agrees that no further examinations, investigations, explorations,tests,studies,or data are necessary for the performance of the Work at the Contract Price,within the Contract Times,and in accordance with the other terms and conditions of the Contract. G. Contractor is aware of the general nature of work to be performed by Owner and others at the Site that relates to the Work as indicated in the Contract Documents. City of Elk River-R13.119052 AGREEMENT August 2019 PAGE 00520-3 ©Bolton&Menk,Inc.2019,All Rights Reserved