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Subcontract#: 061804-017 <br /> Page 23/Rev 171204 <br /> 3: r <br /> j. ,. A I back-charges or <br /> deductions assessed by Contractor against Subcontractor shall be deemed accepted unless <br /> Subcontractor rejects the same in writing within seven (7) days. Contractor shall add a <br /> percent administrative fee to the total amount of any back-charges or deductions. <br /> 7.11 Withholding Payments: In addition to all other rights and remedies available at law or equity, <br /> Contractor has the right to withhold or retain from payments due or to become due to Subcontractor <br /> amounts sufficient to fully protect Contractor from any and all liability, loss, damage or expenses <br /> resulting from: <br /> a) Any Default by Subcontractor; <br /> b) Any breach of any term, representation or certification by Subcontractor contained in this <br /> Agreement or any other Contract Document; <br /> c) The assertion asseFtion Formal written notification by other parties of any claim against Contractor or <br /> Contractor's surety bond, arising out of Subcontractor's performance or non-performance of <br /> this Agreement; <br /> d) Any defective Work or incomplete Work; <br /> e) The Owner's withholding of payments to Contractor due to the Work or other Subcontractor <br /> act or omission; and <br /> f) Any third-party claim, including but not limited to lien or bond claims. <br /> Contractor may withhold or retain payments due to Subcontractor until the situation has been <br /> satisfactorily remedied by Subcontractor. <br /> 7.12 Owner Insolvency: If Owner becomes insolvent, institutes bankruptcy proceedings or has <br /> bankruptcy proceedings instituted against it, or makes a general assignment for the benefit of <br /> creditors, or if a receiver is appointed for the benefit of its creditors, or if a receiver is appointed on <br /> account of its insolvency, and Contractor does not receive the full Prime Contract Amount then <br /> Subcontractor is only entitled to receive, and Contractor is only responsible for, that percentage of the <br /> Subcontract Price which is equal to the percentage of the Prime Contract Amount that Contractor <br /> receives from Owner for Subcontractor's Work actually performed. <br /> 7.13 Joint Checks and Direct Payments: With respect to any portion of the Subcontractor's <br /> payment, Contractor has the right, but no obligation, to issue joint checks to Subcontractor and any <br /> supplier or subcontractor of Subcontractor or to a holder of a perfected security interest, or make <br /> payment directly to a supplier or subcontractor of Subcontractor or to a holder of a perfected security <br /> interest.Any such amounts shall be deducted from Subcontractor's payments. <br /> 7.14 Certified Payroll Reports: Subcontractor shall provide certified payroll reports in accordance <br /> with the Prime Contract requirements. Subcontractor's failure to provide certified payroll reports may <br /> result in administrative deductions and suspension of the progress payments, which will remain in <br /> effect until Subcontractor provides the required reports. <br /> 8. INSURANCE, BONDING AND SURETY <br /> 8.1 Performance and/or Payment Bond: If required in the Prime Contract or by Contractor, <br /> Subcontractor shall furnish performance and/or payment bonds in amounts at least equal to 100% of <br /> Equal Opportunity/Affirmative Action Employer <br />