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If the Principal Representative deems inexpedient the correction of damaged work or of work not <br /> performed in accordance with the contract, equitable reduction of contract price shall be made. <br /> Article 48. FINAL INSPECTION <br /> The Principal Representative shall make final inspection of the project to determine whether the <br /> work has been completed in accordance with the Contract Documents. A final punch list shall be <br /> made by the Principal Representative on the Final Inspection and Certificate of Completion form in <br /> sufficient detail to fully outline to the CONTRACTOR: <br /> a) Work to be completed, if any; <br /> b) Work not in compliance with the drawings or specifications, if any; <br /> c) Unsatisfactory work for any reason, if any. <br /> If any punch-list results from the final inspection, the CONTRACTOR shall promptly rectify all items <br /> on it. <br /> Article 49. FINAL INSPECTION AND CERTIFICATE OF COMPLETION <br /> The Final Inspection and Certificate of Completion shall establish the completion date of the <br /> project. <br /> Article 50. SETTLEMENT <br /> The Principal Representative shall not authorize final payment until all items on the punch list have <br /> been completed, the Final Inspection and Certificate of Completion issued, and the Notice of <br /> CONTRACTOR'S Settlement published. Before the Principal Representative may advertise, the <br /> CONTRACTOR shall deliver the Principal Representative all guaranties and warranties, and daily <br /> or weekly Job Logs. <br /> When the Principal Representative indicates acceptance of the work, the CONTRACTOR may <br /> requisition final payment, including retainage, on account of the contract price. <br /> Before such final payment may be made the Principal Representative must comply with Title <br /> 38-26-107 C.R.S. as amended, which requires that publication of a notice of final settlement with <br /> the CONTRACTOR be made twice for projects over $120,000.00, and once for projects less than <br /> $120,000.00 in a newspaper of general circulation in the county wherein the Agreement was made <br /> (usually Denver County) and the county wherein the work was performed. The date fixed in such <br /> notice, before which final payment to the CONTRACTOR may not be made, must be no less than <br /> ten days after the publication of the notice. <br /> Any unpaid creditor of the CONTRACTOR who supplied labor and/or material for the work has <br /> those ten days in which to file with the Principal Representative a verified statement of the amount <br /> due and unpaid. The Principal Representative must withhold from payment to the CONTRACTOR <br /> the total amount of such claim for a period of ninety days after the date in the notice fixed for <br /> settlement, but the Principal Representative may not directly make payment to the creditor(s). If <br /> within those ninety days a creditor does not reach settlement with the CONTRACTOR, he must file <br /> with the Principal Representative a notice that he has brought action at law, otherwise the Principal <br /> Representative, at expiration of ninety days, will pay the CONTRACTOR for the amount withheld. <br /> Article 51. GUARANTY AND WARRANTIES <br /> The CONTRACTOR shall furnish the Principal Representative with a written guaranty for one year <br /> covering all labor, materials and workmanship incorporated in the work. The CONTRACTOR, in <br /> instances of work performed or material or equipment furnished for which warranties are required <br /> by the specifications, shall procure such warranties and deliver them to the Principal <br /> Colorado Division of Reclamation, Mining and Safety <br /> Page 19 of 22 Pages <br /> Revised: 7/18/2018 <br />