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4/02/90 <br /> 31 . ACCEPTANCE AND FINAL PAYMENT <br /> Within ten days after the CONTRACTOR'S declaration of completion of the work, <br /> the OWNER will make a final inspection thereof to determine whether the WORK <br /> has been completed in accordance with the purchase order contract and <br /> collateral documents. If any, punch-list results from such final inspection, <br /> the CONTRACTOR shall promptly rectify all items appearing thereon. <br /> When the OWNER indicates acceptance of the work, the CONTRACTOR may <br /> requisition final payment, including retainage, on account of the purchase <br /> order contract price. <br /> Before such final payment may be made the OWNER must comply with Title <br /> 38-26-107 C.R.S. as amended, which requires that publication of a notice of <br /> final settlement with the CONTRACTOR be made twice in a newspaper of general <br /> circulation in the county wherein the purchase order contract was made <br /> (usually Denver County) and the county wherein the work was performed. The <br /> date fixed in such notice before which final payment to the CONTRACTOR may not <br /> be made must be no less than ten days after the second publication of such <br /> notice. <br /> Any unpaid creditor of the CONTRACTOR who supplied labor and/or material for <br /> the work has those ten days in which to file with the OWNER a verified <br /> statement of the amount due and unpaid. The OWNER must withhold from payment <br /> to the CONTRACTOR the total amount of such claim for a period of ninety days <br /> after the date in the notice fixed for settlement, but the OWNER may not <br /> directly make payment to the creditor(s). If within those ninety days a <br /> creditor does not reach settlement with the CONTRACTOR, he must serve on the <br /> OWNER a notice of "is pendens" that he has brought action at law, otherwise <br /> the OWNER at expiration of ninety days will pay the CONTRACTOR for the amount <br /> withheld. <br /> 32. GUARANTY AND WARRANTIES <br /> The CONTRACTOR shall furnish the OWNER with a written guaranty for one year <br /> covering all labor, materials and workmanship incorporated in the work . The <br /> CONTRACTOR, in instances of work performed or material or equipment furnished <br /> for which warranties are required by the specifications , shall procure such <br /> warranties and deliver them to the OWNER on completion of the work. Such <br /> warranties will no way lessen the CONTRACTOR'S responsibilities under the <br /> purchase order documents. Whenever warranties or guarantees are required by <br /> the specifications for a period longer than one year, such longer period shall <br /> govern. <br /> 33. POST-COMPLETION INSPECTIONS <br /> Final payment made to the CONTRACTOR on account of the work shall not operate <br /> to relieve the CONTRACTOR of responsibility for faulty material or <br /> workmanship, and unless otherwise provided the CONTRACTOR shall remedy any <br /> defect due thereto and pay for any damages resultant therefrom which shall <br /> appear within one year from the date of final acceptance of the work, which <br /> date will be that of the Notice of Acceptance of the work. <br /> MLRD-12 <br />