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Article 51. SETTLEMENT <br /> The Principle Representative shall not authorize final payment until all items on the punch list have been i <br /> completed, the Final Inspection and Certificate of Completion issued, and the Notice of Contractor's <br /> Settlement published. Before the Principal Representative may advertise, the Contractor shall deliver the <br /> Principle Representative all guaranties and warranties,and daily or weekly Job Logs. <br /> When the Principle Representative indicates acceptance of the work,the Contractor may requisition final ' <br /> payment, including retainage, on account of the contract price. <br /> Before such final payment may be made the Principle Representative must comply with Title 38-26-107 <br /> C.R.S. as amended, which requires that publication of a notice of final settlement with the Contractor be <br /> made twice in a newspaper of general circulation in the county wherein the Agreement was made(usually <br /> Denver County) and the county wherein the work was performed. The date fixed in such notice, before <br /> which final payment to the Contractor may not be made, must be no less than ten days after the second <br /> publication of the notice. <br /> Any unpaid creditor of the Contractor who supplied labor and/or material for the work has those ten days in <br /> which to file with the Principle Representative a verified statement of the amount due and unpaid. The <br /> Principle Representative must withhold from payment to the Contractor the total amount of such claim for <br /> a period of ninety days after the date in the notice fixed for settlement, but the Principle Representative may <br /> not directly make payment to the creditor(s). If within those ninety days a creditor does not reach settlement. <br /> with the Contractor, he must file with the Principle Representative a notice that he has brought action at law, <br /> otherwise the Principle Representative, at expiration of ninety days, will pay the Contractor for the amount <br /> withheld. <br /> Article 52. GUARANTY AND WARRANTIES <br /> i <br /> The Contractor shall furnish the Principle Representative with a written guaranty for one year covering all <br /> labor, materials and workmanship incorporated in the work. The Contractor, in instances of work performed <br /> or material or equipment furnished for which warranties are required by the specifications,shall procure such <br /> warranties and deliver them to the Principle Representative on completion of the work. Such warranties will <br /> no way lessen the Contractor's responsibilities under the Agreement. Whenever warranties or guarantees <br /> are required by the specifications for a period longer than one year,such longer period shall govern. Written <br /> guaranties must be received by the Principle Representative before final payment will be approved. <br /> Article 53. ASSIGNMENT <br /> The Contractor shall not assign the whole or any part of this Contract as any moneys due or to become due <br /> hereunder without the written consent of the Principal Representative. No assignment without said prior <br /> approval shall be valid. In case the Contractor assigns all or part of any moneys due or to become due <br /> under this Contract,the instrument of assignment shall contain a clause substantially to the effect that it is <br /> agreed that the right of the assignee in and to any moneys due or to become due to the Contractor shall be <br /> subject to all claims of all persons,firms,and corporations for services rendered or materials supplied for <br /> the performance of the work called for in this Contract,whether said service or material were supplied prior <br /> to, or after the assignment. <br /> Article 54. LIENS <br /> There is no right of Mechanic's Lien against publicly-owned property in the State of Colorado. However, as <br /> outlined in Article 51 SETTLEMENT, unpaid labor and/or materials suppliers for the work are by law <br /> provided certain alternate remedies. <br /> Article 55. POST-COMPLETION INSPECTIONS <br /> Final payment made to the Contractor on account of the work shall not operate to relieve the Contractor of <br /> responsibility for faulty material or workmanship,and unless otherwise provided the Contractor shall remedy <br /> any defect due thereto and pay for any damages resultant therefrom which shall appear within one year from <br /> the date of final acceptance of the work, which date will be that of the Final Inspection and Certificate of <br /> Completion. <br /> Colorado Division of Minerals&Geology GENERAL BID SPECIFICATIONS <br /> 1996 Page 19 <br />