_GENERAL DOCUMENTS - C1981017 (168)

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February 22, 1993 30. ACCEPTANCE AND FINAL PAYMENT Within ten days after the CONTRACTOR'S declaration of completion of the work, the OWNER will make a final inspection of the work to determine whether the WORK has been completed in accordance with the purchase order contract and collateral documents. If any punch-list results from such final inspection, the CONTRACTOR shall promptly rectify all items appearing thereon. When the OWNER indicates acceptance of the work, the CONTRACTOR may requisition final payment, including retainage, on account of the purchase order contract price. Before such final payment may be made the OWNER must comply with Title 38-26-107 C.R.S. as amended, which requires that publication of a notice of final settlement with the CONTRACTOR be made twice in a newspaper of general circulation in the county wherein the purchase order contract was made (usually Denver County) and the county wherein the work was performed. The date fixed in such notice, before which final payment to the CONTRACTOR may not be made, must be no less than ten days after the second publication of the notice. Any unpaid creditor of the CONTRACTOR who supplied labor and/or material for the work has those ten days in which to file with the OWNER a verified statement of the amount due and unpaid. The OWNER must withhold from payment to the CONTRACTOR the total amount of such claim for a period of ninety days after the date in the notice fixed for settlement, but the OWNER may not directly make payment to the creditor(s). If within those ninety days a creditor does not reach settlement with the CONTRACTOR, he must serve on the OWNER a notice of "lis pendens" that he has brought action at law, otherwise the OWNER, at expiration of ninety days, will pay the CONTRACTOR for the amount withheld. 31. GUARANTY AND WARRANTIES The CONTRACTOR shall furnish the OWNER with a written guaranty for one year covering all labor, materials and workmanship incorporated in the work. The CONTRACTOR, in instances of work performed or material or equipment furnished for which warranties are required by the specifications,shall procure such warranties and deliver them to the OWNER on completion of the work. Such warranties will no way lessen the CONTRACTOR'S responsibilities under the purchase order documents. Whenever warranties or guarantees are required by the specifications for a period longer than one year, such longer period shall govern. Written guaranties must be received by the OWNER before final payment will be approved. 32. LIENS No Mechanic's Lien against a publicly-owned building in the State of Colorado. However, as outlined in 30. ACCEPTANCE AND FINAL PAYMENT, unsatisfied creditors of the CONTRACTOR, for labor and/or materials, of such a building are by law provided certain security. 30