2012-053 RES AWARDING BID FOR CONSTRUCTION OF SINGLE-FAMILY HOMES UNDER HOME PROGRAM GRANT RECEIVED FROM TX DEPT OF HOUSING AND COMM AFFAIRS (TDHCA)

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4. PROGRESS PAYMENTS: The Contractor agrees that the total contract price shall be paid in one or more payments, based upon the value of the work completed at the time the progress payment is made. Such progress payments shall be disbursed at the time and in the amounts specified in the Payment Schedule, after inspection and approval of the work by Owner and the Contract Administrator, less a haldback of 10 perven# of the price of work completed. The holdback shall be retained until final payment in order to protect the Owner from any default by the Contractor. in the event the Contractor defaults, the holdback shall be disbursed in ac.cordance with Part II, paragraph 10 of this Contract. Final payment shall be due upon satisfactory completion and acceptance of the work as in compliance with this Contract by the Owner and the Contract Administrator, permit sign-off, submission of sat'rsfactory waiver(s) of liens or a bond satisfactory to the Owner and Contract Administrator indemnifying the Owner against any lien, and submission of all waRanties and guarantees. The Owner shalt not withhold payment to the Contractor except for noncompliance with the terms of this Contract, and shall not request the Contractor to perform work outside the scope af this Contract as a condiflon of receiving payment. The Contractor acknowledges that it is a material breach of this Contract to request or accept a progress or final payment which is in excess of the price of the work compieted at the time such payment is requested, less the required hofdback. 5. WARRANTY: The Contractor warrants that all improvements, hardware and fixtures of whatever kind or nature to be installed or constructed on the property by the Contractor or the Contractor's subcontractors will be of good quality, suitable for their purpose and free from defects in workmanship or materials, or other deficiencies. This is a full warranty extending to the Owner and subsequent owners of the property; provided, however, that the warranty set forth in this paragraph shall apply only to deficiencies and defects about which the Owner or subsequent owner(s) shali have notified the Contractor at the address stated above within one year, except for any extended warranty periods on roof shingles, kitchen appliances, HVAC and water heater. 6. PARTIES TO CONTRACT: The Owner and Contractor agree that they are the sole parties to this Contract and are solely responsible for its performance. The parties agree that the Contract Administrator, Texas Department of Housing and Community Affairs, or the United States Department of Housing and Urban Development do not assume any liability or responsibility whatsoever for the performance of any term of this Contract.