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2315 South Bascom Ave, 200 Campbell, CA 95008 408.377.3099 f 408.377.2189 B-796683 8 A. Payment Terms. Owner agrees to pay Contractor all installments within five calendar days of each request for payment and to pay the full remaining balance owed under this Contract immediately upon substantial completion of the Work. Interest at the rate of 18% per annum, or 1.5% per month, shall accrue from the date each installment becomes due and from the date when Owner is notified by Contractor, either in writing or verbally, that the work is substantially complete and the full remaining balance is due. B. Payment Schedule. Owner agrees to make payments to Contractor draw schedule as per bid proposal acceptance. C. If at any point the Owner is in default of payment for the Work provided in this Contract, a lien may be put on the property until all debt is paid in full. D. If progress payments are to be made through a Construction Lender, Owner represents that the construction loan fund is sufficient to pay the contract price and all extra work that may be ordered by Owner. Owner warrants that it will do everything possible to expedite payments. The Owner hereby irrevocably authorizes the Construction Lender to make all payments directly to the Contractor when due. E. Owner authorizes Contractor to initiate any credit inquiries, including obtaining consumer credit report(s) regarding Owner, and Owner may initiate pertinent credit inquiries regarding business payment records of Contractor. Owner shall, at the written request of Contractor, prior to the commencement of the Work and thereafter, furnish to Contractor reasonable evidence that financial arrangements have been made to fulfill Owner’s obligations under the Contract. Furnishing of such evidence shall be a condition precedent to commencement or continuation of the Work. After such evidence has been furnished, Owner shall not materially vary such financial arrangements without prior written notice to Contractor. Contractor maintains the right to require a payment bond from Owner. F. Release from liens. Upon satisfactory payment being made for the total completion of the job, the Contractor shall furnish to Owner a full and unconditional release from any claim or mechanics’ lien pursuant to Section 3114 of the Civil Code for the completion of the Work for which payment has been made. ARTICLE V: GENERAL CONDITIONS A. Private Work Improvement. Owner represents and warrants that the Project and any Work to be performed under this Agreement, including any Change Orders, are for a private work of improvement, and are not as part of any public work as defined by Labor Code section 1720 et seq. governing the payment of prevailing wage rates on public works projects, and that the Project is not subject to enforcement by the Department of Industrial Relations (DIR), local prevailing wage requirements, the Davis Bacon Act, or any regulations promulgated thereunder. Contractor is not signatory to any Collective Bargaining Agreement or other union agreement, and its employees’ wages and benefits are not based on any prevailing wage requirement. AM Star Construction, Inc. and its subcontractors do not include prevailing wage rates or the costs of compliance with any certified payroll requirements in estimating Lump Sum bid work. Contractor is not responsible for determining whether the Project is covered under any prevailing wage requirements. In the event that any claim or subsequent determination is made against Contractor or its subcontractors of any tier that the Project or the Work is either covered by or was subject to any prevailing wage or other payment or