Project Manual 11-210C - Ramapo College of New Jersey

Payment Act and by the 30th day after the end of each fiscal year thereafter.
10.3.4 In determining the rate, the Treasurer shall take into consideration current private commercial rates of
interest for new loans maturing in approximately five years. The treasurer shall publish the rate.
10.3.5 No interest charge as required by this provision shall become a debt of the State until it exceeds
$5.00.
10.3.6 Interest may be paid by separate payment to the Contractor, but shall be paid within thirty (30)
calendar days of payment of the original invoice.
10.3.7 The State Treasurer shall have the right to waive the interest payment for delinquencies due to
circumstances beyond the control of the Contracting Officer (or other State or College representatives involved in the
processing of contractor invoices) including but not limited to strikes and natural disasters, and for contracts entered into
prior to the effective date of the law.
10.3.8 Nothing in this provision nor the New Jersey Prompt Payment Act shall be construed as permitting
the accrual of prejudgment interest in the case of a disputed contract for which a notice of claim has been filed pursuant
to N.J.S.A. 59:13-1 et reg., as provided in N.J.S.A. 59:13-8.
10.4 Substantial Completion
10.4.1 At the request of the College, the Construction Manager, the Architect/Engineer, Contractor and the
College representative shall make a joint inspection of the Work, and if all determine that the Work is substantially
completed, the College shall give Notice of Substantial Completion for Beneficial Use. Such certification shall in no
way relieve the Contractor of any contractual obligation or in any way relieve the Contractor from responsibility to
promptly complete punch list work.
10.4.2 Standard Guarantee period for equipment, workmanship and materials shall commence on the date of
acknowledgement of substantial completion of the project or portions thereof so certified or from the time of completion
and acceptance of equipment, work or materials in question, whichever is later, unless specified to the contrary as a
condition of partial acceptance.
10.5 Use and Possession Prior to Completion (Beneficial Occupancy)
10.5.1 The College shall have the right to take possession of or use any completed or partially completed
part of the work. Prior to such possession or use, the Contracting Officer shall furnish the Contractor an itemized list of
work remaining to be performed or corrected on such portions of the project as are to be possessed or used by the
College, provided that failure to list any item of work shall not be deemed an acceptance of any work under the contract.
While the College has such possession or use, the Contractor, notwithstanding the provisions of the Article of this
contract entitled "Permits - Laws - Regulations", shall be relieved of the responsibility for the loss or damage to the work
resulting from College possession or use. If such prior possession or use by the College delays the progress of the work
or causes additional expense to the Contractor an equitable adjustment in the contract time of completion will be made
and the contract shall be modified in writing accordingly.
10.6 Final Completion and Final Payment
10.6.1 Upon completion of the Work, the Contractor shall forward to the Contracting Officer a written
notice that the Work is ready for final inspection and acceptance and shall also forward to the Contracting Officer a
final Contractor’s Application for Payment. Upon receipt, the Contracting Officer and its authorized representatives
will evaluate the completion of Work of the Contractor and then forward the notice and Application, with
recommendations, to the Architect who will promptly make such inspection. When the Architect, finds the Work
acceptable under the Contract Documents and the Contract fully performed, the Contracting Officer will promptly
issue a final Certificate for Payment or Project Certificate for Payment stating that to the best of their knowledge,
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