Under AS 4902-2000 (and materially similar contracts), where a contractor serves a notice of dispute challenging the entirety of a final certificate under cl 37.4, no moneys are due and payable under that certificate while the dispute remains unresolved. The principal cannot have recourse to the contractor's bank guarantee under cl 5.2 because it is not 'unpaid after the time for payment has passed'. The bank guarantee must be returned under cl 5.4 within 14 days of the final certificate's issue, regardless of the dispute. The security provisions in cl 5.2 are not a risk allocation device entitling the principal to retain security pending dispute resolution.
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