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Said work is more particularly shown in the following documents which are on <br />file with the Engineering Department of the City and are incorporated herein by <br />this reference: <br />A. Approved Plans and Specifications entitled the ANNUAL <br />STREET RESURFACING & PREVENTATIVE <br />MAINTENANCE, PROJECT NO. 24503 and addenda thereto, if <br />any. <br />B. Contract Change Orders approved by the City Engineer, done in <br />accordance with the Standard Specifications. <br />C. The elements of the proposal submitted to the City by the <br />Contractor, which the City has accepted. <br />2. Compensation. The City shall pay the Contractor for work actually performed at <br />the unit prices set out in the Contractor's proposal to the City as set forth in <br />Exhibit A of this agreement and incorporated herein. The quantities of work <br />stated therein are estimates only; actual quantities will be measured for payment <br />in accordance with the specifications. <br />3. Method of Payment. <br />A. Progress Payments. As of the twentieth day of each month, the <br />Contractor may submit for review a request for progress payment, <br />listing the amount and value of work actually performed during the <br />preceding month, or part thereof. Upon the City Engineer's review <br />and approval, including adjustments if any , City shall make a <br />progress payment to the Contractor. <br />B. 5% Retention. Five percent (5%) of the amount due shall be <br />retained by the City as retention. The City shall retain five percent <br />(5%) of the contract amount for thirty-five (35) days after the <br />Notice of Completion for the work is recorded. The Contractor <br />may elect to receive 100 percent of payments due under the <br />contract documents from time to time , without retention from any <br />portion of the payment by the City , by depositing securities of <br />equivalent value with the City in accordance with the provisions of <br />Section 22300 of the California Public Contract Code. Such <br />securities , if deposited by the Contractor, shall be valued by the <br />City , whose decision on valuation of the securities shall be final. <br />Securities eligible for investment under this provision shall be <br />limited to those listed in Section 16430 of the California <br />Government Code. <br />C. Time of Payment. Requests submitted promptly as of the 20th day <br />of each month will be paid by the 10th day of the following month. <br />DocuSign Envelope ID: 481D2ACD-7F64-46CA-9ACB-AF08839CFE54