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3. Method of Payment. <br />A. Progress Payments. As of the twentieth day of each month , the <br />Contractor inay submit for re v iew 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 />4. Incorporation of Contract Documents. This Contract expressly incorporates all <br />terms and conditions contained in the Contract Documents. In the event there is <br />any conflict between this Contract and the Contract Documents, this Contract <br />shall control. <br />5. Indemnification. Contractor shall indemnify, save and hold harmless from <br />and defend the City, members of the City Council and their agents, servants <br />and employees, against any and all claims, costs, demands, causes of action, <br />suits, losses, expense or other detriment or liability arising from or out of acts <br />or omissions of Contractor, its agents, sub-contractors, officials or <br />employees, in connection with the execution of the work covered by this <br />Contract or any amendments thereto. <br />6. Certification re: Workers' Compensation. In accordance with Section 1861 of the <br />California Labor Code, each contractor to whom a public works contract is <br />awarded shall sign and file with the awarding body the following certification <br />prior to performing the work of the contract: "I am aware of the provisions of <br />Section 3700 of the Labor Code which require every employer to be insured <br />against liability for workers' compensation or to undertake self-insurance in <br />Lions Way sid e and Delucchi Park Reno vations , CIP No . 06716 <br />Docusign Envelope ID: B44A2432-4811-426C-B5F5-6E9650A4B84F