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<br /> <br />3. Method of Payment. <br /> <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 /> <br /> <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 /> <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: 6BC567A9-45AA-4D51-8197-7BCA0F734FE8Docusign Envelope ID: EFA693FF-D08D-4DE8-86F0-F43FEF72AB22Docusign Envelope ID: BCA0E2DB-4440-4BBE-9D19-B9EBF741333E