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3. Method of Payment. <br /> <br /> A. Progress Payments. As of the twentieth day of each month, <br /> Contractor may submit for review a request for progress payment, <br /> listing the mount 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 /> B. 10% Retention. Ten percent (10%) of the amount due shall be <br /> retained by the City as a retention. The City shall retain ten <br /> percent (10%) of the contract amount for thirty-five (35) days after <br /> the 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 /> Govemment 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 /> <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 /> <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 /> <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 /> <br />C:~PROJECT\gatewaysignage\specs.doc Page 16 <br /> <br /> <br />