(A) Not later than the fifteenth day of each calendar month, the city shall make a partial payment to the contractor on the basis of a duly certified and approved estimate, prepared by the consulting engineer, of the work satisfactorily performed during the preceding calendar month of the contract. Payment shall be made at the rate of 92% of the estimates prepared by the contractor and approved by the architect or engineer. All labor performed after the job is 50% completed, shall be paid at the rate of 100% of the estimates prepared by the engineer or architect. These monies shall be retained by the city until final satisfactory completion of all work of the contract and acceptance of the same by the city. No payment shall be made until the contractor shall furnish satisfactory evidence with affidavits that all bills for materials and labor included in the estimate have been paid.
(B) In preparing estimates, the material delivered on the site as shown in the invoices may be taken into consideration.
(C) All material and work included in the estimate used for computing the partial payment shall thereupon become the sole property of the city, but this provision shall not be construed as relieving the contractor from the sole responsibility for the care and protection of the material and work upon which payments have been made, or the restoration of any damaged work, or as a waiver of the right of the city to require the fulfillment of all the terms of the contract.
(1980 Code, § 36.03)
Statutory reference:
Award and execution of contract; time limits; price in excess of estimate; partial payment; delay costs; dispute procedures, see R.C. § 153.13