161.06 FUNDS RETAINED.

   Pursuant to Charter Section 8.02, funds shall be retained on contracts pending final performance of work performed.

   (a)   Partial payments to the contractor for work performed under either a unit or lump sum price contract shall be made at the rate of ninety per cent of the estimates prepared by the contractor and approved by the architect or engineer. This amount shall be retained by Canal Winchester until final acceptance of the work. All work performed after the job is fifty per cent completed shall be paid for at the rate of one hundred per cent of the estimates submitted by the contractor and approved by the architect or engineer.

   (b)   Not withstanding any provision of general law, contractors and vendors shall not be entitled to receive interest on funds temporarily retained on a contract pending final acceptance of work performed or goods supplied, nor shall Canal Winchester be required to maintain a separate escrow account from which to pay any contractor or vendor
(Ord. 40-11. Passed 6-20-11.)