(a) The contractor shall be required to make current requests for payment in writing, not more than one (1) each month, and submit them to the director who executed the contract on behalf of the City (“director”) for approval. The request shall be dated the last working day of the month and be submitted to the director by the fifth day of the following month. At the same time, a copy of the request shall be mailed by the contractor to the resident engineer or architect. The request for payment shall cover the materials in place complete, and the amount of work performed in accordance with the contract during the preceding payment period and the value thereof. At the discretion of the director, allowances may be made for nonperishable materials which are to be incorporated into the work, when delivered and properly stored upon the site. Upon approval of the contractor’s request for payment, the director will make estimates in writing, one (1) each payment period of the materials in place complete and the amount of work performed, all in accordance with the contract. Upon approval by the director, the contractor shall be paid the amount of each such estimate less a deduction of five percent (5%) which shall be retained until final acceptance of all work covered by any separate phase of the contract work or of all work covered by the contract, and less all prior payments.
(b) Upon written certification by the director of final acceptance of each separate phase of the contract work or of all contract work, as determined by the director, the City shall pay the contractor the whole amount of the money then due the contractor under that phase or all phases of the contract, as applicable, except such sums which have already been paid and except such sum as may have been expended by the City or may be due the City or properly deductible, under the provisions of the contract, and less a deduction of five percent (5%) to be retained for a further period of forty-five (45) days.
(c) Forty-five (45) days after the final acceptance of each separate phase of the contract work or of all contract work, as determined by the director, the contractor shall be paid the sums retained less proper deductions and less two percent (2%) of the total amount of that phase or of all phases of the contract, as applicable, which shall be retained for the balance of the guarantee period for work under that phase or all contract work, as applicable.
(d) The payment of the moneys as provided in this section shall constitute a full and complete discharge of all the duties and obligations of the City under the contract.
(Ord. No. 794-03. Passed 6-10-03, eff. 6-12-03)