158.25 TERMS OF PAYMENT.

   (a)    Monthly Estimates. During the progress of the contract work, the City Engineer or Service Director shall prepare monthly estimates based upon the amount of acceptable work done and in place and upon acceptable material delivered to the site in reasonable amounts and in proper condition. The City shall, within sixty days of the date the Engineer or Director approves such estimate, pay the contractor ninety-two percent of the total value of acceptable work in place, less former payments, provided the same is free from any attested accounts, or from any claims for damages which might in any manner become a liability or charge against the City, and provided no legal restraints are placed upon the City preventing such payment. The retainage shall be held exclusively by the City and no escrow accounts will be authorized or required. The allowance and payment of such estimates shall not be deemed a final acceptance by the City of the work or material therein included.

   (b)    Final Estimate. The Engineer or Director shall, as soon as practical after the completion of the entire work by the contractor, make a complete and final estimate of the work and accept or reject the same. Within sixty days after written final acceptance of the work by the Engineer or Director, the City shall pay to the contractor the whole amount of the money then due the contractor under the contract, less the amount prescribed in Section 158.26 to be retained as a guaranty and less any sums which may have been expended by the City under the provisions of the contract, provided the same is free from any attested accounts or from any claims for damages which might in any manner become a liability or charge against the City and provided no legal restraints are placed upon the City preventing such payment.

   Acceptance by the contractor of such final estimate shall constitute a release to the City, and all of its officers or agents, from all claims of, and liability to, the contractor for any reason whatsoever except claims for final payment of the guaranty fund as provided for in Section 158.26.

   All prior partial estimates shall be subject to correction in the final estimate, and the final estimate shall be subject to correction before release and payment of the guaranty fund.

   Neither the acceptance of any work by the City, nor the issuance of the final estimate, nor the payment upon such estimate nor the making of any special repairs by the City, shall in any way be held or construed as relieving the contractor and his or her surety from full compliance with all requirements of the contract and guaranty.

(Ord. 1981-11. Passed 3-10-81.)