(a) The unit or lump sum price stated in a contract and all amendments thereto shall be used in determining the amount to be paid and shall constitute the full and final compensation for all work.
(b) Partial payment to the contractor for work performed under the lump sum price shall he based on a schedule prepared by the contractor and approved by the architect or engineer who shall apportion the lump sum price to the major components entering into or forming a part of the work under the lump sum price.
(c) Partial payments to the contractor for labor performed under either a unit or lump sum price contract shall be made at the rate of 95% of the estimates prepared by the contractor and shall be approved by the architect or engineer.
(d) The City may retain a sum not to exceed 5% of the entire cost of the contract during the specified guarantee period. Such retainer shall be released at the end of the guarantee period upon compliance with all requirements of the contract. All interest income earned by the City on retainer held by the City during the specified guarantee period shall be credited to the City.
(Ord. O89-99, passed 10-17-1989; Am. Ord. O2008-43, passed 6-3-2008)