A contractor which has been awarded a contract for the construction, reconstruction, improvement, enlargement, alteration, repair, painting or decoration of a City public improvement shall be paid progress payments within thirty days of the date of receipt of a request for payment on the basis of a duly certified and approved estimate of the work performed during the preceding calendar month under terms of such contract. The City shall, however, retain ten percent (10%) of the amount of each estimate until final completion and acceptance of all work covered by the contract in order to insure proper performance of the contract. The ten percent (10%) retainer shall be paid by the City to the contractor within thirty days after final acceptance by the City.
(Ord. 89-1268. Passed 10-17-89.)