In case the contractor properly performs the work, the Council shall, from month to month before completion of the work, pay the contractor not to exceed 95% of the amount already earned under the contract, upon the estimate of the engineer or other competent person selected by the Council, and the contract shall so provide, and shall further agree that when the work is 95% or more completed, upon the recommendation of the engineer, the portions of the retained price shall be released as the Council determines are not required to be retained to protect the city’s interest in satisfactory completion of the contract. Notwithstanding the foregoing, all retainage shall be administered in accordance with M.S. § 15.72, as it may be amended from time to time,.
(Prior Code, § 202.08) (Ord. 944, passed 06-25-2018)