The Municipality shall cause approximate estimates to be made monthly by the City Engineer of the amount which, in his or her opinion, represents the work done, or acceptable materials properly delivered, as specified under the contract. Within five days after such estimate has been duly approved, but in any event not later than the fifteenth day of the following calendar month, the Municipality will make a partial payment in cash to the contractor of ninety percent of such estimate less prior payments. The Municipality will retain ten percent of the amount of the monthly estimates until final completion and acceptance of all work or delivery of all materials required by the contract. Such amounts will be retained by the Municipality as a guarantee that the contractor will faithfully and completely fulfill and execute all the obligations and conditions imposed by any such contract and to indemnify the Municipality for any damage caused to the Municipality by reason of any failure or breach on the part of the contractor to fulfill such conditions and obligations.
(Ord. 2705. Passed 3-16-60.)