One month after the completion of the work or delivery of materials, the Municipality will cause the City Engineer to make a final estimate of all work done and material delivered and, subject to the provisions of Section 208.09, the full amount of the estimate less any amounts paid on monthly estimates, less any amount retained to complete the work or delivery according to the provisions of the contract, to pay any or all damages or to reimburse the Municipality for any moneys paid by the Municipality by reason of the contractor having failed to carry out faithfully and completely all the obligations and requirements thereof, will be paid within five days after the approval thereof, but in any event not later than the fifteenth day of the following calendar month.
(Ord. 2705. Passed 3-16-60.)