Partial payments may be made to contractors constructing public improvements as the work progresses. Such payments shall be made not more frequently than monthly and shall be based upon estimates, approved by the City Engineer, of the amount of work completed, including both labor and materials incorporated in the improvement since the last partial payment, if any. Payments may also be made for equipment and materials purchased by the contractor and on hand and stored on the site of the work or in other places approved by the City Engineer. Ten percent (10%) of any partial payment authorized herein may be withheld pending completion of the improvement and acceptance thereof by the City. If at the end of thirty days, in the sound discretion of the City Engineer, the improvement should not be unqualifiedly accepted, five percent (5%) of the contract price may be retained for a period of one year from the date of acceptance of the project as a guarantee upon the part of the contractor that the workmanship and materials furnished under these specifications are in all respects first class as herein provided and that the improvement will remain in good and sound condition for and during the entire period of guarantee from and after its completion and acceptance as indicated by the Engineer on the final estimate.
(Ord. 1960-36. Passed 6-6-60.)