(A) Any contract may provide for progressive payments to the contractor. A 5% retention shall be held from each progress payment.
(B) A final payment, including all retentions, shall not be made before:
(1) Full and satisfactory completion of the work performed under the contract;
(2) Acceptance thereof by the proper officer, department, board or commission of the city; and
(3) The time for filing liens, as provided by law, has expired.
(`61 Code, § 2.68-9) (Ord. 906, passed 6-15-1999; Am. Ord. 1073, passed 4-18-2023; Am. Ord. 1080, passed 3-5-2024)