(a) All contracts involving an expenditure of the amount specified in Section 228 of the Charter or more shall be in writing and shall be executed by the successful bidder and in behalf of the City by the Mayor. It shall be approved as to form by the Director of Law or his designee and there shall be designated on such contract the number of the ordinance authorizing the same. No such contract shall be executed unless there is a Certificate of Availability of funds attached thereto if required by the Charter and the laws of Ohio.
(b) The amounts and time of payments to contractors, engineers, consultants or any other entity entitled to payment for the public improvement ("contractor") that is the subject matter of the contract, shall be governed by this section or, if not specified in this section, by the terms of the written contract between the City and the contractor. Payment on approved invoices or estimates shall be made within thirty (30) days. The contractor shall not be entitled to interest for late payments.
(Ord. 239-23. Passed 5-30-23.)
(c) For all public improvement contracts, the City may make partial payments to the contractor at the rate of ninety-two percent (92%) of the estimates prepared and submitted by the contractor and approved by the City's engineer. Subsequently, if the character and progress of the work has been satisfactory, the City may determine that all labor performed after the job is fifty percent (50%) completed can be paid at the rate of one hundred percent (100%) of the estimates submitted by the contractor and approved by the City's engineer. In the alternative, however, the City may opt to make partial payments to a contractor at the rate of ninety-six percent (96%) of the estimates prepared by the contractor and approved by the City's engineer throughout and until completion of the project. In either case, the City shall hold all retained funds and the contractor shall not be entitled to interest on the retained funds. When all work has been satisfactorily completed and accepted, the retained amount shall be paid to the contractor.
(d) The City may agree to pay a public improvement contractor for approved materials delivered on the site of the work or at an approved storage site projects at the rate of ninety-two per cent of the invoice costs. The balance of the invoiced cost shall be paid when the materials are incorporated into the improvement. When a partial payment is permitted for materials delivered to a work or storage site prior to incorporation in the improvement, the materials shall become the property of the City, but if the materials are stolen, destroyed or damaged by casualty before being used, the contractor shall replace the materials at its own expense.
(Ord. 575-07/294-08. Passed 5-6-08; Ord. 106-11. Passed 3-8-11.)