05-28-1985 Council Packet - Laserfiche WebLink

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SECTION 9 MEASUREMENT, PAYMENT AND PROJECT ACCEPTANCE 9.1 DETAILED BREAKDOWN OF CONTRACT AMOUNT Except in cases where unit prices form the basis for payment under the Con- tract Documents, the Contractor shall, within ten (10) days of receipt of the Contract Documents, submit an itemized breakdown of the Contract Amount having the value, including an allowance for profit and overhead, assigned to each part of the Work. Unless the breakdown of the Contract Amount is objected to by the Owner, it shall be used as the basis for all Requests for Payment. 9.2 REQUEST FOR PAYMENT The Contractor may submit periodically, but not more than once each month, a Request for Payment for Work done and materials delivered and stored on the site. Payment for materials stored on the site will be conditioned on the following: (a) The Contractor shall submit evidence to establish the Owner's title to such materials. (b) Acceptable provisions have been made for storage. (c) The Contactor shall provide and maintain insurance against all loss, theft, vandalism, damage and similar peril for the full value of the stored material. The insurance on the stored material shall name the Owner as insured. Each Request for Payment shall be itemized and computed from the Work com- pleted on all items listed on the Detailed Breakdown of Contract Amount. Where unit prices are specified, the Request for Payment shall be based on the quantities completed. The Owner shall pay to the Contractor an amount not to exceed 95% of the amount earned under the Contract subject to the approval outlined in Section 0.3 and the provisions of Section 9.4 and 9.5. However, when the Work required under the Contract is 95% or more completed, upon recommendation of the Engineer, such portions of the retained money shall be releaRed as the Owner determines are not required to be retained to protect the Owner's interest in satisfactory completion of the Contract. 9.3 ENGINEER'S ACTION ON A REgUES'r FUR PAYMENT Within ten (10) days of submission of any Request for Payment by the Contrac- tor, the Engineer shall recommend to Owner: (a) Approval of the Request for Payment as submitted; or, (b) Appro-ial of: such other amount as Engineer shall consider is due the Contractor, informing the Contractor in writing of his reasons for recommending approval of the modified amoun , or, 1/85 - 8507b Copyright 1995 Bonestroo, Rosene, Anderl►k b Associates, Tnc.