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DIVISION 1 <br /> GENERAL REQUIREMENTS <br /> 01025-APPLICATION FOR PAYMENT <br /> C. The amount that will be retained will be as follows: <br /> 1. Five percent (5%) of the value of satisfactorily complete work and site <br /> stored materials until the Work of the Contract is fully complete. <br /> 2. Remaining retained percentage may be requested after Final Completion <br /> of the Work of the Contract when the Work is fully complete and <br /> acceptable to Owner. Final payment will be made within 30 days <br /> thereafter. <br /> 3. In event of a very minor amount of work incomplete or not corrected due <br /> to weather, unsuitable conditions for testing or similar conditions <br /> preventing the Contractor from proceeding, the retained amount may be <br /> reduced to three times the value of the incomplete work upon <br /> recommendation of the Construction Manager and approval of the Owner. <br /> 4. SURETY DEPOSITS FOR OUT-OF-STATE CONTRACTORS <br /> A. Surety Deposit Requirements: Minnesota Statute 290.9075 requires that eight <br /> (8) percent of each payment made to out-of-state contractors (or <br /> subcontractors) for work done in Minnesota, be withheld (by Owner of <br /> Contractor, as applicable), as a surety deposit on any contract (or subcontract) <br /> that exceeds or may reasonably be expected to exceed$100,000. <br /> B. Exempt Contractors: Surety deposit requirement may be waived if out-of- <br /> state contractor(or subcontractor) is exempt. <br /> C. Related Documents: Copies are included as appendix following this Section <br /> 01025. <br /> 1. Contractors' Fact Sheet regarding Surety Deposits, dated 11/89, issued by <br /> Minnesota Department of Revenue-Taxpayer Information Division. <br /> 2. Exemption from Surety Deposits for Out-of-State Contractors, Form SD- <br /> E, issued by Minnesota Department of Revenue to be used by each <br /> Contractor that wants to file for and exemption from the surety deposit <br /> requirements. <br /> 3. Instructions form SD-E, issued by Minnesota Department of Revenue. <br /> EXISTING ORONO MIDDLE SCHOOL-NEW MEDIA CENTER SECTION 01025 -2 <br /> BID PACKAGE 1: GENERAL CONSTRUCTION, MECHANICAL&ELECTRICAL <br />