Common use of CONTRACT SUM BREAKDOWN AND RETAINAGE Clause in Contracts

CONTRACT SUM BREAKDOWN AND RETAINAGE. The Contract Sum is: a fixed price a not-to-exceed price [Strike either (a) or (b).] If the Contract Sum is a fixed price, payments shall be based on percentages of completion of the Services using the following schedule of values: ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ If the Contract Sum is a not-to-exceed price, payments shall be based on Services performed using the following hourly rates: ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Such not-to-exceed price represents the maximum sum payable to the Contractor for performance of the Services. All hours billed must be supported by copies of actual timesheets signed by Contractor’s employee, his or her respective supervisor, and approved by a RIOC project manager. Retainage of _________________percent (__%) will be withheld from all payments until substantial completion of the Services. When the Services are substantially complete, RIOC shall pay the Contractor the retainage, less any amount determined by RIOC to be sufficient to cover completion of all remaining Services. Final payment of such withheld sum shall be made upon final completion of all Services. There is no obligation whatsoever on the part of RIOC to pay any amounts beyond those stated above. The Contractor shall have no claim to any additional amounts except as expressly authorized by written Change Order executed by RIOC. Change Orders (if any) will be priced on the following basis: [ ]. SCHEDULE C

CONTRACT SUM BREAKDOWN AND RETAINAGE. The Contract Sum is: a fixed price a not-to-exceed price [Strike either (a) or (b).] If the Contract Sum is a fixed price, payments shall be based on percentages of completion of the Services Work using the following schedule of values: ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ If the Contract Sum is a not-to-exceed price, payments shall be based on Services Work performed using the following hourly ratesrates and/or unit prices: ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Such not-to-exceed price represents the maximum sum payable to the Contractor for performance of the ServicesWork; provided, however, that this sum will be adjusted if actual unit quantities exceed the quantities stated in Schedule B1 (Description of Work). Prevailing Rate Case Number (PRC#) [FILL IN THE NUMBER] has been assigned to this project. The rate schedule associated with this PRC# is incorporated herein and explicitly made part hereof. All wages paid under this Contract must be consistent with this PRC# schedule. All hours billed must be supported by copies of actual timesheets signed by Contractor’s employee, his or her respective supervisor, and approved by a RIOC project manager. Retainage of _________________percent (___ %) will be withheld from all payments until substantial completion Substantial Completion of the ServicesWork. It is within RIOC’s sole determination as to what constitutes Substantial Completion of the Work as well as what constitutes Reasonable Estimated Costs to correct or complete incorrect items of Work. When the Services are substantially completeWork has reached Substantial Completion to RIOC’s satisfaction, RIOC shall pay the Contractor the retainage, if any, less any amount determined by RIOC two times the Reasonable Estimated Cost to be sufficient to cover completion correct or complete incorrect or incomplete items of all remaining ServicesWork. Final payment of such withheld sum shall be made upon final correction or completion of such items and Final Completion of all ServicesWork. There is no obligation whatsoever on the part of RIOC to pay any amounts beyond those stated above. The Contractor shall have no claim to any additional amounts except as expressly authorized by written Change Order executed by RIOC. Change Orders (if any) will be priced on the following basis: [ ]. SCHEDULE C.