Partial and Final Payment. The closure date for period progress payments will be the twenty-fifth day of each month. Authorization to pay is commonly received on the second Monday of the following month. However, payments will be withheld pending receipt of any outstanding reports required by the contract documents. The full ten percent retention will be deducted from all payments. The final retention will be authorized for payment thirty-five days after the date of recordation of the Notice of Completion. The Contractor may substitute securities for any monies withheld by the Agency to ensure performance under the contract as provided in Public Contract Code Section 22300.
Partial and Final Payment. To the “WHITEBOOK”, item 1, DELETE in its entirety and SUBSTITUTE with the following:
Partial and Final Payment. Builder will make final payment to Contractor of the balance due to it under the Contract seven (7) days after receipt of Contractor's final invoice following the Completion of Work. No partial payment to Contractor will operate as approval and/or acceptance of Work done or materials furnished. Any partial payment or payments made by Builder to Contractor will be subject to final audit and adjustment and Contractor must reimburse Builder in the event there is any overpayment. The acceptance by Contractor of final payment constitutes a release by Contractor in favor of Builder and its surety of any claims and1 or liens against Builder and Builder's property in any way arising under or by virtue of the Contract Documents, except for written claims in stated amounts submitted to Builder prior to final payment.
Partial and Final Payment. DELETE in their entirety 1st and 2nd paragraphs and SUBSTITUTE with the following: Payment for services will be made monthly on approved invoices, with payment terms of net thirty (30) days upon receipt of invoice. The Contractor shall submit invoices within fifteen (15) days from the end of each month on the form (Certified Invoice For Progress Payment) provided by the Agency. This estimate shall include the value of the total amount of the work completed by the Contractor during the calendar month previous to that in which the estimate is made. When the Work has been completed to the satisfaction of the Engineer, the Contractor shall make a final estimate of the total amount of work done thereunder and the amount to be paid therefor under the terms of the Contract and shall certify to the Agency the amount of the final estimate. If the Agency finds the Work has been completed according to the Contract, the Agency will accept the work, will file a notice of completion, and will pay the entire sum so found to be due after deducting therefrom all previous payments and all amounts to be retained under the provisions of the Contract and upon receiving signed unconditional releases upon final payment from all subcontractors and material suppliers. All prior progress estimates and payments shall be subject to correction in the final estimate and payment. The project retention release will not be due and payable until the expiration of the 60 days from the date of filing a notice of completion of the Work by the Agency. Interest penalties are not required on payment delays due to disagreement between the Agency and Contractor over the payment amount or other issues involving contract compliance. It is mutually agreed between the parties to the Contract that no certificate given or payment made under the Contract shall be conclusive evidence of performance of the Contract and no payment shall be construed to be an acceptance of any defective work or improper materials. The Contractor further agrees that the payment and acceptance of the final amount due under the Contract shall release the Agency, the Agency Representative, the Engineer, and their consultants from any and all claims or liability arising out of the Contract. ADD:
