SECTION 107.01 - PAYMENTS. Progress payments equal to 85% of the value of work completed, as determined by the Engineer, will be made monthly to the Contractor as the work progresses. Such progress payments shall be based on a written progress estimate prepared by the Engineer. Notwithstanding the foregoing, no payment shall be construed to be an acceptance of any defective work or material. The Superintendent may issue payment equal to 100% of the value of the work, depending upon the acceptance of the Certificate of Final Quantities by the Contractor, after the Superintendent has issued a Certificate of Substantial Completion and the Contractor has submitted a Statutory Declaration that all monies the Contractor owes in carrying out the work have been paid. The Engineer shall deduct any liquidated damages and/or deficiencies from the final payment made to the Contractor. Substantial completion will be considered to occur when all stockpiles have been fully supplied.
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Samples: Form and Agreement, Form and Agreement, Form and Agreement
