Reso 2026-3973 - Laserfiche WebLink

Home Browse Search

City of Sunny Isles Beach 18070 Collins Avenue, Sunny Isles Beach, Florida 33160 (305) 947-0606 phone (305) 949-3113 Fax at the discretion of the City and must be authorized by the City's Representative and approved by the City. ARTICLE V PAYMENT OF THE CONTRACT PRICE 5.1 Schedule of Values 5.1.1 At least seven (7) days before the first Pre -Construction Meeting, the Contractor shall submit to the City and to the City's Representative a Schedule of Values allocating the Contract Price to the various portions of the Work in conformance to the revised bid form submitted by Contractor in response to the ITB. The Schedule of Values shall be used only as a basis for the Contractor's Applications for Payment and shall only constitute such basis after it has been acknowledged in writing by the City's Representative and the City. 5.2 Payment Procedure 5.2.1 The City shall pay the Contract Price to the Contractor as provided below. 5.2.2 Progress Payments. Based upon the Contractor's Payment Requests to the City's Representative and upon Certificates for Payment subsequently issued to the City by the City's Representative, the City shall make progress payments to the Contractor on account of the Contract Price. Contractor shall use the AlA G-702 / 703 payment submittal method. 5.2.3 On or before the 25th day of each month after commencement of the Work, the Contractor shall submit a Payment Request for the period ending the last day of the previous month to the City Representative in such form and manner, and with such supporting data and content, as the City or the City Representative may require. Contemporaneously with the submission of each Application for Payment, the Contractor shall submit a current shop drawing log reflecting the status of all shop drawings and submittals; a current CPM schedule as required by Paragraph 7.9 herein below; lien copies of releases from Contractor and releases from subcontractors in favor of Contractor's Surety confirming receipt of funds received from the City for the previous payment period; and the Contractor shall have a current set of As -Built drawings maintained on site including bore logs as may be applicable and available for inspection. Submission of the shop -drawing log, CPM schedule, and photographs as required herein shall be a condition precedent for payment to the Contractor. With regard to any Contract for construction services, a public entity may withhold from each progress payment made to the Contractor an amount not exceeding 5 percent of the payment as retainage. Payment for stored materials and equipment shall be contingent upon the Contractor's proof satisfactory to the City, that the City has title to such materials and equipment and shall include proof of required insurance sufficient to protect the City from any loss should the materials and equipment be lost, stolen or otherwise destroyed or damaged. COMTECH ENGINEERING, INC.