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application of unit prices to the quantItIes shown In the Proposal, or the combination of both) being the sum of Three Million Four Hundred Forty-Nine Thousand Eight Hundred Ninety-Six Dollars and Fifty-Six Cents ($3.449.896.56) 4. Payment for Contractor's Services. Within thirty days after the City issues a written or oral "Notice to Proceed with Contract Work", and each month thereafter, the Contractor shall submit to the City a request for payment on its company letterhead. The request for payment shall be a copy of the Contract Bid Forms indicting those quantities or Lump Sum items utilized, corresponding to the submitted monthly requisition. The City will estimate the value of the work done and within twenty days after the submittal of the properly executed estimate, the value thus determined, less previous payments, shall be paid to the Contractor. After 75% of the Contract work (Original Contract amount including any adjustments made by Change Orders) has been completed as estimated by the City. 90% ofthe value thus determined, less previous payments for the value of the work exceeding 75% of the Contract work, shall be paid to the Contractor. Upon completion of the entire work involved in this Contract, and upon acceptance thereof in writing by the City, the balance due the Contractor for the entire work shall be paid. If during the progress of the work it appears that the Contractor's bills for materials and labor are not being paid, the City shall have the right to withhold from the Contractor's monthly payment sufficient sums to protect itself against all losses from possible liens, and to apply the said sums to the payment of such debts. Payments of monthly estimates are agreed not to be an admission by the City that the work is done or that its quantity or quality is satisfactory: Final acceptance shall occur only with final payment. Before the final payment is made, the Contractor shall present to the City Finance Director satisfactory evidence that all liens, claims and demands of both the prime contractor as well as his subcontractors employed in the construction of the work are fully satisfied, and that the project is fully released from all such liens, claims, and demands. In the event the prime contractor is unwilling to provide a release from all liens, claims and demands, thirty (30) calendar days after the completion and acceptance of the work will be the maximum period provided for the submittal of all claims. The City does not by this provision assume any responsibility or liability to any person other than the prime Contractor. Should the Contractor fail to complete the work within the time limit, no partial estimate will be rendered and no payments will be made after the date established for completion, except as follows: a. If a Surety Bond was furnished, the Contractor shall deliver to the City the written consent of the Contractor's Surety covering every such partial payment permitting such payment to be made without affecting the validity of the Bond. Page 2 of2 Agreements/Golden Shores Drainage and Street Improvements/I/3 1102 (eb)