Common use of Certificates and Payments Clause in Contracts

Certificates and Payments. 15.1 Upon the last day of the month following the month represented by the application for payment, an amount equal to ninety percent (90%) of the value of the work, products and materials described therein, less all previous payments, shall become due and payable by the City, subject always to the terms of the Contract Documents. 15.2 Upon the expiration of thirty-one (31) days from the City's issuance of a Certificate of Completion, an amount equal to the Contract price less: .1 Two (2) times the value of any deficiencies, plus .2 ten percent (10%) Builders’ Lien holdback, plus .3 the amount of all previous payments, shall become due and payable by the City subject always to the terms of the Contract Documents. 15.3 Upon the expiration of fifty-five (55) days after the date of the issuance by the City of the Certificate of Completion referred to above, the lien holdback amount shall become due and payable by the City, subject always to the terms of the Contract Documents. 15.4 Upon the expiration of thirty-one (31) days from the date of issuance by the City of a certificate of final payment, the deficiency holdback amount shall become due and payable by the City, subject always to the proper rectification of these deficiencies.