Common use of Contract Price and Payments Clause in Contracts

Contract Price and Payments. The contract price is specified at §2 on page one (1). Contractor may apply for progress payments on a monthly basis. Contractor shall submit a signed invoice covering the work completed to that date, and accompanied by supporting documentation to the County’s satisfaction. Progress payments will be in an amount equal to 95 percent (95%) of the work completed. Contractor may substitute securities for any retention as set forth in PCC Sec. 22300. Pursuant to PCC Sec. 20104.50, each payment request shall be reviewed by County as soon as practicable after receipt. Any request not suitable for payment shall be returned promptly, and in no event later than seven calendar days from its date of receipt. A request that is returned unpaid shall be accompanied by a written explanation by the County. The number of days available by the County to make a payment without incurring interest pursuant to PCC Sec. 20104.50 shall be reduced by the number of days by which the County exceeds the seven day return requirement. Payment of any retention for the completed project will not be due until at least 35 days after the recording of the Notice of Completion, or no later than 60 days after completion of the Project as defined in PCC Sec. 7107, whichever occurs first. Payment may be made earlier if the County receives from each and every subcontractor and supplier an ‘Unconditional Waiver and Release Upon Final Payment’ in the form prescribed by Civil Code Section 3262(d). Acceptance of final payment will be deemed a waiver of all claims except those which were timely made pursuant to claims and civil action procedures described in Exhibit A. Invoices, or other applications for County payment, shall contain detailed full documentation of all work performed and all reimbursable expenses incurred. Where the Scope of Work is divided into tasks, invoices shall detail the related expenditures accordingly. No expense will be reimbursed without documentation.