Common use of Partial and Final Payments Clause in Contracts

Partial and Final Payments. In accordance with the provisions fully set forth in the "General Conditions" of the "Specifications", and subject to additions and deductions as provided, the CITY shall pay the CONTRACTOR as follows: (a) On the 15th day, or the first business day thereafter, of each calendar month, the CITY shall make partial payments to the CONTRACTOR on the basis of a duly certified and approved estimate of work performed during the preceding calendar month by the CONTRACTOR, less five percent (5%) of the amount of such estimate which is to be retained by the CITY until all work has been performed strictly in accordance with this Agreement and until such work has been accepted by the CITY. The parties’ rights and obligations regarding retainage are further specified in Florida Statute Section 218.735. (b) Upon submission by the CONTRACTOR of evidence satisfactory to the CITY that all payrolls, material bills and other costs incurred by the CONTRACTOR in connection with the construction of the WORK have been paid in full, and also, after all guarantees that may be required in the Specifications have been furnished and are found acceptable by the CITY, final payment on account of this Agreement shall be made within sixty (60) days after completion by the CONTRACTOR of all work covered by this Agreement and acceptance of such work by the ENGINEER and approved by the CITY.

Partial and Final Payments. In accordance with the provisions fully set forth in the "General Conditions" of the "Specifications", and subject to additions and deductions as providedprovided in the Contract Documents, the CITY CRA shall pay the CONTRACTOR as follows: (a) On the 15th day, or the first business day thereafter, of each calendar month, the CITY CRA shall make partial payments to the CONTRACTOR on the basis of a duly certified and approved estimate of work performed during the preceding calendar month by the CONTRACTOR, less five percent (5%) of the amount of such estimate estimate, which is to be retained by the CITY CRA until all work has been performed strictly in accordance with this Agreement and until such work has been accepted by the CITYCRA. The parties’ rights and obligations regarding retainage are further specified in Florida Statute Section 218.735, Florida Statutes. (b) Upon submission by the CONTRACTOR of evidence satisfactory to the CITY CRA that all payrolls, material bills and other costs incurred by the CONTRACTOR in connection with the construction of the WORK have been paid in full, and also, after all guarantees that may be required in the Specifications have been furnished and are found acceptable by the CITYCRA, final payment on account of this Agreement shall be made within sixty (60) 60 days after completion by the CONTRACTOR of all work covered by this Agreement and acceptance of such work by the ENGINEER PROJECT MANAGER and approved by the CITYCRA.