Agenda - 01-21-1992 - Laserfiche WebLink

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Summary of Contract Award: 4. On or before the 20th day of each calendar month, the County shall make 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 ten percent (10 %) of the amount of such estimate which formed strictly in accordance with this Agreement and until such work has been accepted by the County. 5. Upon submission by the Contractor of evidence satisfactory to the County that all payrolls, material bills and other costs incurred by the Contractor in connection with the construction of the work has been paid in full, final payment on account of this Agreement shall be made within thirty (30) days after the completion by the Contractor of all work covered by this Agreement and the acceptance of such work by the County. 6. It is further mutually agreed between the parties hereto that if at any time after the execution of this Agreement and the Surety Bonds hereto attached for its faithful performance, the County shall deem the Surety or Sureties upon such Bonds to be unsatisfactory, or if, for any reason, such Bonds ceases to be adequate to cover the performance of the work, the Contractor shall, at its expense, within five (5) days after the receipt of notice from the County so to do, furnish an additional Bond or Bonds in such form and amount, and with such Surety or Sureties as shall be satisfactory to the County. In such event no further payment to the Contractor shall be deemed to be due under this Agreement until such new or additional security for the faithful performance of the work shall be furnished in manner and form satisfactory to the County.