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Orange County Solid Waste <br />Scalehouse Building 01 29 00 -3 PAYMENT PROCEDURES <br />11.Schedule Updating: Update and resubmit the Schedule of Values before the <br />next Applications for Payment when Change Orders or Construction Change <br />Directives result in a change in the Contract Sum. <br />1.7 APPLICATION FOR PAYMENT <br />A.Submit one electronic pdf of the application for payment on AIA G702. <br />1.Indicate the date for each progress payment. The period of Work covered by <br />each application is the period indicated in the Agreement <br />2.Provide on original AIA forms. <br />3.Complete,notarize and execute each Application for Payment by a person <br />authorized to legally sign documents. <br />4.Show breakdown of the work with separate labor and material amounts on AIA <br />G703 in accordance with the accepted Schedule of Values. <br />5.Make each application consistent with previous applications and payments as <br />certified by Engineer and paid for by Owner. <br />6.Engineer will return incomplete applications without action. <br />B.Payment Terms:Within ​45​ days of receipt of engineer-approved request,Owner shall <br />make a progress payment to the Contractor on the basis of a duly certified and approved <br />estimate of the work performed during the preceding calendar month under this Contract. <br />C.Retainage:If contract amount exceeds $100,000,to ensure proper performance of this <br />Contract,5% of the amount of each estimate will be retained by the Owner until 50% <br />completion,at which time the Owner,with written consent of the surety,shall not retain <br />further retainage from periodic payments due the contractor if the contractor continues to <br />perform satisfactorily and nonconforming work identified in writing prior to that time by the <br />Engineer,engineer or owner has been corrected by the contractor and accepted by the <br />Engineer,engineer or owner. <br />1.If the owner determines the contractor's performance is unsatisfactory,the owner <br />may reinstate retainage for each subsequent periodic payment application as <br />authorized in this subsection up to the maximum amount of 5%. <br />2.The project shall be deemed 50%complete when the contractor's gross project <br />invoices,excluding the value of materials stored off-site,equal or exceed 50%of <br />the value of the contract,except the value of materials stored on-site shall not <br />exceed 20%of the contractor's gross project invoices for the purpose of <br />determining whether the project is 50%complete. <br />3.Within 60 days after the submission of a pay request and one of the following <br />occurs,as specified in the contract documents,the owner with written consent of <br />the surety shall release to the contractor retainage on payments held by the <br />owner: <br />a.The owner receives a certificate of Substantial Completion from the <br />Engineer in charge of the project. <br />Docusign Envelope ID: FA2D0569-6BCE-4E38-B3EE-9B3EFD09A753