> Paper Copies via US Mail to:
City of Nashua, City Hall
Accounts Payable
229 Main Street
Nashua, NH 03060
Please do not submit invoices both electronically and paper copy.
In addition, and to facilitate the proper and timely payment of applications, the OWNER requires that all
submitted invoices contain a valid PURCHASE ORDER NUMBER.
6.02 Progress Payments; Retainage
A. Progress Payments. The OWNER will once each month make a progress payment to the CONTRACTOR
on the basis of an estimate of the total amount of work done to the time of the estimate and its value as prepared by the
CONTRACTOR and approved by the ENGINEER. All such payments will be measured by the schedule of values established
in paragraph 2.07.A of the General Conditions (and in the case of Unit Price Work based on the number of units
completed) or, in the event there is no schedule of values, as provided in the General Requirements.
B. Retainage. The OWNER will retain a portion of the progress payment, each month, in accordance with
the following procedures:
1. The OWNER will establish an escrow account in the bank of the OWNER’S choosing. The account
will be established such that interest on the principal will be paid to the CONTRACTOR. The
principal will be the accumulated retainage paid into the account by the OWNER. The principal
will be held by the bank, available only to the OWNER, until termination of the contract.
2. Until the work is 50% complete, as determined by the ENGINEER, retainage shall be 10% of the
monthly payments claimed. The computed amount of retainage will be deposited in the escrow
account established above.
3. After the work is 50% complete, and provided the CONTRACTOR has satisfied the ENGINEER in
quality and timeliness of the work, and provided further that there is no specific cause for
withholding additional retainage no further amount will be withheld. The escrow account will
remain at the same balance throughout the remainder of the project.
6.03 Final Payment
A. Upon final completion and acceptance of the Work in accordance with paragraph 14.07 of the General
Conditions, OWNER shall hold 2% retainage during the 1 (one) year warranty period and release it only after the project
has been accepted.
ARTICLE 7 - CONTRACTOR'S REPRESENTATIONS
7.01 — In order to induce OWNER to enter into this Agreement CONTRACTOR makes the following representations:
A. CONTRACTOR has examined and carefully studied the Contract Documents and the other related data
identified in the Bidding Documents.
B. CONTRACTOR has visited the Site and become familiar with and is satisfied as to the general, local, and
Site conditions that may affect cost, progress, and performance of the Work.
AG -3 of 6
