C. Clarifications as set forth CONTRACTOR’S Bid Proposal, as incorporated herein and
attached hereto as Exhibit A.
ARTICLE 6 - PAYMENT PROCEDURES
6.01 Submittal and Processing of Payments
A. CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the
General Conditions. Applications for Payment will be processed by ENGINEER as provided in the General
Conditions.
B. Applications for Payment under this agreement shall be submitted electronically via email to
VendorAPInvoices(@NashuaNH. gov
and
Deb Chisholm: chisholmd@NashuaNH. gov
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
AG-3o0f7
