B. Applications for Payment under this agreement shall be submitted as follows:
>
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Electronically via email to VendorAPInvoices(@NashuaNH. gov
OR
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
6.03
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:
l.
Final Payment
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.
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.
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.
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.
AG -30f7
