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(NAME of HOMEOWNER) <br />(ADDRESS) <br />Homeowner Signature <br />Homeowner Signature <br />(NAME OF BUILDER) <br />(ADDRESS) <br />Contractor Signature <br />Contractor Signature <br />Authorized Signature of Contractor Administrator <br />PAYMENT SCHEDULE <br />Progress payments to the Contractor under this Contract for work completed may be requested <br />by the Contractor in the amounts and at the intervals specified below. All payments (except #he <br />finai payment) shali be reduced by the holdback percentage specified in paragraph 5 of th(s <br />Contract. <br />The Contractor shall be entitled to requsst: <br />1. Initial payment of up to 90% of the work performed by the Contractor upon condition <br />that: <br />A. The Owner and City accept the completed worc as "Final"; <br />B. The City receives the Contractor's wrcitten Invoice. <br />2. Authorization for any remaining payment amounts will be made 45 days faltowing the <br />initial payment, provided no claims are made against the project; and upon receipt of <br />the following documents: <br />A. The City receives satisfactory "Release of Liens or Claims" for liens by <br />subcontractors, laborers, vendors, installers, and suppliers for completed woric or <br />installed materials. <br />The final payment shall include the holdback amounts remaining due if preceded by acceptance <br />of the worlc by the Contract Administrator and Owner, submission of satisfactory waiver of liens <br />or a bond satisfactory to the Owner and Contract Administrator indemnifying the Owner against <br />any lien, and submission of all warranties and guarantees. <br />, 267 <br />