Proposed Renovation of Former Jacinto Building - Clark Freeport Zone

payment.40.2. The Procuring Entity shall deduct the following from the certified grossamounts to be paid to the contractor as progress payment:(a)(b)(c)(d)(e)Cumulative value of the work previously certified and paid for.Portion of the advance payment to be recouped for the month.Retention money in accordance with the condition of contract.Amount to cover third party liabilities.Amount to cover uncorrected discovered defects in the works.40.3. Payments shall be adjusted by deducting there from the amounts foradvance payments and retention. The Procuring Entity shall pay theContractor the amounts certified by the Procuring Entity’sRepresentative within twenty eight (28) days from the date eachcertificate was issued. No payment of interest for delayed paymentsand adjustments shall be made by the Procuring Entity.40.4. The first progress payment may be paid by the Procuring Entity to theContractor provided that at least twenty percent (20%) of the workhas been accomplished as certified by the Procuring Entity’sRepresentative.40.5. Items of the Works for which a price of “0” (zero) has been enteredwill not be paid for by the Procuring Entity and shall be deemedcovered by other rates and prices in the Contract.41. Payment Certificates41.1. The Contractor shall submit to the Procuring Entity’s Representativemonthly statements of the estimated value of the work executed lessthe cumulative amount certified previously.41.2. The Procuring Entity’s Representative shall check the Contractor’smonthly statement and certify the amount to be paid to the Contractor.41.3. The value of Work executed shall:(a)(b)be determined by the Procuring Entity’s Representative;comprise the value of the quantities of the items in the Bill ofQuantities completed; and69Clark Development CorporationSection IV General Conditions of ContractProposed Renovation of Former Jacinto Building(Motorpool, Records, Warehouses and Maintenance Area)