Asphalt Overlay of CDC Roads - Clark Freeport Zone

(d)(e)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. Unless otherwise indicated in the SCC, nopayment of interest for delayed payments and adjustments shall bemade 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)(c)be determined by the Procuring Entity’s Representative;comprise the value of the quantities of the items in the Bill ofQuantities completed; andInclude the valuations of approved variations.41.4. The Procuring Entity’s Representative may exclude any item certified ina previous certificate or reduce the proportion of any item previouslycertified in any certificate in the light of later information.42. Retention42.1. The Procuring Entity shall retain from each payment due to theContractor an amount equal to a percentage thereof using the rate asspecified in SCC Clause 42.2.69Clark Development CorporationSection IV General Conditions of the ContractAsphalt Overlay of CDC Roads