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<br />5.3.3 Monthly Payment Estimates <br /> <br />During construction, monthly payment estimates will be submitted for approval and <br />payment to the CWCB by the engineer in consultation with the owner and the contractor. <br />The payment estimate is submitted at the beginning of the month for all work estimated <br />to be completed during the coming month. After the fITst month of construction, the total <br />amount for subsequent payment estimates will be adjusted for the actual value of work <br />completed in the preceding month(s). <br /> <br />For each payment estimate, a certain percentage of the total value of the work completed <br />will be retained. The retainage will be paid to the contractor upon acceptance of the <br />project by the owner and the engineer with the concurrence of the CWCB staff <br />representative and after completion of the project has been advertised in a local <br />newspaper. <br /> <br />An example of the payment estimate f()rm is included in Appendix G. After the form has <br />been completed, it is signed by the project sponsor, the contractor, the engineer and the <br />CWCB staff representative. Payment is authorized by the CWCB administrative staff. <br /> <br />5.3.4 Contract Change Orders <br /> <br />A revision to any of the approved Contract documents will require a formal contract <br />change order. Contract change orders will be prepared by the engineer with the owner's <br />consent. The change order will include a written description of the revision and the <br />reason for the revision along with a CO~t estimate, change in contract amount, and changes <br />in plans and specifications. <br /> <br />All contract change orders must be signed by the engineer, the owner and the contractor <br />and must be submitted to the CWCB project representative for appmval. Such approval <br />must be obtained in writing prior to the initiation of the revised work including the case <br />where the CWCB does not participate in the costs of the revision. <br /> <br />5.3.5 Final Inspection and Payment <br /> <br />Upon completion of the project, the sponsor will notify the CWCB that the contract has <br />been c()mpleted and will request a final inspection by the CWCB project representative. <br />An inspection will then be arranged in consultation with the resident engineer and the <br />contractor. A list will be made of deficiencies observed during the final inspection and <br />the contractor will be required to correct the deficiencies according to drawings and <br />specifications. <br /> <br />After the project has been accepted by the owner and the engineer with the concurrence <br />of the CWCB staff representative, the owner will place an advertisement in a local <br />newspaper to advise subcontractors and suppliers that the project has been completed and <br />that the prime contractor has requested final payment. If no claims for payment are <br /> <br />32 <br />