2017-04-05_GENERAL DOCUMENTS - M1992076

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If the bid amount is between $50,000.00 and $149,999.00, 10 percent retainage will be withheld until the project has been satisfactorily completed and advertised. If the bid amount is $150,000.00 or over, 5 percent retainage will be withheld until the project has been satisfactorily completed and advertised. The Division of Reclamation, Mining and Safety will accept original invoices only. Change order amounts and retainage must be invoiced separately from items included in the original contract. All invoices, except the final invoice, and the payments thereunder, shall be subject to correction in the next invoice following the discovery of any error. The final payment, or the retainage bill, shall state "Final Bill" on the invoice. State law and regulations provide that CONTRACTORS will be paid within 45 days after receipt of a correct invoice. A State liability not paid within 45 days is considered delinquent and, unless otherwise agreed to, interest on the unpaid balance shall be paid beginning with the forty-sixth day at the rate of one percent per month on the unpaid balance until paid in full. A liability shall not arise if a good faith dispute exists as to the agency's obligation to pay all or a portion of the liability. CONTRACTORS shall invoice separately for interest on delinquent amounts due. The billing shall reference the delinquent payment, the number of days interest to be paid and the applicable interest rate (24-30-202(24), C.R.S. as amended). Article 47. PAYMENTS WITHHELD The PROJECT MANAGER or the Principal Representative may hold, or, on account of subsequently discovered evidence, nullify the whole or any part of any invoice on account of: (a) Defective work not remedied; (b) Claims filed or reasonable evidence indicating probable filing of claims; (c) Failure of the CONTRACTOR to make payment to subcontractors or for material or labor; (d) A reasonable doubt that the Contract can be completed for the balance of the contract price then unpaid; (e) Damage to another CONTRACTOR; (f) Failure to obtain necessary permits or licenses or to comply with applicable laws, ordinances, codes, rules or regulations; (g) Failure to submit weekly progress reports; (h) Failure of the CONTRACTOR to keep his work progressing in accordance with his time schedule; (i) Failure to keep a superintendent on the work; (j) Unauthorized deviations by the CONTRACTOR from the Contract Documents. When the grounds for such withholding or nullifying are removed, payment shall be made for the amounts withheld. If the Principal Representative deems inexpedient the correction of damaged work or of work not performed in accordance with the contract, equitable reduction of contract price shall be made. Article 48. FINAL INSPECTION The Principal Representative shall make final inspection of the project to determine whether the work has been completed in accordance with the Contract Documents. A final punch list shall be made by the Principal Representative on the Final Inspection and Certificate of Completion form in sufficient detail to fully outline to the CONTRACTOR: a) Work to be completed, if any; Colorado Division of Reclamation, Mining and Safety Page 18 of 22 Pages Revised: 8/25/2015