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by the CONTRACTOR of bills of sale or such other procedure as will establish the Principal <br /> Representative's title to such material or otherwise adequately protect the Principal Representative's <br /> interest, including applicable insurance. <br /> If the bid amount is between $50,000.00 and $149,999.00, 10 percent retainage will be withheld until <br /> the project has been satisfactorily completed and advertised. If the bid amount is $150,000.00 or <br /> over, 5 percent retainage will be withheld until the project has been satisfactorily completed and <br /> advertised. <br /> The Division of Reclamation, Mining and Safety will accept original invoices only. Change order <br /> amounts and retainage must be invoiced separately from items included in the original contract. All <br /> invoices, except the final invoice, and the payments thereunder, shall be subject to correction in the <br /> next invoice following the discovery of any error. The final payment, or the retainage bill, shall <br /> state "Final Bill" on the invoice. <br /> State law and regulations provide that CONTRACTORS will be paid within 45 days after receipt of a <br /> correct invoice. A State liability not paid within 45 days is considered delinquent and, unless <br /> otherwise agreed to, interest on the unpaid balance shall be paid beginning with the forty-sixth day <br /> at the rate of one percent per month on the unpaid balance until paid in full. A liability shall not arise <br /> if a good faith dispute exists as to the agency's obligation to pay all or a portion of the liability. <br /> CONTRACTORS shall invoice separately for interest on delinquent amounts due. The billing shall <br /> reference the delinquent payment, the number of days interest to be paid and the applicable interest <br /> rate (24-30-202(24), C.R.S. as amended). <br /> Article 47. PAYMENTS WITHHELD <br /> The PROJECT MANAGER or the Principal Representative may hold, or, on account of subsequently <br /> discovered evidence, nullify the whole or any part of any invoice on account of: <br /> (a) Defective work not remedied; <br /> (b) Claims filed or reasonable evidence indicating probable filing of claims; <br /> (c) Failure of the CONTRACTOR to make payment to subcontractors or for material or <br /> labor; <br /> (d) A reasonable doubt that the Contract can be completed for the balance of the contract <br /> price then unpaid; <br /> (e) Damage to another CONTRACTOR; <br /> (f) Failure to obtain necessary permits or licenses or to comply with applicable laws, <br /> ordinances, codes, rules or regulations; <br /> (g) Failure to submit weekly progress reports; <br /> (h) Failure of the CONTRACTOR to keep his work progressing in accordance with his <br /> time schedule; <br /> (i) Failure to keep a superintendent on the work; <br /> 0) Unauthorized deviations by the CONTRACTOR from the Contract Documents. <br /> When the grounds for such withholding or nullifying are removed, payment shall be made for the <br /> amounts withheld. <br /> If the Principal Representative deems inexpedient the correction of damaged work or of work not <br /> performed in accordance with the contract, equitable reduction of contract price shall be made. <br /> Colorado Division of Reclamation, Mining and Safety <br /> Page 20 of 22 Pages <br /> Revised:9/17/2019 <br />