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Terms of payment will be as follows: <br />a. Payments shall be made within ten (10) days of the dates upon which progress <br />estimates are rendered on our invoices, and shall be for the proportion of the <br />contract price represented by work performed during the preceding month, less a <br />retention of 10 %, until 50% of the base contract work has been completed. <br />Initial mobilization costs (60 %) and the value of any permanent materials <br />delivered and stored on the site will be billed at the start of work. No retention <br />shall be held from the remaining portion of work, so that at the conclusion of all <br />work under the original contract, the retention will be equal to 5% of the contract <br />price. Additional work necessitated by field conditions, design changes, etc. will <br />be invoiced and paid without additional retention. <br />b. Final payment of all retention shall be made within thirty (30) days after the work <br />included herein has been completed. <br />c. A service charge of one and one half percent (1.5% ) per month will be added to <br />all amounts, which remain unpaid for a period of thirty (30) days beyond the <br />times specified for payment in (a) and (b), plus charges for reasonable attorney <br />fees, costs, and expenses for collection. <br />d. A disputed item of billing shall not be a cause for delay in payment of the invoice <br />of which it is a part. You shall promptly pay the undisputed portion of said billing, <br />according to the terms specified herein. <br />e. We shall have the right to discontinue all work and remove our equipment if <br />default in any payment continues for thirty (30) days beyond the payment dates <br />provided. We shall be reimbursed, by you, in full for all extra costs which may <br />incur because cessation of the work arising from failure to receive payments as <br />herein provided. Such discontinuance shall not be deemed a breach of contract <br />by us and we shall be entitled to recover costs of labor, material, and equipment <br />furnished to the date of discontinuance, plus a sum equal to 12.5% of the base <br />price for profit, less amount previously paid. <br />We are available to answer any questions or concerns you may have in reference to this <br />proposal. We are looking forward to working with you and to the successful completion of this <br />project. Thank -you for the opportunity to present this budgetary proposal and I am looking <br />forward to a timely response. <br />Respectfully yours, <br />red Sch . necht, P.E. <br />Vice Presi. = t <br />0,) <br />