Reese Construction Company 4/27/2023

1 2 The basis of payment will be the actual quantities of Work performed according to the 3 Contract and as specified for payment. 4 5 The Contractor shall submit a breakdown of the cost of lump sum bid items at the 6 Preconstruction Conference, to enable the Project Engineer to determine the Work 7 performed on a monthly basis. A breakdown is not required for lump sum items that 8 include a basis for incremental payments as part of the respective Specification. Absent 9 a lump sum breakdown, the Project Engineer will make a determination based on 10 information available. The Project Engineer's determination of the cost of work shall be 11 final. 12 13 Progress payments for completed work and material on hand will be based upon 14 progress estimates prepared by the Engineer. A progress estimate cutoff date will be 15 established at the preconstruction conference. 16 17 The initial progress estimate will be made not later than 30 days after the Contractor 18 commences the work, and successive progress estimates will be made every month 19 thereafter until the Completion Date. Progress estimates made during progress of the 20 work are tentative, and made only for the purpose of determining progress payments. 21 The progress estimates are subject to change at any time prior to the calculation of the 22 final payment. 23 24 The value of the progress estimate will be the sum of the following: 25 1. Unit Price Items in the Bid Form —the approximate quantity of acceptable units of 26 work completed multiplied by the unit price. 27 2. Lump Sum Items in the Bid Form — based on the approved Contractor's lump sum 28 breakdown for that item, or absent such a breakdown, based on the Engineer's 29 determination. 30 3. Materials on Hand — 100 percent of invoiced cost of material delivered to Job site 31 or other storage area approved by the Engineer. 32 4. Change Orders— entitlement for approved extra cost or completed extra work as 33 determined by the Engineer. 34 35 Progress payments will be made in accordance with the progress estimate less: 36 1. Retainage per Section 1-09.9(1), on non FHWA-funded projects; 37 2. The amount of progress payments previously made; and 38 3. Funds withheld by the Contracting Agency for disbursement in accordance with the 39 Contract Documents. 40 41 Progress payments for work performed shall not be evidence of acceptable performance 42 or an admission by the Contracting Agency that any work has been satisfactorily 43 completed. The determination of payments under the contract will be final in accordance 44 with Section 1-05.1. 45 2023 PAVEMENT MAINTENANCE OVERLAY WOB3789 February 14,2023 34