IB-14. Monthly Payments
Bidders are notified that specific amounts will be retained by the City on the value of the work done until completion and acceptance of the work. The retained amounts will be according to the following table.
Percentage of Completion Percent Retained
0 - 90% 5%
91 - 100% 1 - 5% *
* Reduction of retainage is at the discretion of the engineer based on the progress of the contract.