OCR

METHOD OF PAYMENT: On the first day of each month during the progress of the work and prior to final payment, the Contractor shall submit to the Telephone Company a statement containing an estimate of the value of the work performed during the period covered by the statement. After the statement has been certified by the Telephone Company's representative as being correct for the work covered thereby, 85% of the amount shown thereon shall be paid by the Telephone Company to the Contractor. Final payment will be made within 30 days after completion and acceptance by the Telephone Company of all the work called for under the contract. Before making such final payment the Telephone Company may, at its option, require the Contractor to furnish satisfactory evidence that all claims for labor, material and other obligations arising under this contract have been satisfied. LIQUIDATED DAMAGES. No provision for liquidated damages. COST DATA: Complete and detailed records of the Contractor's cost of this work shall be preserved and made available to the Telephone Company's representative for audit prior to final payment. BONDS None required.