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August 19, 2015 <br />Section 26.29 Prompt Payment Mechanisms <br />The has established, as part of its DBE <br />Program, a contract clause to require prime contractors to pay subcontractors for <br />satisfactory performance of their contracts no later than 30 days from receipt of each <br />payment you make to the prime contractor. <br />We will ensure prompt and full payment of retainage from the prime contractor to the <br />subcontractor within 30 days after the subcontractor's work is satisfactorily completed. <br />We will use the following method to comply with this requirement: <br />Haid retainage from prime contractors and provide for prompt and regular <br />incremental acceptances of portions of the prime contract, pay retainage to prime <br />contractors based on these acceptances, and require a contract clause obligating <br />the prime contractor to pay all retainage owed to the subcontractor for <br />satisfactory completion of the accepted work within 30 days after your payment <br />to the prime contractor. <br />will consider a subcontractor's work is <br />satisfactorily completed when all the tasks called for in the subcontract have been <br />accomplished and documented as required by the <br />When has made an incremental <br />acceptance of a portion of a prime contract, the work of a subcontractor covered by that <br />acceptance is deemed to be satisfactorily completed. <br />The will provide appropriate means to enforce <br />the requirements of this section. These means include: <br />o Contract provisions included in bidding documents <br />The will include the following clause in each <br />DOT -assisted prime contract.- <br />The <br />ontract: <br />The prime contractor agrees to pay each subcontractor under this prime <br />contract for satisfactory performance of its contract no later than 30 days <br />from the receipt of each payment the prime contractor receives from <br />The prime contractor agrees <br />further to return retainage payments to each subcontractor within 30 days <br />after the subcontractors work is satisfactorily completed. Any delay or <br />postponement of payment from the above referenced timeframe may <br />occur only for good cause following written approval of the <br />This clause applies to both DBE and non - <br />DBE subcontractors. <br />Section 26.31 Directory <br />Page 7 of 44 <br />