2-Sample Contract Retention Preference Form.pdf
PDF 93 KB Posted
- Attached to
- 2026 Waterline Replacement Project, CIPWT0041
- Solicitation number
- 2027-15
- Issued by
- Multnomah County, Oregon
About this file
This is a Contract Retention Preference Form for the City of Gresham's 2026 Waterline Replacement Project (CIPWT0041) in Oregon. The form requires contractors to select one of four methods for handling public contract retention monies before progress payments can be made. The project involves the replacement of aging water mains at three different locations within the City of Gresham.
Contractors must choose between four retention options: having the City hold all retention funds and disburse upon final project acceptance; depositing accumulated retainage in an interest-bearing account with earnings accruing to the contractor; depositing bonds, securities, or other negotiable instruments with the City instead of cash retainage; or submitting a surety bond in lieu of all or a portion of required retainage, provided the surety bonding company is authorized to conduct business in Oregon. The selected option remains in effect for the project's duration, except when a contractor receives a surety bond from a subcontractor prior to final payment. The City reserves the right to recover any additional costs incurred from exercising these options through reduction of final payment. Contractors must return the completed and signed form to the Project Manager before any progress payments will be issued.
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Text version
CONTRACT RETENTION PREFERENCE FORM
FOR: CONTRACTOR
PROJECT
TO THE CONTRACTOR:
Contractors have the following options regarding public contract retention monies. Each Contractor must choose one of the following methods of handling retention:
Option Description [ ] 1. The City will hold all retention in a fund and will disburse the money directly to the Contractor upon final acceptance of the project. ORS 279C.560(2)(a).
[ ] 2. The City will deposit the accumulated retainage in an interest-bearing account with a bank or other financial institution. Earnings on the account accrue to the contractor. ORS 279C.560(5)
[ ] 3. The Contractor may deposit bonds, securities or other instruments listed in ORS 279C.560(6) that are negotiable by the City with the City or in a bank or other financial institution, to be held by the City instead of cash retainage for the benefit of the City, which the City will accept unless the City first finds in writing good cause for rejection based on unique project circumstances, in accordance with ORS 279C.560(1)(c). This deposit must be made before any progress payments will be made on the contract. All securities deposited will be returned to the Contractor upon final acceptance of the project.
[ ] 4. The Contractor may submit a Surety bond in lieu of all or a portion of the retainage required under the Contract. The City will accept this Surety bond unless the City first finds in writing good cause for rejection based on unique project circumstances in accordance with ORS 279C.560(1)(c). The Surety bond must be in substantially the form specified in ORS 701.435
(4) and executed by a Surety bonding company that is authorized to transact Surety business in the State of Oregon and may not be a Surety obligation of an individual. The Surety bond and any proceeds of the Surety bond must be made subject to all claims and liens and in the same manner and priority specified for retainage under ORS 279C.550 to 279C.570 and ORS 279C.600 to 279C.625. The City will reduce the cash retainage held by an amount equal to the value of the Surety bond and pay the amount of the reduction to Contractor according to ORS 279C.570.
The choice shall remain in effect for the life of the project, except that if a contractor receives a surety bond from a subcontractor any time prior to final payment, the City will accept the surety bond subject to the requirements of ORS 279C.560(8). Please indicate your choice by marking one of the boxes above and have an authorized representative sign below.
If the City incurs additional costs as a result of the exercise of any of these options for retainage, the City may recover such costs by reduction of the final payment.
No progress payments shall be made until this form is returned to the Project Manager.
Signed _________________________________________________________
Date ______________________Print Name
CONTRACT RETENTION PREFERENCE FORM
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