Common use of Stored Materials Clause in Contracts

Stored Materials. In computing progress payments, Contractor may include 70% of the value of materials delivered to the Site or fabricated materials stored on the Site or off the Site since the first day of the month during which Contractor submits such progress payment application. Payment for materials stored off the Site shall be contingent upon County receiving satisfactory evidence that Contractor has acquired title to such material, that the materials will be utilized on the Work, and that the materials are satisfactorily stored, protected, and insured, or such other procedures satisfactory to County, to protect County's interests. Materials stored off the Site, to be considered for payment, shall, in addition to the above requirements, be stored in a bonded warehouse, fully insured, and available to County for inspection. If requested by County, Contractor shall obtain an executed security agreement before seeking payment for any materials stored other than at the Site. County shall have discretion as to the amount of stored material and equipment for which payment may be made on any payment application.