David:

 

Sorry I had not gotten back to you on your request for additional funds from the May invoice before now.

As I explained before, when your May invoice came in you billed for 100 % of the contract amount. At that time we were still negotiating the misplaced ducts and the vault relocation.
We reduced your May billing to 90% of the contract total, or $120,067.20 Retainage @ 5% is 6003.36 leaving a gross total due of $114,063.84.

Your received a payment of $13,300.00 for your April billing on June 8th  and a payment of $100,000.00 on July 14th. Leaving a very small balance on the May invoice. After the remedial
work performed on the duct banks and as per our agreement, I entered the remaining balance of your contract total. Remember I did this although the Town deducted the reduced work from
our invoice. This was entered as a June invoice. The Town did not pay the balance on the vault repair in June, so upon receipt of the June funds from the Town we will release the remaining
balance of your contract billing less retainage and 10% of the unit price of the vault. If the vault balance is paid by the City on our July draw we will remit that balance to you upon
receipt of funds from the Town.

I reviewed your contract payment history with the Town in our weekly meeting and they appeared to understand our actions. The Town was under the impression that you had not received
any funds from us until last week. I am sure this was just a misunderstanding but please adjust your records to indicate the $13,300.00 payment received in early June if you are under
that impression as well.

 

Thanks  

 

Robert Farrow 

Chief Operating Officer

CPS Civil LLC