It is agreed that in the aforesaid net cost there shall not be included any interest on moneys, rent of the general office of the Contractor, the services of any walking or visiting superintendent, or any officer of the Contractor, nor the clerical services of the general office of the Contractor, and further that in determining the actual net cost of articles or materials or items of every kind covered by the within agreement, there shall be deducted from the gross cost thereof all cash and trade discounts, rebates, allowances, credits, salvage, commissions and bonifications. The contractor agrees to obtain all possible trade and time discounts on bills for materials furnished for said building, and will pay the bills for such materials within the highest discount periods.
It is agreed that the term "actual net cost" shall include only the following:a. The actual net cost to the Contractor of all labor furnished without sub-letting.
b. The actual net cost of materials purchased for this operation as shown by the original invoices of said materials after all discounts, rebates, commissions, allowances, credits, bonifications and salvage have been deducted.
c. The expenses incurred by the Contractor for the rental and operating costs of hoisting apparatus (less all rebates) and swinging scaffolds, and for the cartage to and from the site of all materials, tools, scaffolding, supplies, etc., telephone service at the site. Also for ail permits required in connection with this contract.
d. The cost of all scaffolding, tools, lanterns, hose and brooms, etc., including maintenance and repairs to same. Bills for such item shall be included in the Contractor's regular applications for payment, and all (except lanterns, hose and brooms), shall be specially identified by being stamped "Plant." Upon the completion of the work, a statement is to be prepared of all such "Plant" bills and from the total amount billed therefor a deduction of twenty-five per cent (25%) is to be made for depreciation, wear and tear, and loss of scaffolding, tools, etc., and of the balance fifty per cent (50%) is to be charged as part of the net cost of the work, and the remaining fifty per cent (50%) is to be credited to the Owner by the Contractor on his final bill, which credit is to be deducted from the final payment made to the Contractor, the materials then becoming the property of the Contractor.
e. The total amount of sub-contracts entered into by the Contractor for the work and materials as approved, as hereinafter provided.
f. The expenses incurred by the Contractor for the time and traveling expenses of the Contractor's inspectors, necessarily visiting the shops of sub-contractors for the purpose of inspecting the work of sub-contractors for said building if such shops be distant a greater radius than twenty-five miles from the City Hall of New York City.
3. Payments shall be made to the Contractor as follows:-On or about the first of each month, the Contractor is to render a detailed, itemized statement to the Architects, showing the net cost of materials delivered at the building site, the net cost of materials actually installed in, and of cartage and labor actually performed for and on said building, and the net cost of materials manufactured for the said building but not yet delivered at the building site and for which at the time of ordering it is agreed by the Owner that payment will be made when manufactured and prior to delivery, and the Owner is to make payment of the amounts of same to the Contractor, plus the aforesaid profit of........per cent thereon, less......
per cent, which......per cent shall be paid to the said
Contractor when all the works herein agreed to be performed by it have been performed and practically completed. The final payment in full to be made to the Contractor when all the work herein agreed to be performed by it has been performed and completed.
It is expressly understood and agreed that the Contractor is not to receive any payment for any material for said building before delivery at the building site unless the Owner shall hereafter agree thereto in writing.
4. It is agreed by the parties that the Contractor may at his option during the progress of the work submit to the Architects on or about the middle of each month a payment requisition accompanied by receipted bills, and receipted vouchers covering the amount expended by the Contractor for pay rolls, for work performed directly by the Contractor and for all bills discounted for the benefit of the Owner, and the Owner agrees to pay to the Contractor the amount of such requisition within one week after the receipt thereof by the Architects, plus the aforesaid profit of........per cent. less the aforesaid retention of......percent.
It is agreed that the Contractor, in making the regular monthly requisitions for payments under this contract (excepting the first requisition), shall deliver the previous month's bills, accompanied by receipted vouchers and receipted bills for same of all sub-contractors or other persons (except receipts for labor directly employed by the Contractor for which labor the Contractor will submit its weekly payrolls) for the approval of the Architects, which bills shall show any and all discounts that may be allowed thereon, and the Contractor shall not be entitled to any monthly payment, after the first payment, unless he has delivered to the Architects receipted vouchers from sub-contractors and material men, covering the previous payment made to the Contractor by the Owner.
In case any errors shall be found in any of the bills aforesaid, the Contractor shall make good any and all of such errors and shall reimburse the Owner for the amount thereof.
Prior to each of said payments by Owner to Contractor, said Contractor shall present and deliver to the said Owner a certificate in writing, under the hand of the said............