B. Final Payment - Final payment constituting the unpaid balance of the cost of the

Panama City Port Authority · 2026-05-21 · agenda_item

This item concerns the final payment process for a completed project for the Panama City Port Authority. The project is finished and ready for occupancy, with final payment due within 45 days of delivery. If any work remains after occupancy, the contractor and engineer will create a list of unfinished items. The Port Authority may hold back 150% of the estimated cost to finish these items, plus the contractor's retainage. Once each unfinished item is completed, the Port Authority will pay the retained amount monthly. This process involves final inspections, potential punch list work, and final accounting. Contractors and suppliers who have worked on this project should ensure all final documentation and completion steps are addressed to receive their final payments.

payment due period

45 days

retention percentage for unfinished work

150 %