Section 12-3-2.1-700.24 - PAYMENTS ON MATERIALS STORED OFF-SITEThe Supplemental Conditions (Article 9, Paragraph 9.3.2.1) provides for payment on materials stored at some location other than the building site, if agreed upon in writing. The Bureau normally requires several items to be furnished prior to approving payment on materials stored off-site. They are as follows:
1. An acceptable Lease Agreement between the General Contractor and the Owner of the land, or building where the materials are stored covering the specific area where the materials are stored. [See Appendix 700.] 2.Consent of Surety or other acceptable bond to cover the materials stored off-site. 3. All perils insurance coverage for the full value of the materials stored off-site. 4. A Bill of Sale from the manufacturer to the general Contractor for the store materials. 5. A warehouse receipt which is a complete list and inventory of materials manufactured, stored and delivered to the storage site. A receipt for materials removed from the storage site and delivered to the job site. 6. A review by the Professional of the materials at the off-site storage before release of payment. 7. Guarantee no storage costs, or additional delivery fees, or other subsequent costs to the Owner.12 Miss. Code. R. 3-2.1-700.24