N.M. Admin. Code § 20.7.6.18

Current through Register Vol. 35, No. 17, September 10, 2024

Section 20.7.6.18 - FINAL PAYMENT

Upon completion of the project, final payment shall be made after final inspection has been conducted and the following have been provided, reviewed, and approved by NMED:

A. The borrower's certified request for payment prepared by the engineer and approved by the borrower.

B. A statement by the project engineer that work has been satisfactorily completed and the contractor has fulfilled all of the obligations required under the contract documents with the borrower, or if payment and materials performance bonds are "called," an acceptable close-out settlement to the borrower and contractors shall be submitted to NMED for review and approval.

C. Final engineering statement and recap of all engineering services, legal, administrative, and other eligible and ineligible expenses and a final request for disbursement.

D. Certification by the borrower that the labor standards contract provisions have been met.

E. Final project inspection report prepared by the engineer.

F. Record drawings and, if applicable, an operation and maintenance manual.

G. Final budget showing all funding sources utilized for costs incurred for the project by designated budget categories.

H. Written consent of the surety, if any, to final payment is prepared and submitted.

I. For projects which receive planning/design loans but do not proceed to the construction phase, completion of the project is defined as substantial completion of the project description in the interim loan agreement as determined by NMED.

N.M. Admin. Code § 20.7.6.18

10-22-88; 11-30-95; 20.7.6.18 NMAC - Rn, 20 NMAC 7.6.401, 7/16/2000, Adopted by New Mexico Register, Volume XXVI, Issue 22, November 30, 2015, eff. 12/30/2015