No payments shall be made in excess of what percent of the contract price unless a notarized statement is submitted?

No payments shall be made in excess of what percent of the contract price unless a notarized statement is submitted?

• A. 65%.
• B. 50%.
• C. 70%.
• D. 80%.

Answer: (A)

Progress payments are kept at a careful level to protect the project and the payer from overpaying before work is completed. The limit set without extra assurance is 65% of the contract price. A notarized statement provides the added assurance needed to release funds beyond that cap, typically confirming that conditions are met (such as proper use of funds or absence of liens) so additional payment is justified. That combination explains why 65% is the correct threshold.

Progress payments are kept at a careful level to protect the project and the payer from overpaying before work is completed. The limit set without extra assurance is 65% of the contract price. A notarized statement provides the added assurance needed to release funds beyond that cap, typically confirming that conditions are met (such as proper use of funds or absence of liens) so additional payment is justified. That combination explains why 65% is the correct threshold.