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B. loo Retention. Ten percent (100) of the amount due shall be retained by the City as a retention. The City shall retain ten percent (100) of the contract amount for thirty-five (35) days after the Notice of Completion for the work is recorded. The Contractor may elect to receive 100 percent of payments due under the contract documents from time to time, without retention from any portion of the payment by the City, by depositing securities of equivalent value with the City in accordance with the provisions of Section 22300 of the California Public Contract Code. Such securities, if deposited by the Contractor, shall be valued by the City, whose decision on valuation of the securities shall be final. Securities eligible for investment under this provision shall be limited to those listed in Section 16430 of the California Government Code. C. Time of Payment. Requests submitted promptly as of the 20th day of each month will be paid by the 10th day of the following month. 4. Incorporation of Contract Documents. This Contract expressly incorporates all terms and conditions contained in the Contract Documents Section 4-07 Insurance Requirements for Contractors. In the event there is any conflict between this Contract and the Contract Documents, this Contract shall control. 5. Indemnification. Contractor shall indemnify, save and hold harmless from. and defend the City, members of the City Council and their agents, servants and employees, against any and all claims, costs, demands, causes of action, suits, losses, expense or other detriment or liability arising from or out of acts or omissions of Contractor, its agents, sub- contractors, officials or employees, in connection with the execution of the work covered by this Contract or any amendments thereto. 6. Certification re: Workers Compensation. In accordance with Section 1861 of the California Labor Code, each contractor to whom a public works contract is awarded shall sign and file with the awarding body the following certification prior to performing the work of the contract: "I am aware of the provisions of Section 3700 of the Labor Code which require every employer to be insured against liability for worker's compensation or to undertake self-insurance in accordance with the provisions of that code, and I will comply with such provisions before commencing the performance of the work of this contract." 7. Independent Contractor. The Contractor is an independent contractor retained by the City to perform the. work