PAYMENTS FOR WORK.

(a) The district shall pay the contract price of a construction, renovation, or repair contract in accordance with this section.

(b) The district shall make monthly progress payments under a contract as the work proceeds or at more frequent intervals as determined by the board.

(c) To provide a basis for determining progress payments, the contractor, on the request of the board, shall furnish, in the detail requested, an analysis of the total contract price showing the amount included for each principal category of the work.

(d) In making progress payments, the board shall retain 10 percent of the estimated amounts until final completion and acceptance of the contract work. The board may authorize any of the remaining progress payments to be made in full if:

(1) the board finds that satisfactory progress is being made; and

(2) at least 50 percent of the work has been completed.

(e) If the work under a contract is substantially complete and the board finds the amount retained to be in excess of the amount adequate for the protection of the district, the board may release to the contractor all or part of the excess amount.

(f) On completion and acceptance of each separate project, work, or other division of the contract on which the price is stated separately in the contract, payment may be made without retention of a percentage.

(g) When work is completed according to the contract, the board shall draw a warrant on the depository to pay any balance due on the contract.