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ARTICLE 14—PAYMENTS TO CONTRACTOR AND COMPLETION ' <br /> 14.01 Schedule of Values <br /> A. The Schedule of Values established as provided in Paragraph 2.07.A will serve as the basis for ' <br /> progress payments and will be incorporated into a form of Application for Payment acceptable to <br /> Engineer. Progress payments on account of Unit Price Work will be based on the number of <br /> units completed. , <br /> B. Detail Breakdown of Contract Amount: except in cases where unit prices form the basis for ' <br /> payment under the Contract, the Contractor shall, in accordance with Paragraph 2.07.3, submit a <br /> complete itemization of the Contract Amount showing the value assigned to each part of the <br /> work, including an allowance for profit and overhead. Upon approval of the itemization of the , <br /> Contract Amount by the Engineer,it shall be used as the basis for all Applications for Payment. <br /> 14.02 Progress Payments ' <br /> A. Applications for Payments. <br /> 1. At the date established for each progress payment (but not more often than once a month), ' <br /> Contractor shall submit to the Engineer an Application for Payment for Work done and <br /> materials delivered and stored on the Site. Each Application for Payment shall be computed <br /> on the basis of Work completed on all items listed in the Detail Breakdown of Contract ' <br /> Amount (or on unit prices), less retainage. The Contractor shall filrnish the Engineer and <br /> Owner all reasonable information required for obtaining the necessary data relative to the <br /> progress and execution of the Work. If payment is requested on the basis of materials and , <br /> equipment not incorporated in the Work but delivered and suitably stored at the Site or <br /> another location agreed to in writing, the Application for Payment shall be accompanied by ' <br /> evidence that the materials and equipment are covered by appropriate property insurance, all <br /> of which must be satisfactory to the Owner. <br /> 2. Beginning with the second Application for Payment, each Application shall include an ' <br /> affidavit of Contractor stating that all previous progress payments received on account of the <br /> Work have been applied on account to discharge Contractor's legitimate obligations <br /> associated with prior Applications for Payment. ' <br /> 3. The amount of retainage with respect to progress payments shall be governed by N.C. <br /> General Statute Section 143-134.1. , <br /> 4. Payment for Stored Materials and Equipment: The following conditions apply to payment <br /> for stored materials and equipment allowed by Article 14.02.A.1.: , <br /> a. Except in the instance of a material or equipment item that involves little or no <br /> installation cost,payment for stored materials or equipment shall not exceed fifty percent , <br /> (50%) of the value of the item on the Schedule of Values (for lump sum contracts) or <br /> fifty percent (50%) of the value the pay item (for unit price contracts) that covers the <br /> materials or equipment being claimed. For material or equipment items that involve little , <br /> or no installation cost, the percentage of the value of the item that will be paid for stored <br /> materials will be as agreed upon by the Engineer,Owner,and Contractor. <br /> EJCDC C-700 Modified Standard General Conditions of the Construction Contract ' <br /> Copyright 0 2007 National Society of Professional Engineers for EJCDC. All rights reserved. <br /> Page 68 of 81 <br />