1995 S Purchasing - Comfort Engineers - Contract for Public Works Maintenance

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+ MERRITT CONSUL ENGIR 919 929 6610 P. 05 ARTICLE 5 PROGRESS PAYMENTS 5.1 Based upon Applications for Payment submitted to the Architect by the Contractor and Certificates for Payment issued by The Architect, the Owner shall make progress payments on account of the Contract Sum to the Contractor as provided below and elsewhere in the Contract Documents. 5.2 The period covcred by each Application for Payment shall be one calendar month ending on the last day of the month,or as follows: 5.3 Provided an Application for Payment i5 received by the Architect not later than the twenty-fifth day of a month,the Owner shall make payment to the Contractor not later than the fifteenth day of the f 0110WJ?Wnth.If an Application for P4ytncnt 15 received by the Architect after the application date fixed above,payment shall be made by the Owner not later than 'GW@rity days after the Architect receives the Application for Payment. 5,4 Each Application for Payment shall be based upon the schedule of valucs submitted by the Contractor in accordance with the Contract Documents.The schedule of values shall allocate the entire Contract Sum among the various portions of the Work and be prepared in such form and supported by such data to substantiate its accuracy at the Architect may require.This schedule, unless objected to by the Architect,shall be used as a basis for reviewing the Contrictor's Applications for Riymcnt. 5.5 Applications for Payment shall indicate the percentage of completion of each portion of the Work as of the ctld of the period covered by the Application for Payment. 5.6 Subject to the provisions of the Contract Documents,the amount of cacti progress payment shall he computed as follows: 5.6.1. Take that portion of the Contract Sum properly allocable to completed Work as determined by multiplying file percentage completion of each portion of the Work by the share of the total Contract Sum allocated to that portion of the Work in the schedule of valu s less retainage of ten Ixrccnt ( 10 %).Pcndinlg final derermination of cost to the Owner of changes in the Work,amounts net In the dispute may be included as provided in Subparagraph 7.3,7 of the General Conditions even though the Contract Sum has not yet been adjusted by Change Order; 5.6.2 Add that portion of the Contract Sum properly allocable to materials and equipment delivered and suitably stored at the site for substgltent incorporation in the completed construction(or,if approved in advance by the Owner,suitably stored off the Site at a location agreed upon in writing),less rctainage of ten percent( 10 %); 5.6.3 Subtract the aggregate of previous payments made by the Owner;and 5.6.4 Subtract amounts, if any, for which the Architect has withheld or nullified i Certificate for Payment as provided in Pari- graph 9.5 of the General Conditions, 5.7 The progress payment amount determined in accordance with Paragraph 5.6 shall be further modified under tine following circumstances! 5.7.1 Add, upon Substantial Completion of the Work.a sum sufficient to increase the total payments to One Hundred percent( 100 "/,)of the Contract Sum. less such amounts as the Architect shrill determine for incomplete Work and unsettled claims:anti 5.7.2 Add, if final completion of the Work is thereafter materially delayed through no fault of the contractor, any additional amounts payable in accordanct: with Subparagraph 9.103 of the General Conditions. 5.6 Reduction or limitation of rctainage, if any. shall be as follows; el(it is uttendret.Jim,,t.,Stibstc-liut 6'rnplella't of TGc vnrlry Work. It,reduc8 Or ttntit the•rtltut•14 r/a+t+/li,rg f'rv,ttr rlr+.hcna vru,l c•,,inserted rn.itr!>Irrucr graph.. 5.6.1 and 5,6.2 elb(We. cult this it'tilt fXPIWttcJ riseu'hrrc ix tiie C:ontratit Documents. insert berr(rr,t'ttfvas,J2rr,+'utlr rrdliitir'n ar'tr,rrirrztirnt.I AfA DOCUME=NT A101 • OWNER-CONTRACTOR AGttE•EMENT • TWELFTH EDITION •AIA® • ©1987 A101-1967 4 1-TIE AMERICAN INS-11T11TE OF ARCHITECTS,1755 NEW YORK AWNvii,N.W.,WASHiNt:TON,D.C.2UCX "i