Agenda - 03-19-1985 - Laserfiche WebLink

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ARTICLE 4 CONTRACT SUM The Owner shall pay the Contractor in current funds for the performance of he Work, subject to additions and deduct'o"s bs Change Order as provided in the Contract Documents the Ccntracr Sum of Two hundred forty seven Thousand Seven Hundred and no/100 Doallars (S 247,700.00) The Contract Sum is determined as follows• 'State here the base bid ur.ether lump sum amount accepted alrernares and un r pr.ces.as applicable Base Bid Amount: $ 237,500.00 Alternate G.1 (Chiller Pit) Add 3,100.00 Alternate G.2 (Site Drainage System) Add 1,900.00 Alternate G.6 (Carpet in Courtroom) Add 5,200.00 Contract Sum $ 247,700.00 The Contract Sum is subject to the limitations of payments set forth in Paragraph 7.3 of this Agreement Document. The Contractor agrees that the amount of $ 3,100.00 stated for Alternate G.1 shall be deducted from the Contract Sum if the Owner elects to delete Alternate G.1 from the Project Scope within a period of sixty (60) days after the Contract Date. The Owner reserves the right to accept Alternate G.5 at cost stated in proposal and to adjust the scope and the amount of Alternate G.6 by the specified unit prices within the same sixty day period. ARTICLE 5 PROGRESS PAYMENTS . 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 pro- vided in the Contract Documents for the period ending the Last day of the month as follows: Not later than fifteen (15) days following the end of the per.•'d covered by the Application for Payment ninety percent ( 90 %) of the portion of the Contract Sum properly allocable to labor, materials and equipment incorporated in the Work and ninety percent ( 90 °bt of the portion of the Contract Sum properly allocable to materials and equipment suitably stored at the -,te or at some other location agreed upon in writing,for the period covered by the Application for Payment, less the aggregate of previous payments made by the ' Owner; and upon Substantial Completion of the entire Work, a sum sufficient to increase the total payments to ninety-five percent ( 95 %) of the Contract Sum, less such amounts as the Architect shall determine for all incomplete Work and unsettled claims as provided in the Contract Documents. (It not covered elsewhere in the Contract Documents,here insert any provision llar limiting or reducing the amount retained after the Work reaches a certain stage of completion Reduction in retainage may be granted by the Owner as provided under Paragraph 7.20, Supplementary General Conditions. Contractor's entitlement to progress payments under this Article is subject to the limitations set forth in Paragraph 7.3, Special Provisions, of this Agreement Document. Failure by the Contractor to comply with procedures for filing Applications for Payment in accordance with requirements specified in Section 7.0, Supplementary General Conditions, may cause delays in payments and shall waive the Contractor's rights to interest payments under provisions specified in paragraph below. Payments due and unpaid under the Contract Documents shall bear interest from the date payment is due a. isaris entered below, or in the absence thereof, at the legal rate prevailing at the place of the Project. 'Here insert any rate of interest agreed upon Usury laws and requirements under the federal Truth in Lending Act. similar state and local consumer credit)offs and lathe• regura:.ons as the Chime's and Contractor's principal places os business.the location of the Project and elsewhere may affect the validity or this pros•s:on Speohc'ega•'ad:•ce sou a be obtained with respect to deletion.modnccat,on, or other requirements such is Nrrnen disclosures or.,avers I AIA DOCUMENT A101 • OWNER.CONTRACTOR AGREEMENT • ELEVENTH EDITION • JUNE 1977 • AIM' 01977 • THE AMERICAN INSTITUTE OF ARCHITECTS. 1735 NEW YORK AVE_. N.W., WASHINGTON, 0.C. 20006 A101-1977 3 •