Agenda - 03-19-1985 - Laserfiche WebLink

Browse Search

ARTICLE 4 CONTRACT SUM • The Owner shall pay the Contractor in current funds for the performance of the Work, subject to additions and deductions by Change Order as provided in the Contract Documents, the Contract Sum of Thirteen Thousand and no/100 Dollars ($ 13,000.00) The Contract Sum is determined as follows: (State here the base bid or other lump sum amount.accepted alternates.and unit prices,as applicable.) Base Bid' Amount: $ 13,000.00 The Contract Sum is subject to the limitations of payments set forth in Paragraph 7.3 of this Agreement Document. • • 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.od 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 °b) of the portioh of the Contract Sum properly allocable to materials.and equipment suitably stored at the =ate 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 °o) 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 for limiting or reducing the amount retained alter 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 at the rate 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.) VJsury laws and requirements under the Federal Truth in Lending Act, similar state and local consumer credit laws and other regulations at the Owners and Contractor's principal places of business.the location of the Project and elsewhere may affect the validity of this provision Specthc regal advice should be obtained with respect to deletion,modification,or other requirements such as written disclosures or waivers.) AIA DOCUMENT A101 • OWNER-CONTRACTOR AGREEMENT • ELEVENTH EDITION • JUNE 1977 • AIAe @1977 • THE AMERICAN INSTITUTE Of ARCHITECTS,1733 NEW YORK AVE., N.W., WASHINGTON, D.C. 20006 A101.1977 3 rfM