Agenda - 04-07-1986 - Laserfiche WebLink

Browse Search

, CO PY ARTICLE 4 PROGRESS PAYMENTS 4.1 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 Con- tractor as provided in the Contract Documents for the period ending the 30th, day of the month as follows: (Here insert payment procedures and provision for retainage,if any.) 90% payment for work completed and stored materials with remaining 10% retained until final completion. 4.2 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.) (Usury laws and requirements under the Federal Truth in Lending Act, similar state and local consumer credit laws and other regulations at the Owner's and Contractor's principal places of business, the location of the Project and elsewhere may affect the validity of this provision. Specific legal advice should be obtained with respect to deletion, modification, or other requirements such as written disclosure or waivers.) ARTICLE 5 FINAL PAYMENT 5.1 Final payment, constituting the entire unpaid balance of the Contract Sum, shall be paid by the Owner to the Contractor when the Work has been completed, the Contract fully performed,and a final Certificate for Payment has been issued by the Architect. ARTICLE 6 ENUMERATION OF CONTRACT DOCUMENTS 6.1 The Contract Docu tents, which constitute the entire agreement between the Owner and the Contractor, are listed in Article 7 and,except for Modifications issued after execution of this Agreement,are enumerated as follows: (List below the Agreement, the Conditions of the Contract,(General,Supplementary, and other Conditions). the Drawings, the specifications, and any Addenda and accepted alternates, showing page or sheet numbers in all cases and dates where applicable.) General Conditions, A201 Specifications, Pages 1 thru 48, dated December 2, 1985 Addendum 1 , dated January 2, 1986 Addendum 2, dated January 23, 1986 Plans, Sheets 1 thru 6, dated December 2, 1985 Advertisements Certificates of Insurance: Worker' s Compensation, General Liability, Builders All Risk, Automobile Liability Bonds: Performance, Payment Power of Attorney Notice of Award Notice to Proceed Preaudit Statement Statement of Values AIA DOCUMENT A107 • ABBREVIATED OWNER-CONTRACTOR AGREEMENT • EIGHTH EDITION • APRIL 1978 • Aim @ 1978 • THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVENUE, N.W., WASHINGTON, D_C. 20006 A107-1978 3