Agenda - 06-26-2007-4dd - Laserfiche WebLink

Browse Search

19.1 If, during the progress of the Work or during any period of guarantee, the Contractor fails to prosecute the Work properly or to perform any provision of the Contract Documents, the CM, after three (3) days written notice to the Contractor from the CM, may perform or have performed that portion of the Work and may deduct the cost thereof from any amount due or to become due the Contractor. Notwithstanding any action by the CM under this paragraph, all warranties and bonds given or to be given by the Contractor shall remain in effect or shall be given by the Contractor. 19.2 Should the cost of such action by the CM exceed the amount due or to become due the Contractor, the Contractor and the Contractor's sureties shall be liable for and shall pay to the CM the amount of such excess. ARTICLE 20. PARTIAL PAYMENTS 20.1 Within thirty (30) days after initial receipt of the Construction Agreement by the Contractor for signatures the Contractor shall submit to the CM a Schedule of Values. The Schedule of Values shall indicate the value of the Work, including applicable overhead and profit, for each Division and section of the Project Specifications. The CM shall be provided with the Contractor's estimate papers, Subcontractor agreements, supplier quotes, or other documents substantiating these values if so requested in writing by the CM. The Contractor shall provide the requested documentation within seven (7} days after receipt of the CM's written request. The Schedule of Values shall be subject to approval by the CM and the Owner, and if the CM and the Contractor cannot agree upon the Schedule of Values, the Designer shall prepare it, and the Schedule of Values as prepared by the Designer shall be binding on the CM and the Contractor. No Request for Payment shall be certified by the CM until the Schedule of Values has been approved by the Owner. 20.2 Not later than the fifth (5th) day of each calendar month the Contractor shall submit to the CM a Request for Payment for Work done during the previous calendar month. The Request for Payment shall be in form of AIA Document G702 (latest edition), or other published document approved by the CM, and shall show substantially the value of Work done (including the value of material delivered to the Project or stored by the Contractor at another site, subject to the conditions hereinafter set forth) during the previous calendar month, and shall sum up the financial status of the Work with the following information: a) Total Contract Price, including any adjustment thereto made pursuant to the Contract Documents. b) Value of Work completed and materials properly stored to date. c) Less amount retained. d) Less previous payments. e) Current amount due. Contract Price balance remaining. The Contractor, upon request of the CM, shall substantiate the Request for Payment with invoices, vouchers, payrolls, or other evidence. 20.3 When payment is requested or made on account of stored materials, such materials must be stored on the Owner's property or on such property otherwise designated in writing by the Owner at such places and in such a manner as may be designated by the CM. GENERAL CONDITIONS FOR CM AT RISK PROJECT 35 of 43 JUNE 2007 EDITION