Agenda - 06-26-1990 - Laserfiche WebLink

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ARTICLE 5 PROGRESS PAYMENTS 5.1 Based upon Applications for Payment submitted to the Architect by the Contractor and Certificates for PAyn -1cnt issued by the. Architect, the ()« ncr shall make progress payments on aecount of the Contract Sun? to the Contractor :is jrovided below anal el >cahG re in the Contract DOCtln7en[S, 5.2 The period coy ere :cl by each Application fir Payment shall be one calendar month ending un the last clay of the nxx7th, nr a; follows: The Progress Payment Date shall be the 25th of each month. 5.3 Provided an Application for Payment is received of xt n onthhhecowner shalltmake payment first he Contractor not later than the fifteenth day of the Same month. if an Application for Payment is received by the Architect after the application date fixed above, payment shall be made by the Owner not later than days after the Architect receives the Application for Payment. 5.4 Each Application for Payment shall be I)ased upon the Schedule of Values submitted by he Contractor in accordance with [he Contract 1]ocumcnts. "file Schedule of Values SI7aII :illOCate the entire Contract Stun among the various portions of the Work and he prepared in such form and supported by such data tO substantiate its accuracy as the Architect may require Phis Schedule. unless ohjcctcd to by the Architect, shall be used as a basis for reviewing the Contractor's Applications for Payment. 5.5 Applications for Payment shall indicate the percentage of completion of each portion of the Work as of the encl of the period covered by he Application for Payment- 5.6 tiuhject to the provisions of the contract Documents, [he an7ount of each progress payment shat{ be comptted as f0II0«1: 5.6.1 'fake that portion of the Contract Sum properly allocable to completed Work as determined by inultiplying El le percentage ill cht: completion of each portion of the Work by he share of the total Contract Sum allocated to that portion of the Work erc'ent Schedule of Values, less retainage of ( 10 %). Pending final determination Of cost to the Owner of changes in the Work. amounts not in dispute n7ay he included :ts 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 deli'•ered and suitably storccl at the site for subsequent 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 retainage of ten percent ( 10 %); 5.6.3 Subtract the aggregate of previous payments made by he Owner; and 5.6.4 Subtract amounts, if any, for which the Architect has withheld or nullified a Certificate for Payment as provided in Para- 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 the follo'eving circumstances: 5.7.1 Add, upon Substantial Completion of the Work, a sum sufficient to increase the total payments to Y„ of the Contract One Hucldred percent ( 100 ) Sum, less such amounts as the Architect shall determine for incomplete Work and unsettled claims; and 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 accordance with Subparagraph 9.10.1 of the General Cored {[ions, 5.8 Reduction or limitation of retainage, if any, shall be as follows: fl/ it is ink•rrded lu•iur rn Subeuntiul Cnrnpletiurr of rile entire [Vor•k. to reduce or litter[ The retainage resulling•fr-P, 1Ue pertcnrrrge•> inserlrcl ill Slrbprrru- grupbs 5.6. l turd 5 -6._' aillin•e, «rid Ibis is trot eeplained vlselebere in the Cuntrrrcl Drrcrurrenls. insert ber•e Jn•nrrsiurr: /irr srrch vvdrrctiW1 ur linriruliun.r AIA DOCUMENT A101 • OWNER- CONTRACTOR AGREEMENT • TWEI.FTII EDITION • AIAS • 81987 A101 -1987 4 THEi AMERICAN INS-111- C7T•.OF ARCHITECTS, 1735 NEW YORK AVENUE. N.W., WASHINGTON, U.C. 20o06