Agenda - 06-26-1990 - Laserfiche WebLink

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ARTICLE 5 PROGRESS PAYMENTS 5.1 BXWd upon Application> for f'a� m nt �uhllliticcl to the ArclliteCt h� [he Conu-acu,r and l.< rtiti(:ates for I'ay'nlenl issue CI by ill id Architect, the 0XV11cr shall n+akc pn, riti paytltents on account of the Cnnuact tiunl to the (:onu'actor as provided below at elsewhere in the (:0Ijtrac1 DOCLIt lc:uS. 5.2 •I'he periud �ocercd hV c:tih -- "pplicalion lot f'ayrncnt, hall he cmc ealencLtr nwnth circling on the. Ia5[ clay of the nlun[h, or :ts follows: The Progress Payffent Date shall be the 25th of each month. 5.3 Provided an Application for Payment is received by the Architect not later than the first day of a month, the Owner shall make payment to the Contractor not later than the fifteenth clay of the saire month. if an Application for Payment is received by the Architect after the application elate fixed abuve, payment shall be I —.Idc by the Owner not later than days after the Architect receives the Application for Payment. 5.4 Each Application for Payment shall be based upon the Schedule of Values submitted by the Contractor in accordance With the Contract DoCI- 11171e1ts. 'rhe schedule of ValueS Shall ;+Ilocate dle entire Contract Sum :among the various portions of the Work and be prepared in such form and supported by such data to subsc1116A e its accuracy' : +s the Architect may require. This Schedule_, unless objected to by the Architect, shall be used as :a l..)asis for reviewing the Conuactor's Applications for Payment, 5.5 .applications for PaymenI shall indicate the percentage of completion of e'. ich portion of the Work as of the end of the period covered by the Application for Payment. 5.6 Subject to the prolrisions of the Contract Documents, the anr(nlnt at each pru;nress Payment shall he c+anlputed as rolio«'ti: 5.6.1 Take that portion of the Contract Stun properly allocable to completed Work as determined by multiplying the percentage completion of each portion of the Work by the share of the tota: Conti-ac[ Sum allocated to that portion of the Work in the Schedule of Valdes, less retainage of teen percent ( 10 %). Pending final determination of cost to the o%vller of changes in the Work. amounts not in dispute may be included :ts provided in Subparagraph 7.3.7 of the General Conditions even though the Contract Sum has not yet been adjusli -d by Change Order; 5.6.2 Add that portion of the Contract Sum properly allocable to materials :tnd equipment delivered and suitably stored 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 the 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 'rhe progress payment al"Ount determined in accordance with Paragraph 5.6 shall be further modified under the following circumstances: 5.7.1 Add, upon Substantial Completion of the Work, a sum sufficient to increase the total payments to One Hundred percent ( 1-00 %) of the Contract 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.:3 of the General Conditions. 5.6 Reduction or limitation of retainage, if any, shall be as follows: (if it is intended, prier l0 5rrhsronlinr C(rrn/rletinn of The c•rrrire N "irk, ru rc•dnic• ur• limit file rernirnrge residling Jr•nm rlrr per•cenlagces inserted ire Sedlpara- lerrrpbs i.(.! crud i -G.? edNrrr, roar rlri -� is Pilot c� /rrrI e(r erserrlr,•,c• ill rbr Currnucr puuurrcurs, insert Ber-e prnrisinnsJ7rr.errclr rer4rrlinrr ('r-rinritalinrr.) AIA DOGUARENT A101 • OWNER- CON'IRAC:TOR AGREEMENT • TWEi.1 "11I EDITION • AIA" 1987 A101 ^1987 4 THE AMERICAN INSTITUTE OF ARtairrECTS, 1735 NEW YORK AVENUE, NW. WASHINGTON. D.C. ZCN,K7<