Agenda - 06-26-1990 - Laserfiche WebLink

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ARTICLE 5 PROGRESS PAYMENTS 5.1 Hased upon Applications for Payment submitted to the Architect by the Contractor and Certificates for Paynlenl isrle(I by the Architect, the owner shall make progress payments on :account of the Contract Sum to the Contraca.tr :(s pn?vieletl Ixiluw and elsewhere in the Contract Documents. 5.2 The period covered by each Application for Payment shall be one calendar month ending; rm (lit last day of the month, or :Is follows: The Progress Payment 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 Sam 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 based upon the Schedule of Values submitted by the Contractor in accordance with the Contract Documents. The Schedule of Valur_s shall allocate the entire Contract Sum among the various portions of the Work and be prepared in such form and supported by such data to substantiate its accuracy as the Architect may require. "Phis Schedule, unless objected to by the Architect, shall be used as a basis for reviewing the Contractor's Applications for Payment. 5.5 Applications for Payment shali indicate tilt: percentage of completion of each portion of the Work as of the end of the period covered by the Application for Payment. 5.6 Subject to the previsions of the Conuacr Documents, the amount of each progress payment shall he computed as followa: 5.6.1 'fake that portion of the Contract Sum properly allocable to completed Work as determined by multiplying the per(entagc completion of each portion of the Work by the share of the total Contract Sum allocated to that portion of the \`: ork ill [tic percent Schedule of Values, less rctainagc of ten � 1Q °iL). Pending [anal determination of cost to the Owner of changes in the Work, tunuunts not in dispute ma }' be included as provided in Subparagraph 7.3.7 of• the General Conditions even though the Contract Sum has not yet been adjusted Ley Change Order; 5.6.2 Add that portion of the Contract Sum properly :allocable to materials :uid 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 tilt.- site at a location agreed upon in writing), less retainage of ten percent ( 10 y ), 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 ,is provided in Para- graph 9.5 of the General Conditions. 5.7 'Pilo progress payment amount determined in accordance with Paragraph 5.0 shall be further modified un(ter the following circumstances: 5.7.1 Add, upon Substantial Completion of the \York, a sum sufficient to increase ercent (al 100 payments to %) of the Contract Cne Hundred 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 \Fork is thereafter rnaterialiv delayed through no fault of the Contractor, any additional amotuits payable in accor[I;01cc with Subparagraph 9.1(L_i of the General Conditions. 5.8 Reduction or limitation of rcaainakc. if any, shall be as follows: (1/ it is irhe'u[icd, prim- hr suhsluwlied r:omph'li!wr of ll,r.' Tulin' Work. !r, r'crhrer' rr+' liruir ll,re rc'lr'rrs`kl lrero l ring f wn 1k, en't Wid es imwrtud he lirwil l ibp r /a- l;ruJrbs 5.li. / and .5.6.2 tdxwe, urrrl lt,is is plot ,'Yphlmed rdseu•hc•rc ill On, ( mdrflcl Ih cumeuls, l AIA DOCUMENT A101 • o ti'�rat- (.v >Aerole Ar;RtiE� {L�'r . rwr.Lr {{I t.nrru>N - MAE'' • G19s7 A101 -1987 4 1737 N!i`.�' YORK AV1iNt li- N u•„ WASHIN76T 7N, D.C. 2(x)11( -i7iii AAt{ ?RlC:A\ {Ntil'i i'[:I P; �)1': \KCllrr•:..'i. � .