Agenda - 03-20-1991 - 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 Payment issued by the Architect, the Owner shall make progress payments on account of [he. Contract Sum to the Contractor as provided below and elsewhere in the Contract Documents, 5.2 The period covered by each Application for Payment shall be one calendar month ending on the last day of the month, or as 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 f 1 r s t ....... . the • • - day of a month, the Owner shall make payment to the Contractor not later than 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 forty five ... . ......... days after the Architect receives [he 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 Values 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. This 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 shall indicate the 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 provisions of the Contract Documents, the amount of each progress payment shall be computed as follows: 5.6.1 'rake that portion of the Contract Sum properly allocable to completed Work as determined by multiplying the percentage completion of each portion of the Work by the share of the total Contract Sum allocated to that portion of the Work in the Schedule of Values, less retainage of ten........... (..... 10 ... %), Pending final determination of cost to the Owner of changes in the Work, amounts not in dispute meay be included as 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 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 The progress payment amount 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 pa merits to one hundred Sum, less such amounts as the Architect shall •determine for incomplete• Work and unsettled -Clai Claims; and - °�O) of the Contract 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. 5.8 Reduction or limitation of retainage, if any, shall be as follows: (if it is intended, prior to Substantial Gbnepietion of the entire {Mork, to reduce or limit the retainage resulting frtnn The percentages inserted In Subpara- grapbs 5.6. / and 5.6.1 above, and this is not explained elseu-bere in the Contract Documents, insert bere provisions for sttcb reduction or limitatio)i.) AIA DOCUMENT A101 - OWNER- CONTRACTOR AGREEMENT • TWELFTH EDITION • AIAa • Q1987 THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVENUE. N.W., WASHINGTON, D.C. 20006 A101-1987 4