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DocuSign Envelope ID: B94F2D40-3B3C-47A7-86C2-6F1 B4F92C62C <br /> SECTION 01 29 00 -PAYMENT PROCEDURES <br /> PART 1 -GENERAL <br /> 1.1 SUMMARY <br /> A. This Section specifies administrative and procedural requirements necessary to prepare and process Applications <br /> for Payment. <br /> B. Related Sections include the following: <br /> 1. Division 01, Section "Contract Modification Procedures"for administrative procedures for handling changes to <br /> the Contract. <br /> 2. Division 01, Section "Construction Progress Documentation" for administrative requirements governing <br /> preparation and submittal of Contractor's Construction Schedule and Submittals Schedule. <br /> 1.2 SCHEDULE OF VALUES <br /> A. Coordination: Coordinate preparation of the Schedule of Values with preparation of Contractor's Construction <br /> Schedule. <br /> 1. Correlate line items in the Schedule of Values with other required administrative forms and schedules, <br /> including the following: <br /> a. Application for Payment forms with Continuation Sheets. <br /> b. Submittals Schedule. <br /> c. Products and Subcontractors List <br /> 2. Submit the Schedule of Values in electronic format to Architect at earliest possible date but no later than <br /> seven days before the date scheduled for submittal of initial Applications for Payment. <br /> 3. Where the Work is separated on two or more sites or buildings as described in Division 01, Section <br /> "Summary,"provide separate schedules for each site or building. <br /> 4. Subschedules: Where the Work is separated into phases requiring separately phased payments, provide <br /> subschedules showing values correlated with each phase of payment. <br /> B. Format and Content: Use the Project Manual table of contents as a guide to establish line items for the Schedule <br /> of Values. Provide at least one line item for each Specification Section. <br /> 1. Identification: Include the following Project identification on the Schedule of Values: <br /> a. Project name and location. <br /> b. Name of Contract. <br /> c. Name of Architect. <br /> d. Architect's project number. <br /> e. Contractor's name and address. <br /> f. Date of submittal. <br /> 2. Arrange the Schedule of Values in tabular form with separate columns to indicate the following for each item listed: <br /> a. Related Specification Section or Division. <br /> b. Description of the Work. <br /> c. Name of subcontractor. <br /> d. Name of manufacturer or fabricator. <br /> e. Name of supplier. <br /> f. Change Orders (numbers)that affect value. <br /> g. Dollar value. <br /> 1) Percentage of the Contract Sum to nearest one-hundredth percent, adjusted to total 100 percent. <br /> 3. Provide a breakdown of the Contract Sum in enough detail to facilitate continued evaluation of Applications for <br /> Payment and progress reports. Coordinate with the Project Manual table of contents and project schedule line <br /> items of work. Provide several line items for principal subcontract amounts,where appropriate. <br /> 4. Round amounts to nearest whole dollar;total shall equal the Contract Sum. <br /> 5. Provide a separate line item in the Schedule of Values for each part of the Work where Applications for <br /> Payment may include materials or equipment purchased or fabricated and stored, but not yet installed. <br /> a. Differentiate between items stored on-site and items stored off-site. Include evidence of insurance or <br /> bonded warehousing if required. <br /> 6. Provide separate line items in the Schedule of Values for initial cost of materials,for each subsequent stage of <br /> completion, and for total installed value of that part of the Work. <br /> 7. Each item in the Schedule of Values and Applications for Payment shall be complete. Include total cost and <br /> proportionate share of general overhead and profit for each item. <br /> ©BOOMERANG DESIGN#1835 01 29 00-1 510 Meadowlands Drive,Hillsborough, NC <br /> ORANGE COUNTY,NC 12/07/2018 <br />