AG 2005 12 19 - Laserfiche WebLink

Home Browse Search

required by the Owner or Architect to demonstrate that cash disbursements already made by the CM on account of cost of the Work equal or exceed (1) progress payments already received by the CM less (2) that portion of those payments attributable to the CM's fee; plus (3) payrolls for the period covered by the present application for payment. MM. Each application for payment shall be based upon the most recent schedule of values submitted by the CM in accordance with the Contract Documents. The schedule of values shall allocate the entire GMP among the various portions of the Work, except that the CM's fee shall be shown as a separate item. The schedule of values shall 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 CM's applications for payment. NN. Applications for payment shall show the percentage completion of each portion of the Work as ofthe end ofthe period covered by the application for payment. The percentage completion shall be the percentage of that portion ofthe Work which has actually been completed, 00. Subject to other provisions of the Contract Documents, the amount of each progress payment shall be computed as follows: 2. EE:00049966, 1. Take that portion of the GMP properly allocable to completed Work as determined by multiplying the percentage completion of each portion of the Work by the share of the GMP allocated to that portion of the Work in the schedule of values. Add that portion ofthe GMP properly allocable to materials and equipment delivered and suitably stored at the site for subsequent incorporation in the Work or if approved in advance by the Owner, suitably stored off site at a location agreed upon in writing. 3. Add the CM's fee: the CM's portion of the fee for construction phase services shall be an amount which bears the same ratio to the fixed-sum fee as the total payment described in the two preceding clauses bears to tIie cost of the Work defmed in the Contract Documents. 4. Reimbursements to the CM for its General Conditions costs. 5. Subtract the aggregate of previous payments made by the Owner. 6. Subtract the amount, if any, by which the CM has been previously overpaid, as evidenced by the Owner's review of the CM's documentation required by Paragraph 4 above or by any audit ofthe CM records. 7, Subtract amounts, if any, for which the Architect has withheld or nullified a certificate of payment. -19- F,4-