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AG 2005 12 19
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AG 2005 12 19
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Last modified
3/3/2006 8:34:20 AM
Creation date
11/27/2017 11:36:48 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
12/19/2005
Board
Board of Commissioners
Meeting Type
Regular
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<br />required by the Owner or Architect to demonstrate that cash disbursements already made by the CM <br />on account of cost of the Work equal or exceed (1) progress payments already received by the CM <br />less (2) that portion of those payments attributable to the CM's fee; plus (3) payrolls for the period <br />covered by the present application for payment. <br /> <br />MM. Each application for payment shall be based upon the most recent schedule of values <br />submitted by the CM in accordance with the Contract Documents. The schedule of values shall <br />allocate the entire GMP among the various portions of the Work, except that the CM's fee shall be <br />shown as a separate item. The schedule of values shall be prepared in such form and supported by <br />such data to substantiate its accuracy as the Architect may require. This schedule, unless objected to <br />by the Architect, shall be used as a basis for reviewing the CM's applications for payment. <br /> <br />NN. Applications for payment shall show the percentage completion of each portion of the <br />Work as ofthe end ofthe period covered by the application for payment. The percentage completion <br />shall be the percentage of that portion ofthe Work which has actually been completed, <br /> <br />00. Subject to other provisions of the Contract Documents, the amount of each progress <br />payment shall be computed as follows: <br /> <br />2. <br /> <br />EE:00049966, <br /> <br />1. <br /> <br />Take that portion of the GMP properly allocable to completed Work as <br />determined by multiplying the percentage completion of each portion of the <br />Work by the share of the GMP allocated to that portion of the Work in the <br />schedule of values. <br /> <br />Add that portion ofthe GMP properly allocable to materials and equipment <br />delivered and suitably stored at the site for subsequent incorporation in the <br />Work or if approved in advance by the Owner, suitably stored off site at a <br />location agreed upon in writing. <br /> <br />3. <br /> <br />Add the CM's fee: the CM's portion of the fee for construction phase <br />services shall be an amount which bears the same ratio to the fixed-sum fee <br />as the total payment described in the two preceding clauses bears to tIie cost <br />of the Work defmed in the Contract Documents. <br /> <br />4. <br /> <br />Reimbursements to the CM for its General Conditions costs. <br /> <br />5. <br /> <br />Subtract the aggregate of previous payments made by the Owner. <br /> <br />6. <br /> <br />Subtract the amount, if any, by which the CM has been previously overpaid, <br />as evidenced by the Owner's review of the CM's documentation required by <br />Paragraph 4 above or by any audit ofthe CM records. <br /> <br />7, <br /> <br />Subtract amounts, if any, for which the Architect has withheld or nullified a <br />certificate of payment. <br /> <br />-19- <br />F,4- <br />
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