AG 2003 03 17 - Laserfiche WebLink

Home Browse Search

ARTICLE 5 PAYMENTS 5.1 PROGRESS PAYMENTS $.1 .'[ l~ased upon Applications for Payment submitted to the Architect by the Contractor and Ccrti~cates for Paylllcnt iseucd by the Architect, the Owner shall lliake progress payments on account of thc Contract Sum to the Contractor as provided below and elsewhere m thc Contract Doc~lments. 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: 5.1.3 Provided that an Application for Payment is received by the Arclutect not later than thc twenty-fifth (25th) day of a month, the Owner shall make payment to the Contr~lctor not later than the ~ day of the ~ mo-nth. If an Application for Payment is received by the Architect at~r the application date f~xed above, payment shall be made by thc Owncr not later than ~ five (4~) days a/~er the Architect receivgs the Application for Payment. 5.1.4 Each Application for Paynte_ nt shall be based on thc most recent schedule of values submitted by the Contractor in accordance with the Contract Doculttents. The schedule of values shall allocate the entire Contract Sum among the va~ons portions of the Work. The schedule~of values shall be prepared in such form and supported by such data to substantiate its accuracy as the Architect may requil'e. This schedule, unless objected to by the Architect, shall be used as a basis for review~g the Contractor's Apphcafions for Payment. 5.1.5 Applications for Payment Shall indicate the percentage ofcompletion of each portion of the Work as of the end of the period covered by the Apphcation t~r Payment. 5.1.6 Subject to other prowsions~of the Contract Documents, the amount of each progress payment shall be computed as follows: .1 Tako that poruon o£the Contract Sum p~ol~ctly ailucabl~ to cumplctcd Work as determined by multiplying thc percentage complet~onof each portion of the Work by the share of the Contract Sum allocated to that port/on oft he Work in the schedule of'values, less retainage often percent ( 10 %). Pending final deterrrdnation of cost to the Owner of changes m the Work, amounts not in dispute shall be included as prov/ded in Subparagraph 7.3.8 of AlA Document A201-19971 .2 Add that pomon of theConuact Sum properly aliocable to materials and equipment delivered and suitably stored at Lhc aitc for -~ub.~qucnt incorporation in the completed conslructiol/(or, ffapproved m advance by the Owner, suitably stored offthe site at a locatmn agreed upon in writing), less retaina§e often percent ( I0 %); .3 Subtract thc aggrc§atc of previous payments made by the Owner; and .4 Subtract amounts, i£any, for which the Architect has withheld or nullified a Certificate for Payment as provided in Paragraph 9.$ of AIA Document A201-1997. 5.'[ .7 The progress payment amotmt determined In accordance with Subparagraph $. 1.6 shall be further modified under thc following circumstances: .1 Add, upon Substanual Completion of the Work, a sum sufficient to increase the total payments to the full amount of the Contract Sum, less sUCh amounts as the Architect shall determine for incomplete Work, retainage applicable to such work and unsettle~claims; and (Subparagraph 9 8 5 of,41,4 Document ,4201-1997 requtres release of applicable retamage upon Substanttal Completton of F/ork with con.vent of surety, tf any.) .2 Add, if final completion..ofthe Work is therea/'/er mater/ally delayed through no fault of the Contractor, any addtt~onal amounts payable tn accordance with Subparagraph 9.10.3 of AIA Document A201-1997. 5.1.8 Reduction or limitation of reis/aa§e, if any, shall be as follows: {[fit tr intended, prior to Substanttal Complctlbn of tire enttre l~ork, to reduce or ltmit the r~talnage resulting from the percentage~ mzerted in Clau. re~ .~,1.6.1 and $. 1 6.2 above, and thi~ i~ not explatned elt~,her~ in the Contract Documents. in~ert here provl~ion~ for ~uch reduction or limitattonO l~ A[A DOCUMENT Al01 -OWNER-CONTRAC~R AGREEMENT. [997 EDITION-AIA- COPYRIGHT 1997-THE AMERICAN wA_,R?H?E~.T. S, 17.35~ N.E~. Y?RK AVENU~N.W..~WASHINGTON, D.C 20006~5292. WARNIN(}-Unli¢~l~ed INSTITUTE OF photocoplqng violates U.S. co~ynF, hI laws and m suoject mc violator to lega~ prosccutmn. ~ ms aoeument was electronically produced w~th permission of Ibc AIA and can be reproduced vathout vmlaUon unal the date ofexptratwn as noted below expiration as noted below. User Document: CABNEWBETHELELEMSITEWORKAIOi,AiA .. 3/5/2003 AIA License Number 112[653, which exptres on I/31/2004 Electromc Format A101-1997