AG 2002 06 10 (Recessed) - Laserfiche WebLink

Home Browse Search

· · ' pp' ' yment is receiVEd by ih~ AiZck/ite'ci n~t-later-th~: i15~ '25~h~'~, 3f ~' n~0~th]' ih~-:o~e~ shall make payment' to the Contractor not later than the 10th day of the following month. If an ~.pplication for Payment is received by the Architect after the application date fixed above, payment shall be made by the Owner not later than 15 calendar days after the Architect receives the Application for Payment. 5.1.4 Each Application for Payment shall be based on the most recent 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. 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 b.y the Architect, shall be used as a basis for reviewing the Contractor's Applications for Payment. -5.1.5 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. 521.6 Subject to other provisiohs of the Contract Documents, the amount of each progress payment shall be computed as follows: .1 Take 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 ~e share of the Contract Sum allocated to that portion of the -Work in the schedule of values, less retainage of ten percent ( 10 %). Pending final determination of cost to the Owner of changes in the Work, amounts not in dispute shall be included as provided in Subparagraph 7.3.8 of AIA Do~mnent A201-1997; ~i .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 otored off the site at a location agreed upon in writing), less retainage often percent ( 10 %); .3 Subtract the aggregate of previous payments made by the Owner; and .4 Subtract amounts, if any, .for which the Architect has withheld or .nullified a Certificate for Payment as provided in Paragraph 9.5 of AIA Document A201-1997. 5.1.7 The progress payment amount determined in accordance with Subparagraph 5.1.6 shall be further modified under the following circumstances: .1 Add, upon Substantial 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 unsettled claims; and (Subparagraph 9.8.5 of A.tA' Document A201-1997 requires release of applicable retainoge upon &tbstantial Completion of ~Vork with consent of surety, if any.) .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 AIA Document A201-1997. 5.'1.8 Reduction .or limitation of retainage, if any, shall be as follows: (If it is intended, prior to Substantial Completion of the entire VFork, to reduce or limit the retainage resulting from the percentages inserted in Clauses 5.1.6.1 and 5.1.6.2 above, and this is not explained elsewhere in the C3ntract Documenis, insert here provisions for ~uch reduction or limitation.) When the project.is fifty.percent (50%) or more complete (Work In Place, not including Stored Materials) in the Application for Payment, the Contractor may, without reduction in previous retainage, request that remaining progress payments be paid in full. 'This request shall be in writing and is subject to the Architect's recommendation and Owner's written approval. AIA DOCUMENT Al01 -OWNER - CONTRA~CTOR AGREEMENT - 1997 EDITION - AIA - COPYRIGHT 1997 - THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVEN~JE N.W., WASHINGTON, D.C. 20006-5292. 'WARNING: Unlicensed photocopying violates U.S. copyright laws and will subject the violator to legal prosecution. This document was electronically produced with permission of the AIA and can be reproduced without violation until the date of expiration as noted below. ~ Electronic Forrffat A101-1997 User Document: 1476CONTRACT.DOC -- 8/13/2001. AIA License Number 120506, which expires on 11/30/2001 -- Page//3