AG 2002 06 24 (Recessed) - Laserfiche WebLink

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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. 5.1.6 Subject to other provisions of the Contract Documents, the amount of each progress pay- ment shall be computed as follows: .1 Take that portion of the Contract Sum properly allocable to completed Work as deter- mined by multiplying the percentage completion of each portion of the Work by the share of the Contract Sum allocated to that portion of the Work in the schedule of val- ues, less retainage of TEIbl percent ( 1 0 %). Pending final determi- nation 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 Document A2ot-~997; .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 stored off the site at a location agreed upon in writing), less retainage of TRhl percent ( 1 0 %); .3 Subtract the aggregate of previous payments made by the Owner; and .,s 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 A2ol-1997. 5.1.7 The progress payment amount determined in accordance with Subparagraph 5.1.6 shall be further modified under the following circumstances: .~ Add, upon Substantial Completion of the Work, a sum sufficient to increase the total pay- ments 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 AIA Document A2o1-1997 requires release of applicable retainage upon Substantial Completion of Work 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 9.1o.3 of AIA Document A2o1-1997. 5.1.8 Reduction or limitation of retainage, if any, shall be as follows: (If it is intended, prior to Substantial Completion of the enlire Work, lo reduce or limit the retainage resulting from the percentages inserted in Clauses 5. t.6.1 and 5.~.6.2 above, and this is not explained elsewhere in the Contract Documents, insert here provisions for such reduction or limitation.) 5.1.9 Except with the Owner's prior approval, the Contractor shall not make advance payments to suppliers for materials or equipment which have not been delivered and stored at the site. 5.2 FINAL PAYMENT 5.2.1 Final payment, constituting the entire unpaid balance of the Contract Sum, shall be made by the Owner to the Contractor when: .~ the Contractor has fully performed the Contract except for the Contractor's responsibil- ity to correct Work as provided in Subparagraph 12.2.2 of AIA Document A2o1-1997, and to satisfy other requirements, if any, which extend beyond final payment; and .2 a final Certificate for Payment has been issued by the Architect. WARNING: Unlicensed photocopyln8 violates U.S. copyrish! laws and will subject the violator to lesal prosecution. ~) 1997 AIA® AIA DOCUMENT A101-lgg7 OWNER-CONTRACTOR AGREEMENT The American Inslilute of Architects 1735 New York Avenue, N.W, Washinslon, D.C. 20006-5292