AG 2002 07 22 (Regular) - Laserfiche WebLink

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.1 Take that portion of the Contract Sum properly atloc~ble to Completed Work. as determined by muir/plying the percentage completion of each portion of the Work by the share of the Contract Sum atlocated to that portion of the Work in the schedule of values, less reta/nage of ten percent ( 10 %). Pending final determination of cost to the Owner of changes in the Work, amounts not in dispute sh~ll be included as provided in Subparagraph 7.3.8 of AIA Doc ,ument A201-19.97; .2 Add that portion of the Contract Sum properly allocable to material~ and equipment delivered and suitably stored at the site for subsequent incorporati°n 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 ten 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 ha Paragraph 9.5 of AIADoeument A201-1997. 4.1.7 The progress payment amount determined in accordance with Subparagraph 5.1.6 shall be further modified under the fei,lowing circumstances: ,1 Add, upon Substantial Completion of the Work, a sum sufficient to increase the total payments to the full araount of the Contract Sum, less such amounts as the Architect shall determine for incomplete Work, reminage applicable to such work and unsettled claims; and ($~pa~ R g 3 of ~ Doc~ A201-19~7 ~q~ ~l~as~ of ~caM~ r~tainag~ ~on 8~b~a~tial ~ompl~tio~ of ~o~k ~th ~ of .2 Add, if final completion of the Work is thereafter mater/ally delayed through no fault of the Contractor, any additional amounls payable in accordance with Subparagraph 9.10.3 of AIA Document A201-1997. 5.1.8 Reduction or lim/tation of retain~e, if any, shall be as follows: ~f it ~ lntend~o~ z~lve to $~b~ta~qal Com~tlon of the e~ttre Forl~ to ra~c~ or ltmit the retainage re~ting from the percemage~ l~ea.ted in Clm~es 5. l. ~ 1 and 3.1. 6. 2 abo~e, and this is not e. vpiz~ed ~tsw~her~ i~ tt~ Comr~ Dormant4 i~rt t~re pro~Lrio~ for z'~eh redm~ion or limitaiio~ ) At the time the Work is fifty_ percent ($0%) complete and thereafter, if the manner of completion of theWork and its proe_r_ ess are and remain satisfactory, to the Architect and Owner, the Owner will. on sul-,m~ssion by the Contractor of a donsent of surety, withhold no retainage from the remain/n~_ progress Fayment-~ The Owner may re£n.~te the full ten percertt (l 0%) remln~e if the manner of completion of the:Work and its _ore.ess do not remain sadst~actory to the Architect ~d Owner, ~.1 .~ Except with the Owners 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 6.2.t Final payment, constituting 'the entire unpaid balance of the ConWact Sum, shall be made by the Owner to the Contractor when: .1 the Contractor has fully performed the Contract except for the Contractor's responsibility to correct Work as provided in Subparagraph 12.2.2 of AIA Document A201-1997, and to satisfy other requ/rements, if any, which ~d beyond final payment; and .2 a final Certificate for Payment has been issued by the Architect. All_odor certificates or estimates tmon which have been made_ being merel_v partial estimates, are subject to correction ha the final payment 5.2.2 The Owners final payment to the Contractor shall be made no later than 30 days after the issuance of the.Arch/tect~s fir/al ~ Cert/ficate for Payment, or as follows: ~ ARTICLE 6 TERMINATION OR SUSPENSION 6.1 The Contract may be terminated by the Owner or the ConWactor as provided in Article 14 of ATA Document A201-1/)97. © AIA DOCUMENT Al01 -OWNEI~ - cOWrRACTOP. AGREEMENT - 1997 EDITION- AIA - COPYRI(JHT 1997 - 'rl-~ AMERICAN INS'riTLITE OF ARCHI"rECT3, 1735 NEW YORK AVENUE N.W:, WAItHINGTON, D.C. 200065292. WARNING: Unlicensed photocop~in~ v/elates U.S. copyright laws and will subject the violator t~ legal prosecution. This d~cum~at was electronically pmduccdwith permission of'thc AIA and ~ be. repreducedwiflmut'violation u~Jl the date af expiration ss noted below, expiration as noted below. Us~r Document:. CABSG'YMNASIUM3A101.AIA - 7/3f2002. AIA License Number 1121653, which ~pims on 2/2/2003. Electronic Format A101-1997 4