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<br /> § 5.1.7.1.1 The following items are not subject to retainage:
<br /> (Insert any items not subject to the withholding of retainage, such as general conditions, insurance, etc.)
<br /> ' § 5.1.7.2 Reduction or limitation of retainage,if any,shall be as follows:
<br /> (If the retainage established in Section 5.1.7.1 is to be modified prior to Substantial Completion of the entire Work,
<br /> including modifications for Substantial Completion ofportions of the Work as provided in Section 3.3.2, insert
<br /> provisions for such modifications)
<br /> § 5.1.7.3 Except as set forth in this Section 5.1.7.3,upon Substantial Completion of the Work,the Contractor may
<br /> ' submit an Application for Payment that includes the retainage withheld from prior Applications for Payment pursuant
<br /> to this Section 5.1.7.The Application for Payment submitted at Substantial Completion shall not include retainage as
<br /> follows:
<br /> ' (Insert any other conditions for release of retainage upon Substantial Completion.)
<br /> § 5.1.8 If final completion of the Work is materially delayed through no fault of the Contractor,the Owner shall pay
<br /> the Contractor any additional amounts in accordance with Article 9 of AIA Document A201-2017.
<br /> § 5.1.9 Except with the Owner's prior approval,the Contractor shall not make advance payments to suppliers for
<br /> materials or equipment which have not been delivered and stored at the site.
<br /> § 5.2 Final Payment
<br /> § 5.2.1 Final payment,constituting the entire unpaid balance of the Contract Sum,shall be made by the Owner to the
<br /> Contractor when
<br /> .1 the Contractor has fully performed the Contract except for the Contractor's responsibility to correct
<br /> Work as provided in Article 12 of AIA Document A201-2017,and to satisfy other requirements,if any,
<br /> which extend beyond final payment;and
<br /> .2 a final Certificate for Payment has been issued by the Architect.
<br /> § 5.2.2 The Owner's final payment to the Contractor shall be made no later than 30 days after the issuance of the
<br /> Architect's final Certificate for Payment,or as follows:
<br /> § 5.3 Interest
<br /> Payments due and unpaid under the Contract shall bear interest from the date payment is due at the rate stated below,
<br /> or in the absence thereof,at the legal rate prevailing from time to time at the place where the Project is located.
<br /> (Insert rate of interest agreed upon, if any.)
<br /> ARTICLE 6 DISPUTE RESOLUTION
<br /> § 6.1 Initial Decision Maker
<br /> The Architect will serve as the Initial Decision Maker pursuant to Article 15 of AIA Document A201-2017,unless the
<br /> parties appoint below another individual,not a party to this Agreement,to serve as the Initial Decision Maker.
<br /> (If the parties mutually agree, insert the name, address and other contact information of the Initial Decision Maker, if
<br /> other than the Architect.)
<br /> ' Init. AIA Document At 01—2017.Copyright©1915,1918,1925,1937,1951,1958,1961,1963,1967,1974,1977,1987,1991,1997,2007 and 2017.All rights
<br /> reserved."The American Institute of Architects,""American Institute of Architects,""AIA,"the AIA Logo,and"AIA Contract Documents"are trademarks of The 5
<br /> American Institute of Architects.This document was produced at 09:31:15 ET on 10/30/2023 under Order No.2114482356 which expires on 10/26/2024,is not for
<br /> / resale,is licensed for one-time use only,and may only be used in accordance with the AIA Contract Documents®Terms of Service.To report copyright violations,
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<br /> ' U (927544397)
<br /> User Notes:
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