R2007-30 ACCEPTING BID AND AUTHORIZING CONTRACT

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.4 Subtract amounts, if any,for which the Architect has withheld or nullified a Certificate for Payment as provided in Section 9.5 of AIA Document A201-1997. §5.1.7 The progress payment amount determined in accordance with Section 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 (Section 9.8.5 of AIA Document A201-1997 requires release of applicable retainage upon Substantial Completion qf Work with consent of suret��, 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 Section 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 Work, to reduce or limit the retainage resulting from the percentages inserted in Sections 5.1.61 and 5.1.6.2 above, a�id this is raot explained elsewhere in the Contract Documents, insert here provisions for such reduction or limitation.) � N/A §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: .1 the Contractor has fully performed the Contract except for the Contractor's responsibility to correct Work as provided in Section 12.22 of AIA Document A201-1997, 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. §5.2.2 The Owner's final payment to the Contractor shall be made no later than 30 days after the issuance of the Architect's final Certificate for Payment,or as follows: ARTICLE 6 TERMINATION OR SUSPENSION , §6.1 The Contract may be terminated by the Owner or the Contractor as provided in Article 14 of AIA Document A201-1997. §6.2 The Work may be suspended by the Owner as provided in Article 14 of AIA Document A201-1997. ARTICLE 7 MISCELLANEOUS PROVISIONS 7.1 Where reference is made in this A reement to a rovision of AIA Documen AZ 1-1 r n § g t 0 997 o a other Contract P Document,the reference refers to that provision as amended or supplemented by other provisions of the Contract Documents. §7.2 Payments due and unpaid under the Contract shall bear interest from the date payment is due at the rate stated below,or in the absence thereof,at the legal rate prevailing from time to time at the place where the Project is located. (Insert rate of interest agreed upon, if any.) AIA Document A101n"—1997.Copyrlght OO 1915,1918,1925,1937,1951,1958,1961,1963,1967,1974,1977,1987,1991 and 1997 by The American Institute of Architects. All rlghts reserved. WARNING:This AIA� Document is protected by U.S.Copyright Law and International Treaties. 4 Unauthorized reproduction or distribution of this AIA�Document,or any portion of it,may result in severe civil and criminal penalties,and will be prosecuted to the maximum extent possible under the law. This document was produced by AIA software at 13:45:08 on 03/15/2007 under Order No.UNLICENSED which expires on 11/18/2007,and is not for resale. User Notes: (2272062370)