R2003-170 AUTHORIZING WATER MAIN AGREEMENT

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� 12.1.3 Provided that an Application�for Payment is received�by the Architect not later than the day of a month,the Owner shall make payment to the Contractor not later than the day of the month.If an Application for Payment is received by the Architect after the application date fixed above,payment shall be made by the Owner not later than days after the Architect receives the Application for Payment. 12.1.4 With each Application for Payment, the Contractor shall submit payrolls, petty cash accounts, receipted invoices or invoices with check vouchers attached, and any other evidence required by the Owner or Architect to demonstrate that cash disbursements already made by the Contractor on account of the Cost of the Work equal or exceed (i) progress payments already received by the Contractor;less(2)that portion of those payments attributable to the Contractor's Fee;plus(3) payrolls for the period covered by the present Application for Payment. 12.1.5 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 Guaranteed Maximum Price among the various portions of the Work, except that the Contractor's Fee shall be shown as a single separate item.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 by the Archilect,shall be used as a basis for reviewing the Contractor's Applications for Payment. 12.1.6 Applications for Payment shall show the percentage of completion of each portion of the Work as of the end of the period covered by the Application for Payment.The percentage of com- pletion shal]be the lesser of(i)the percentage of that portion of the Work which has actually been completed; or (2) the percentage obtained by dividing (a) the expense that has actually been incurred by the Contractor on account of that portion of the Work for which the Contractor has made or intends to make actual payment prior to the next Application for Pa�ment by (b) the share of the Guaranteed Maximum Price allocated to that portion of the Work in the schedule of values. 12.1.7 Subject to other provisions of the Contract Documents, the amount of each progress payment shall be computed as follows: .i take that portion of the Guaranteed Maximum Price properly allocable to completed Work as determined by multiplying the percentage of completion of each portion of the Work by the share of the Guaranteed Maximum Price allocated to that portion of the Work in the schedule of values. 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 Document AZoi-i997� .Z add that portion of the Guaranteed Maximum Price properly allocable to materials and equipment delivered and suitably stored at the site for subsequent incorporation in the Work,or if approved in advance by the Owner,suitably stored off the site at a location agreed upon in writing; .a add the Contractor's Fee,less retainage of percent ( %). ��( The Contractor's Fee shall be computed upon the Cost of the Work described in the two preceding Clauses at the rate stated in Subparagraph 5.i.2 or,if the Contractor's Fee is o. o oo.�.�o stated as a fixed sum in that Subparagraph,shall be an amount that bears the same ratio 0 to that fixed-sum fee as the Cost of the Work in the two preceding Clauses bears to a ��9 9 7 A 1 A� reasonable estimate of the probable Cost of the Work upon its completion; AIA DOCUMENT Atll-1997 .a subtract the aggregate of previous payments made by the Owner; OWNER-CONTRACTOR .s subtract the shorifall,if any,indicated by the Contractor in the documentation required AG R E E M E N T by Paragraph iz.i.4 to substantiate prior Applications for Payment, or resulting from The American Institute errors subsequently discovered by the Owner's accountants in such documentation;and of Archirecrs .e subtract amounts,if any,for which the Architect has withheld or nullified a Certificate 1735 New York Avenue,N.w. for Payment as provided in Paragraph 9.5 of AIA Document Azoi-i9g7. washingron,D.C.20006-5292 WARNING:Unlicensed photocopying violates U.S.copyright laws and will subjed the violator to legal prosecution.