R2002-57 ACCEPTING THE BID AND AUTHORIZING THE EXECUTION OF AN AGREEMENT

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The sciieduie of values shall allocate the e,ntire C�tract S�nn among the variaxs porti�s of the Work 'The schedule of values shall'be prepared'm such form and supported by such data to substantiate its accuracy. This schedule shali be used as a basis for reviewing the Contractor's Application for Payment. 5.1.5 Appiication for Payment shall indicate the pe,rcentage of completion of each �ortion of the Work as of#he�d of the period cov�ed by the Applica#ion for Payment. 5.1.6 Subject to other provisions of the Contract Documents,the amount of each progress payment shall be computed as follows: .1 Take that�cartion of the Contract Sum properiy allocable to complete�Worlc as determined by multiplying the percentage cc3mpieticjn of each porti�of the Work by the share of the Contract Sum allocated to that portion of Work in the schedule of values. Pending final det�mination of cost to the Owner of changes in the Work. .2 Add that porti�of t�e Contract Sum properly allocable to ma#aiais and equipment deliv�ed and suitably stored at the site for subs�uent incorporation in the completed construction(or,if approved in advance by the Owner,suitably stored offthe site at a locatios►agreed upon in writing). .3 Subtract the aggregate of previous payments made by the Owner. 5.i.7 Retainag�e is to be withheld fran ead►progress paymen�,as foilows: `Ihe amount deducted frc�a the first 50 pe�rcent of the c�ompl�ed work a sum of 10 percent to be retained until after completion of ti�e entire work to the satisfaction of the Owner.After 50 percent of the work is completed,the Owner may at hislhe�discxetion,c�tify the remaining partial payments without any , furth�ret�tion, rovided that satisfacto ro ess is bein made,and ovided P r3'P � g Pr ' that the amount retained is not less than five perc�t uf tt+e total�justed contract price. 5.1.8 The r ess a ent amount determined in accordance with 5u aza h P�' P Ym bP S�P 5.1.6 shall be furth�modified under the following circumstances: .1 Add,upcm 5ubstantial Completi�of the Work,a s�un su�cient to inaease the total payments to the full amount of the Contract Sum. .2 Add,if final completion of the Work is tt��eafter materially delayed through no fault of the Contractor,any additional amounts payahle,to increase the total payments to�e full contract amount of the Contract Sum. 5.1.9 Except witt►the Ovm�'s approval,�e Cc�tractor shall n�make advance payme�ts to supplias f�materials or equipcnent that have not been delivereti and stared at the site. 5.2 FINAL PAYMENT 5.2.1 Final payment,constituting the�►tire unpaid balance of the Contract Sum including retainage,sha11 be made by the flvv�er to the Contrador wh�projec� w�k is completed in it's e�tirety in accordance to the Cantract Documents.