R2001-181 ACCEPTING THE BID AND AUTHORIZING A CONTRACT

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� ' Owner shall make payment to the Contractor not later than the Thirtieth_day of the followin¢„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 fo -five days after the Architect receives the Application for Payment. 5.1.4 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 Contract Sum among the various portions of the Work. 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,untess objectad to by the Architect, shall be used as a basis for reviewing the Contractor's Applications for Payment. 5.1.5 Applicatians for Payment shall indicate the percentage of completion of each portion of the Work as of the end of the period covered by the Application far 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 portion of the Contract Sum properly allocable to completed Work as determined by multiplying the , percentage completion of each portion of the Work by the share of the Contract Sum allocated to that portion of the Work in the schedule of values,less retainage of t�percent(10 %). Pending final determination of cast 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 A201-1997; .2 Add that portion of the Contract Sum properly allocable to materials and equipment delivered and suitably stored at the site for subsequent incorporation in the completed construction (or, if approved in advance by the Owner, suitably stored offthe site at a location agreed upon in writing),less retaina�e of ten percent(�0 %); .3 Subtract the aggregate of previous payments made by the Owner;and .4 Subtract amounts,if any,for which the Architect has withheld ar nullified a Certificate for Payment as provided in Paragraph 9.5 of AIA Document A201-1997. 5.1.7 The progress payment amount determined in accordance with Subparagraph 5.1.6 shali 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 far incomplete Work, retainage applicable to such work and unsettled claims;and (Subparagraph 9.8.5 of AIA Document A201•1997 requires release of npplicable retninage upon Substantial Completion of Work with consent of swery,tf any.) .2 Add, if final completion of the Work is thereafter materiaily delayed through no fault of the Contractor, any additipnal amounts payable in accordance with Subpazagraph 9.10.3 of AIA Document A201-1997. 5.7.8 Reduction ar limitation of retainage,if any,shall be as follows: (If it is intended,prior to Substandal Compledon of the entire Work,to reduce or limit the retainage resulting from the percentages insened in Clauses 5.1.6.1 and 5.1.6.2 above,and this is not explained elsewhere in the Contract Documents,insert here provisions for such reducdon or limitadon.) 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: A[A DOCUMENT AI01 -0WNER - CONTRACTOR AGREEMENT - 1997 EDTfION - AIA - COPYRIGHT 1997 - THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVENUE N.W.,WASHINGTON,D.C.20006-5292. WARIVING:Unlicensed photocopying violates U.S.copyright laws and will subject the violator to legal prosecurion.This document was electronically�nduced with permission of the AIA and can be reproduced without violation until the date of expiration as noted below. Electronic Pormat A101-1997 User pocument:009-0102.DOC--9/25/2001.AIA License Number 120057,which expires on 10/31/2001 --Page#3