R2001-139 ACCEPTING BID AND AUTHORIZING CONTRACT

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• 5.1.3 Provided that an Application for Payment is received by the Architect not later than the Fifteenth day of a month, the Owner shali make payment to the Contractor not later than the Thirtieth_ day of the followin�_ month. [f 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 fortv-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,unless objected to by the Architect, shall be used as a basis for reviewing the Contractor's Applications for Payment. 5.1.5 Applications 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 for Payment. 5.1.6 Subject to other provisions of the Contract Documents, the amount of each progress payment shall be computed as fol lows: .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 ten percent( 10 %). 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 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 off the site at a location agreed upon in writing), less retainage of ten percent( 10 %); .3 Subtract the aggregate of previous payments made by the Owner;and .4 Subtract amounts, if any,for which the Architect has withheld or 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 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 (Subparagraph 9.8.5 ojAlA Document A201-1997 requires release of applrcable retainage upon Substantial Completion ojWork with consent ojsurety,ijany.) .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 Subparagraph 9.10.3 of AIA Document A201-1997. 5.1.8 Reduction or limitation of retainage, if any,shall be as follows: (If it rs intended,prior to Substantial Completron ojthe erttire Work,to reduce or limit the retainage resulting from the percentages inserted in Clauses 5./.6./ and 5./.6.2 a6ove,and this is not explained elseivhere in the Contract Documents,insert here provisions jor such reduction or limitation.) None 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: � AIA DOCUMENT A101 -OWNER - CONTRACTOR AGREEMENT - 1997 EDITION - AIA - COPYRIGHT 1997 - THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVENUE N.W.,WASHINGTON,D.C.20006-5292. WARNING:Unlicensed photocopying violates U.S.copyright laws and will I subject the violator to legal prosecution.This document was electronically produced with permission of the AIA and can be reproduced without violation until the date of expiration as noted below. Electronic Format A101-1997 User pocument: 009-0102.DOC--7/31/2001. AIA License Number 120057,which expires on 10/31/2001 --Page#3 I � i