R2001-40 AUTHORIZING A CONTRACT - Laserfiche WebLink

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received Uy the Architect after the application date fixed above, payment shall be made by the Owner not later than six � i 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 I 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 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 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 73.8 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 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 ofAIA 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 �I of the Contract Sum, less such amounts as the Architect shall determine for incomplete Work, retainage '�, applicable to such work and unsettled claims;and I (Subparagraph 9.8.5 of A/A Document A201-1997 requrres release of applicable retainage upon Svbstantial CompJetion of Work wrth consent � ofsurety,ifany.) .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 9.103 ofAIA 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 lrmit the retainage resulting from the percentages inserted rn 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 reducJion 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 I equipment which have not been delivered and stored at the site. I 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 i Contractor when: .1 the Contractor has fully performed the Contract except for the Contractor's responsibility to correct Work as AIA DOCUMENT A101 -0WNER - CONTRACTOR AGREEMENT - I997 EDITION - AIA - COPYRIGHT 1997 - THE AMERICAN INSTITUTE OF II ARCHITECTS, 1735 NEW YORK AVENUE N.W.,WASHINGTON,D.C.20006-5292. WARNING:Unlicen.scd photocopying violates U.S.copyright laws and will I subject the violator to legal prosecutioa This document was electronicaily produced with permission of the A[A and can be reproduced without violation until the date of I exp'vation as noted below. I Electronic Format A101-1997 User pocument:AIA--4130/2001.AIA License Number 120057,which expires on 10/31/2001 --Page#3 II