R95-92 ACCEPTING THE BID AND AUTHORIZING A CONTRACT

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ARTICLE 5 PROGRESS PAYMENTS 5.1 B:ased upon Applications for Payment submitted to the Architect by the Contractor and Certificates for Payment issued by the Archirect, the Owner shall make progress payments on account of the Con[ract Sum to the Contractor as provided below and elsew�here in the Contract Documents. 5.2 The period co�-ered by each Application for Payment shall be one calendar month ending on the last day of the month,or as follo�i-s: 5.3 Provided an :�pplication for Payment is received by the Architect not later than the last day of a month,the Owner shall make payment to the Contractor not later chan the twenty—f if th da}�of the following month. If an Appiication for Payment is received by the Archicect after�he application date fixed above,payment shall be made by the Owner not later than forty-five da��s after the Architect receives the Application for Payment. 5.4 Each Applica�ion for Payment shall be based upun the schedule of values submitted by the Contractor in accordance with the Contract Documents.The schedule of values shall allocate the entire Contract Sum among d7e various portions of the Work ancl be prepared in�uch form and supported by such data to substantiate its accuracy as the Architect ma}�require.This schedute, unless objected to b� the:lrchitect, shall be used as a basis for reviewing the Contractor's Applications for Payment. 5.5 Applications for Paytnent shall indicate the percentage of completion of each portion of the Work as of the end of the period covered by the �lpplication for Payment. 5.6 Subject�o �he provisions of the Contract Documents, the amount of each progress payment shall be computed as follows: 5.6.1. Take thac por�ion 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 total Contract Sum allocated to that portion of the Work in the schedule of values, less retainage of ten percent ( L O.0 ",�).Pending final determination of cost to the Owner of changes in the Work,amounts not in the dispute may be included as proaided in Subparagraph Z3J of the General Conditions even chough the Contract Sum has not yet been adjusted by Change Order: 5.6.2 Add that purtion of the Contract Sum properly allocable to materials and equipment delivered and suitably stored at the site for subseyuent incorporation in the completed construc[ion(or,if appro��ed in advance by the Owner,suitably stored off the site at a location agreed upon in writing),less retainage of ten percent ( 10.0 %); 5.6.3 Sub�ract the aggregate of previous payments made by the Owner; and 5.6.4 Subtract amounts, if any, for which the:�-chitect has withheld or nullified a Certificate for Payment as provided in Para- graph 95 of the General Conditions. 5.7 The progress pa��ment amount determined in accordance with Paragraph 5.6 shall be further modiFied under the following circumstances: 5.7.1 Add, upon Substantial Completion of the Work, a sum sufficient to increase the total payments to one hundred percent( 100.0 %)of the Contract Sum, less such amounts as the Architect shall de[ermine for incomplete Work and unsettled claims; and 5.7.2 Acicl, if tinal �ompletion of the Work is thereafter materially dela�-ed through no fault of the Contractor, any additional amouncs pa}�able in accordance with Subparagraph 9.10.3 of the General Conditions. 5.8 Recluccion c�r limitation of retainage, if am. shall be as follows: ///�(r. iiilr�rdnJ./>rrur:u.tiuNsl�ritfial Cont/�(etiu�t u%fL�e ei+[ire lx'urk. (u rerlure nr lirntf(be retuutuKe restdfi�t�fronr tbe perceittukes iiuerte�c(i�t Sunpurct- ,4rup/r. S[, /«�u!�t,:uhut c. �urcl lhis!s nu[explctixed e(setrl�ere i�t[be G��UruU Duauireiits. uuerl Nere prurisioiis for stecL�reduc(io��ur[inulatiort) AIA DOCUMENT A101 • OVG'NER-CONTRACTOR AGREE�IENT • TWELETH EDf'CION • AIA� • l7l)S? THE.a�1ERIC.\N l`tii'ITl"CEOFARCHITF.CTS,1'iSNEW l'ORKAVENCE,\.Vi%,WAtiHINC�TON,D.0 L00(X� A�O�-�9S�T 4 WARNING:Unlicensed photocopying violates U.S.copyright laws and is subject to legal prosecution.