R90-04 ACCEPTING THE BID AND AUTHORIZING A CONTRACT (CITY PROJECT 8923)

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• � r . ' . ARTICLE 5 � �` PROGRESS PAYMENTS 5.1 E3ased upon Applications for Payment submitted to the Architect by the Contractor and Cerdficates for Payment issued by thc Architect, the Owner shail make progress payments on account of the Contract Sum to the Contractor as provided below and elsewhere in the Contract Documents. 5.2 The period covered by each Application for Payment shall be one calendar month ending on the last day of the month,s�a� �fc�lbe��s: 5.3 Provided an A�plication for Payment is received by the Architcct not later th:in the f i f teenth day of a month,the Owner shall make payment to the Contractc�r not later than the f i f teenth day of the fo l lowing month. If an Application for Payment is received by thc Architect after the arplication date fixed above, payment shall be made b}�the Owner not later than thirty 30 days afrer the Architect receives the Application for Payment. 5.4 Each AppHcation for Payment shall be based upon the Schedule of Values submitted by the Contractor in acccxdance aith the Contract Documents. The Schedule of Values shall ailocate the entire Contract Sum among the various pc�rticros of the Wexk •, and be pre�ared in such form and supported by such data to substantiate its accuracy as the Architect may reyuire.This Schedule, unless objected to by the Architect, shall be used as a basis for reviewing the Contractor's Applications for Payment. 5.5 Applicatic�ns for Payment shall indicate the percentage of completion of each pvrtion of the Work as of the end of the peric�d co�•ered by the Aprlication for Payment. � 5.6 Subject to the provisions of the Contract Documents, the amount of each progress�ayment shall be computed as follc�a•s: 5.6.1 Take that pc�rticm of the Contract Sum rroperly allc�cahle to completed Work as determined by muitiplying the percentaRe completion of each portion of thc Work by the share of the total Contract Sum allocated to that portion of the Work in the Schedule of Values, less retainaRe of ten ' �ercent ( 10 "/,). Pending flnal determination of cost ro the Owner c�f changes in the Work,amounts not in disrute may he included a5 provided in Subparagraph 7.3.7 of the General Conditions even though the Contract Sum has not yet heen adjusted by Change Ordcr; 5.6.2 Add that �orticm of the Cc�ntract Sum �ro��erly allocable to materiak anel equirment delivered and suitahly stc>red at the site fcir suhseyuent incor�oration in the complcted ce�nstrucdon(or,if a�proved in advancc hy the Owner,suitably stored<>ff the site at a location agrced upon in writing),less retainage of t en rcrccnt ( 10 %,); 5.6.3 Suhtract the a�rcgate of Previvus hayments made by the Owncr, and 5.6.4 Subtract amounts, if an}�, fur which the Architect has withheld or nullified a Certificate fc>r Payment as provided in Para- gra�h 9.5 �f the General Conditions. 5.7 7'he proRress payment amount determined in accordance with Paragraph 5.6 shall be fiirther modified under the Follo�vinR circumstances: 5.7.1 Add, upon Substantial Completion of the Work, a sum sufficient ro increase the t<�tal payments to nine ty-f ive percent( 95 %)of the Contract Sum, less such amounts as the Architect shall determine for incomplete Work and unsettled claims; and 5.7.2 Add, if final com��letion of the ��G'c�rk is thereafter materially delayed through no faalt of the Contractor, any additic�n.d ' amounts pa}�able in acce�rdance a�ith Subparagraph 9.t0.3 of the General Conditions. 5.8 Reducticm or limitation of retaina�e, if any, shall be as follows: (/J r!is irNrnArd,prror lu Subslrnrfirrl Cnmpk•fiurt oj tbe errlir��W i�rk. 7u rerh�i'��or frnril 7he rclninag��resedNnk frunr�h��perci�iungrs rnsrrr�•rl rn.t'nB/�nrn- ,n,ra/rlrs 5 6.1 and 5.6.2 nNure.rrnd lCris is ruN e.�/�lr�irter/��Iser�•berr frr!be Giinlrrtcf I)nrtont��tls. ireser'!bprp/�ru�•isiuns/nr su<'h n�e/in liun or lintilafirn�) ` AIA DOCUMENT A101 • OV�'NF.R-CON7'RACTOR AGRF.F:MF.N7' • 7'VI'EI.FTH EUI'll<)N • AIA" • CJ19N' l'IIF.AMERICAN INSTITI�TF.OF ARCIIITF.CTS,17i5 NF.W YORK AVF.NUE,N.W.,V�'ASHINGI'(/N,1).C.21NNKi A101-198T 4