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month. If an Application for Payment is received b the Architect after the application date fixed above,
<br />payment shall be made by the Owner not later than ) days after the Architect receives the
<br />Application for Payment.
<br />(Federal, state or local laws may require payment within a certain period of time.)
<br />§ 5.1.4 Each Application for Payment shall be based on the most recent schedule of values submitted by the
<br />Contractor in accordance with the Contract Documents. The schedule of values shall allocate the entire Contract
<br />Sum among the various portions of the Work. The schedule of values shall be prepared in such form and supported
<br />by such data to substantiate its accuracy as the Architect may require. This schedule, unless objected to by the
<br />Architect, shall be used as a basis for reviewing the Contractor's Applications for Payment.
<br />§ 5.1.5 Applications for Payment shall show the percentage of completion of each portion o the Wo k as of the end
<br />F
<br />of the period covered by the Application for Payment.
<br />§ 5.1.6 Subject to other provisions of the Contract Documents, the amount of each progress payment shall be
<br />computed as follows:
<br />.1 Take that portion of the Contract Sum properly allocable to completed Work as determined by
<br />multiplying the percentage completion of each portion of the Work by the share of the Contract Sum
<br />allocated to that portion of the Work in the schedule of values, less retainage of «Five » percent (
<br />1 %). Pending final determination of cost to the Owner of changes in the Work, amounts not in
<br />dispute shall be included as provided in Section 7.3.9 of AIA Document A201 TM -2007, General
<br />Conditions of the Contract for Construction;
<br />.2 Add that portion of the Contract Sum properly allocable to materials and equipment delivered and
<br />suitably stored at the site for subsequent incorporation in the completed construction (or, if approved
<br />in advance bthe )wner, suitabl stored off the site at a location agreed upon in writing), less
<br />retainage of percent ( %);
<br />.3 Subtract the aggregate of previous payments made by the Owner; and
<br />.4 Subtract amounts, if any, for which the Architect has withheld or nullified a Certificate for Payment
<br />as provided in Section 9.5 of AIA Document A201-2007.
<br />C7 i
<br />§ 5.1.7 The progress payment amount determined in accordance with Section 5.1.6 shall be further modified under
<br />the following circumstances:
<br />.1 Add, upon Substantial Completion of the Work, a sum sufficient to increase the total payments to the
<br />full amount of the Contract Sum, less such amounts as the Architect shall determine for incomplete
<br />Work, retainage applicable to such work and unsettled claims; and
<br />(Section 9.8.5 of AIA DocumentA201-2007requires release of applicable retainage upon
<br />Substantial Completion of Work with consent of surety, if any)
<br />.2 Add, if final completion of the Work is thereafter materially delayed through no fault of the
<br />Contractor, any additional amounts payable in accordance with Section 9.10.3 of AIA Document
<br />A201-2007.
<br />§ 5.1.8 Reduction or limitation of retainage, if any, shall be as follows:
<br />(If it is intended, prior to Substantial Completion of the entire Work, to reduce or limit the r
<br />the percentages inserted in Sections 5.1.6.1 and 5.1.6.2 above, and this is not explained else
<br />Documents, insert here provisions for such reduction or limitation.)
<br />«Per the Contract Documents »
<br />e resulting from
<br />e Contract
<br />§ 5.1.9 Except with the Owner's prior approval, the Contractor shall not make advance payments to suppliers for
<br />materials or equipment which have not been delivered and stored at the site.
<br />§ 5.2 FINAL PAYMENT
<br />§ 5.2.1 Final payment, constituting the entire unpaid balance of the Contract Sum, shall be e by the Owner to the
<br />Contractor when
<br />.1 the Contractor has fully performed the Contract except for the Contractor's responsibility to correct
<br />Work as provided in Section 12.2.2 of AIA Document A201-2007, and to satisfy other requirements,
<br />if any, which extend beyond final payment; and
<br />.2 a final Certificate for Payment has been issued by the Architect.
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<br />AIA Document A101r' - 2007. Copyright e 1915, 1918, 1925, 1937, 1951, 1958, 1961, 1963, 1967, 1974, 1977, 1987, 1991, 1997 and 2007 by The
<br />American Institute of Architects. All rights reserved. WARNING: This AIA" Document is protected by U.S. Copyright Law and International
<br />Treaties. Unauthorized reproduction or distribution of this AIA' Document, or any portion of it, may result in severe civil and criminal
<br />penalties, and will be prosecuted to the maximum extent possible under the law. This draft was produced by AIA software at 16:00:34 on
<br />03/17/2015 under Order No.7301285732 1 which expires on 06/14/2015, and is not for resale.
<br />User Notes: (1717720420)
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