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<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 of the Work as of the end
<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 ( 5 %).
<br />Pending fmal determination of cost to the Owner of changes in the Work, amounts not in dispute
<br />shall be included as provided in Section 7.3.9 of AIA Document A201 TM_2007, General Conditions
<br />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 by the Owner, suitably stored off the site at a location agreed upon in writing), less
<br />retainage of five percent ( 5 %);
<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 as
<br />provided in Section 9.5 of AIA Document A201-2007.
<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 DocumentA201-2007 requires 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 Contractor,
<br />any additional amounts payable in accordance with Section 9.10.3 of AIA Document 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 retainage resulting from
<br />the percentages inserted in Sections 5.1.6.1 and 5.1.6.2 above, and this is not explained elsewhere in the Contract
<br />Documents, insert here provisions for such reduction or limitation.)
<br />none allowed
<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 made 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 fmal payment; and
<br />.2 a fmal Certificate for Payment has been issued by the Architect.
<br />§ 5.2.2 The Owner's fmal payment to the Contractor shall be made no later than 30 days after the issuance of the
<br />Architect's final Certificate for Payment, or as follows:
<br />AIA Document A101"' — 2007. Copyright © 1915, 1918, 1925, 1937, 1951, 1958, 1961, 1963, 1967, 1974, 1977, 1987, 1991, 1997 and 2007 by The American
<br />Institute of Architects. All rights reserved. WARNING: This AIA® Document is protected by U.S. Copyright Law and International Treaties. Unauthorized
<br />reproduction or distribution of this AIA® Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the
<br />maximum extent possible under the law. This document was produced by AIA software at 16:43:47 on 03/19/2015 under Order No. 9016246151 which
<br />expires on 03/18/2016, and is not for resale.
<br />User Notes: (3B9ADA1 C)
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