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(Federal, state or local lairs may r•egnn e pap ictil within a certain period of lime.)
<br /> § 5 . 1 . 4 Each Application for Payment shall be based on the most recent schedule of values submitted by the Contractor
<br /> and approved in writing by the architect and the owner in accordance with the Contract Documents. The schedule
<br /> of values shall allocate the entire Contract Sum among the various portions of the Work. The schedule of values shall
<br /> be prepared in such form and supported by such data to substantiate its accuracy as the Architect and the owner may
<br /> require. This schedule, when , and only when , approved in writing by the Architect and the owner, shall be used as
<br /> 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 of
<br /> 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 /> A Take that portion of the Contract Sum properly allocable to completed Work as determined by
<br /> multiplying the percentage cornpletion of each portion of the Work by the share of the Contract Sum
<br /> allocated to that portion of the Work in the approved schedule of values, less retainage of Ten percent
<br /> ( 10 . 00 %). 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 DOCUlllenl A201T111-2007, General
<br /> Conditions of the Contract for Construction as modified ;
<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 writing in advance by the Owner, suitably stored off the site at a location agreed upon in writing ) ,
<br /> less retainage of Ten percent ( 10 . 00 %) ;
<br /> . 3 Subtract the aggregate of previous payments made by the Owner ;
<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 as modified ; and
<br /> . 5 Subtract amounts , if any, being withheld by the owner as provided in the contract documents .
<br /> § 5. 1 . 7 The progress payment amount determined in accordance with Section 5 . 1 . 6 shall be further modified under the
<br /> following circumstances :
<br /> . 1 Add , upon the issuance of a Certificate of Substantial Completion of the Work , a sum sufficient to
<br /> increase the total payments to the filll amount of the Contract Sum , less an amount equal to two
<br /> hundred percent (200 %) thereof as the Architect shall determine for incomplete or defective Work,
<br /> or both and unsettled claims ; and
<br /> . 2 Add, iffinal 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 as
<br /> modified .
<br /> § 5. 1 . 8 Reduction or limitation of retainage, if any, shall be as follows :
<br /> (Paragraph deleted)
<br /> 'Fell percent ( 10%) retainage shall be held on all payments until substantial completion . With prior written approval by
<br /> the owner, certain suppliers and subcontractors may be paid the entire amount due when such payment is generally the
<br /> practice of the industry.
<br /> § 5 . 1 . 9 Except with the Owner ' s prior written approval , the Contractor shall not make advance payments to suppliers
<br /> for 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 as modified , and to satisfy other
<br /> requirements, if any, which extend beyond final payment; and
<br /> . 2 a final Certificate for Payment has been issued by the Architect.
<br /> Init. AIA Document A101 TM — 2007. Copyright © 1915 , 1918 , 1925 , 1937 , 1951 , 1958 , 1961 , 1963 , 1967, 1974 , 1977 , 1987, 1991 ,
<br /> 1997 and 2007 by The American
<br /> Institute of Architects. All rights reserved . WARNING : This AlA" Document is protected by U .S. Copyright Law and International Treati€. s, 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
<br /> prosecuted to the 5
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<br /> maximum extent possible under the law. This document was produced by AIA software at 13: 03 : 46 on 06/ 13/2011 under Order No. 8546898806 1 which
<br /> expires
<br /> on 10/10/2011 , and is not for resale. —
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