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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. Pending final
<br /> determination of cost to the Owner of changes in the Work, amounts not in dispute shall be included
<br /> as provided in Section 7. 3. 9 of AIA Document A201WL2007 , General Conditions of the Contract for
<br /> 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 as set forth in F. S 218 .735 (8)
<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 /> § 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 Document A201-2007 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
<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 in accordance with F. S. 218.735(8)
<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 /> § 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 final payment; and
<br /> .2 - a final Certificate for Payment has been issued by the Architect.
<br /> . 3 A final release of liens have been approved by Owner for all subcontractors, materialmen and
<br /> suppliers.
<br /> § 5.2.2 The Owner' s final payment to the Contractor shall be made; in accordance with the Local Government
<br /> Prompt Payment Act F. S. 218. 70 et. seq.
<br /> Inst. AIA Document A701 TM - 20117. Copyright m 1915, 1918, &1925, 1937, 1951 , 1958, 1961 , 1963, 1967, 1974, 1977, 1987, 1991 , 1997 and
<br /> 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
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<br /> e)pires on 02/05/2013, and is not for resale.
<br /> User Notes: (1381196135) .
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