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I <br />ARTICLE 5 <br />CONTRACT SUM <br />The Owner shall pay the Contractor for the performance of the Work, subject to additions and deductions by Change <br />Order as provided in the Conditions of the Contract, in current funds, the Contract Sum of <br />ONE HUNDRED TWENTY—SIX THOUSAND, SIX HUNDRED AND N0/100 DOLLARS <br />($126,600.00 <br />(State two the lump sum amount, unit prices, or both, as desired.) <br />BASE BID $ 111,800.00 <br />ALTERNATE "A" $ 14,800.00 <br />TOTAL CONTRACT $ 126,600.00 <br />ARTICLE 6 <br />PROGRESS PAYMENTS <br />Based upon Applications for Payment submitted to the Architecrby the Contractor and Certificates for Payment issued <br />by the Architect, the Owner shall make progress payments on account of the Contract Sum to the Contractor as pro- <br />vided in the Conditions of the Contract as follows: <br />On or about the first day of each month 90 per cent of <br />the proportion of the Contract Sum properly allocable to labor, materials and equipment incorporated in the Work <br />and 90 per cent of the, portion of the Contract Sum properly allocable to materials and <br />equipment suitably stored at the site or at some other location agreed upon in writing by the parties, up to the <br />first day of that month, less the aggregate of previous payments in each case; and upon <br />Substantial Completion of the entire Work, a sum sufficient to increase the total payments to 90 <br />per cent of the Contract Sum, less such retainages as the Architect shall determine for all incomplete Work and <br />unsettled claims. <br />(Here Insert any provisions made for limiting or reducing the amount retained after the Work reaches a certain stage of compledona <br />AIA DOCUMENT A101 - OWNER -CONTRACTOR AGREEMENT - SEPTEMBER 1967 EDITION - AIAO <br />01967 THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 N. Y. AVE., N.W., WASH., D. C. 20006 <br />— 41 — <br />000 2 <br />19 Pac�u1 <br />3 <br />