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13 <br />/ <br />BOOK 58 ir?ur 2216 <br />ARTICLE 5 <br />PROGRESS PAYMENTS <br />Based upon Applications for Payment submitted to the Architect by the Contractor and Certificates for Payment <br />issued by the Architect, the Owner shall make progress payments on account of the Contract Sum to the Contractor <br />as provided in the Contract Documents for the period ending the Last day of the month as follows: <br />Not later than 15 days following the end of the period covered by the Application for Payment <br />Ninety percent ( 90%) of the portion of the Contract Sum properly allocable to labor, materials and equipment <br />incorporated in the Work and Ni net percent ( 90 %) of the portion of the Contract Sum properly <br />allocable to materials and equipment sultAbly stored at the Project premises or at some other location agreed upon <br />in writing, for the period covered by the Application for Payment, less the aggregate of previous payments made by <br />the Owner; and upon Substantial Completion of the entire Work, a sum sufficient to increase the total payments to <br />Ninety-five percent ( 95 %) of the Contract Sum, less such amounts as the Architect shall determine for <br />all incomplete Work and unsettled claims as provided in the Contract Documents. <br />(If not covered elsewhere in the Contract Documents. here insert any provision for limiting or reducing the amount retained after the Work reaches a <br />certain stage of compietion.) <br />Payments due and unpaid under the Contract Documents shall bear interest from the date payment is due at the rate <br />entered below, or in the absence thereof, at the legal rate prevailing at the place of the Project. <br />(Here insert any rate of interest agreed upon.) <br />Nine Percent (9%) <br />(Usury laws and requirements under the Federal Truth In Lending Act, similar state and local consumer credit laws and other regulations at the Owner's <br />and Contractor's principal places o/ business, the location of the Project and elsewhere may aNect the validity of this provision. Specific legal advice should <br />be obtained with respect to deletion, modification, or other requirements such as written disclosures or waivers.) <br />AIA DOCUMENT A171 - OWNER -INTERIORS CONTRACTOR AGREEMENT - MARCH 19,79 EDITION - AIA® - ©1979 <br />THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVENUE, N.W., WASHINGTON, D.C. 20W6 <br />ASID® - 01979 - THE AMERICAN SOCIETY OF INTERIOR DESIGNERS, 730 FIFTH AVENUE. NEW YORK, N.Y. 10019 <br />i <br />22 <br />A171-1979 3 <br />