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40 ARTICLE 5 PROGRESS PAYMENTS 5.1 Based upon Applications for Payment submitted to the Architect by the Contractor and Certificates for Payment Issued by the Architect, the Owner shall make progress payments on account of the Contract Sum to the Contractor as provided below and elsewhere in the Contract Documents. 5.2 The period covered by each Application for Payment shall be one calendar month ending on the last day of the month, Or as follows: One calendar month shall be the payment period. 5.3 Provided an Application for Payment Is received by the Architect not later than the twenty fifth ( 25th day of a month, the Owner shall make payment to the Contractor not later than lite tenth (10th) clay of the fol l owing month. If an Appllcatlon for Payment is received by the Architc •t after the application date fixed above, payment shall be made by the Owner not later than fifteen (M days after the Architect receives the Application for Payment. 5.4 Each Application for Payment shall be based upon the Schedule of Values submitted by the Contractor in accordance with the Contract Documents. The Schedule of Values shall allocate the entire Contract Sum among the various portions of the Work and be prepared In such form and supported by such data to substantiate its accuracy as the Architect may rcqulre.'I'hls Schedule, unless objected to by the Architect, shall be used as a basis for reviewing the Contractor's Applications for Payment. l 5.5 Applications for Payment shall indicate the percentage of completion of each portion of the Work as of the end of the period lcovered by the Application for Payment. 5.6 Subject to the provisions of the Contract Documents, the amount of each progress payment shall be computed as follows: 5.6.1 Take that portion of the Contract Sum properly allocable to completed Work as determined by 'Multiplying the percentage completion of each portion of the Work by the share of the total Contract Sum allocated to that portion Of the Work In the Schedule of Values, less retainage of ten perce ( 10 %). Pending final determination of cost to the Owner of changes In the Work, amounts not In dispute may bme Included as provided In Subparagraph 7.3.7 of the General Conditions even though the Contract Sum has not yet been adjusted by Change Order; 5.6.2 Add that portion of the Contract Sum properly allocable to materials and equipment delivered and suitably stored at the site for subsequent Incorporation in the completed construction (or, if approved In advance by lite Owner, suitably stored off lite site ata location agreed upon In writing), less retainage of ten percent ( 10 %); 5.6.3 Subtract the aggregate of previous payments made by the Owner; and 5.6.4 Subtract amounts, if any, for which the Architect has withheld or nullified a Certificate for Payment as provided In Para- graph 9.5 of the General Conditions. 5.7 The progress payment amount determined In accordance with Paragraph 5.6 shall be further nrodifird t ... i— hp_. circumstances: - 5.7.1 Add, upon Substantial Completion of the Work, a sum sufficient to Increase the tout payments to one hundred percent( 100 %) of the contrlct Sum, less such amounts as the Architect shall determine for Incomplete Work and unsettled claims; and 5.7.2 Add, If final completion of the Work is thereafter materially delayed through no full of the Contractor, any addiliunal amounts payable In accordance with Subparagraph 9.10.3 of the General Conditions. 5.8 Reduction ur IlnMltation of retainage, if any, shall be as follows: (lilt Is lnlemled, prior W Substantial Cimrplel(un (f ibu entire I0,14, m reduce car Until Me retat—gu resN(btg (rum Ibe /rrrseua( grs laser led In .1Lbp,um graphs 5. (.l Bud 5.6.1 above, mol Ibis is ual expblbavl elseu•bere lit the Contract p(aaraeals, fart ben• f,rorisiuns/nr sorb re,lr(rlhur or linrllalinn j Retainage shall remain 10% through substantial completion. AIA DOCUMENT A70t - OWNER -CONTRACTOR AGREEMENT - TWP.1.FrII EDITION - AIA* - C)1787 -- TItE AMERICAN INSI'ITIVIT OFAIICIII'1'ECTS, 1735 NEW Y[)IIK AVENUE. N.W. WASIIINGTON• D.C.:IaH16 A101-1987 4