5. Courthouse/Annex security station improvements

ARTICLE 4 CONTRACT SUM § 4.1 The Owner shall pay the Contractor the Contract Sum in current funds for the Contractor's performance of the Contract.The Contract Sum shall be One Hundred Seventy-One Thousand, Five Hundred Dollars and No/100 ($ 171,500.00), subject to additions and deductions as provided in the Contract Documents. § 4.2 The Contract Sum is based upon the following alternates,if any,which are described in the Contract Documents and are hereby accepted by the Owner: (State the numbers or other identification of accepted alternates. If the bidding or proposal documents permit the Owner to accept other'alternates subsequent to the execution of this Agreement, attach a schedule of such other alternates showing the amount for each and the date when that amount expires.) N/A ' § 4.3 Unit prices,if any p ', (Identify and state the unit price;state quantity limitations, if any to which the unit price will be applicable.) Item; Units and Limitations Price Per Unit($0.00) N/A , § 4.4 Allowances included in the Contract Sum, if any (Identify`allouatice and state exclusions, if any from the allowance price.) Item Price N/A N/A ARTICLE 5 PAYMENTS § 5.1 PROGRESS PAYMENTS § 5.1.1 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. § 5.1.2 The period covered by each Application for Payment shall be one calendar month ending on the last day of the month,or as follows: § 5.1.3 Provided that 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 of the certified amount to the Contractor not later than the last day of the following month. If an Application for Payment is received by the Architect after the application date fixed above, payment shall be made by the Owner not later than Forty-Five(45)days after the Architect receives the Application for Payment. (Federal, state or local laws may require payment within a certain period of time.) § 5.1.4 Each Application for Payment shall be based on the most recent 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. The schedule of values shall be prepared in such form and supported by such data to substantiate its accuracy as the Architect may require.This schedule,unless objected to by the Architect, shall be used as a basis for reviewing the Contractor's Applications for Payment. § 5.1.5 Applications for Payment shall show the percentage of completion of each portion of the Work as of the end of the period covered by the Application for Payment. § 5.1.6 Subject to other provisions of the Contract Documents,the amount of each progress payment shall be computed as follows: .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 Contract Sum allocated to that portion of the Work in the schedule of values, less retainage of Ten percent( 10%). AIA Document A101 TM-2007.Copyright©1915,1918,1925,1937,1951,1958,1961,1963,1967,1974,1977,1987,1991,1997 and 2007 by The American Init. Institute of Architects.AU rights reserved.WARNING:This AIA Document is protected by U.S.Copyright Law and International Treaties.Unauthorized 3 reproduction or distribution of this AIM) Document,or any portion of it,may result in severe civil and criminal penalties,and will be prosecuted to the t maximum extent possible under the law.This document was produced by AIA software at 14:43:39 on 04/17/2014 under Order No.0550464256_1 which expires on 03/14/2015,and is not for resale. User Notes: (861498489)