<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 of Ten percent (
<br />10.00% ). Pending final determination of cost to the Owner of changes in the Work, amounts not in
<br />dispute shall be included as provided in Section 7,3.8 of AlA Document A20l-l997;
<br />
<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 of Ten percent ( 10,00%);
<br />
<br />,3 Subtract the aggregate of previous payments made by the Owner; and
<br />
<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 AlA Document A20l-l997,
<br />
<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 />
<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 AlA Document A20]-]997 requires release of applicable retainage upon Substantial
<br />Completion of Work with consent of surety, if any.)
<br />
<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 AlA Document
<br />A20l-l997,
<br />
<br />~ 5.1.8 Reduction or limitation of retainage, if any, shall be as follows:
<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,],6,] and 5,],6.2 above, and this is not explained elsewhere in the Contract
<br />Documents, insert here provisionsfor such reduction or limitation,)
<br />
<br />Contractor may reduce retainage to 5% of the TOTAL CONTRACT AMOUNT after 51 % of the contract work has
<br />been completed,
<br />
<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 />
<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 />
<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 AlA Document A20l-l997, and to satisfy other requirements,
<br />if any, which extend beyond final payment; and
<br />
<br />.2 a final Certificate for Payment has been issued by the Architect.
<br />
<br />~ 5.2.2 The Owner's final payment to the Contractor shall be made no later than 30 days after the issuance of the
<br />Architect's final Certificate for Payment, or as follows:
<br />
<br />AlA DocumentA101™-1997,Copyrlght @1915,1918,1925, 1937,1951 1958,1961,1963,1967,1974,1977,1980,1987,1991 and 1997 by The
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