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<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 <br />American Institute 01 Architects, All rights reserved. WARNING: This AlAe Document Is protected by U,S, Copyright Law and International Treaties. <br />Unauthorized reproduction or distribution of this AlAe Document, or any portion 01 It, may result in severe civil and criminal penalties, and will be <br />prosecuted to the maximum extent possible under the law. This document was produced by AlA software at 08:42:43 on 05119/2005 under Order <br />No. f 000150575_1 which expires on 12/8/2005, and is not for resale. <br />User Notes: (449937859) <br /> <br />4 <br />