|
<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 A201-1997 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 />A201-1997,
<br />
<br />~ 5.1.8 Reduction or limitation of retainage, if any, shall be as follows:
<br />(/fit is intended, prior to Substantial Completion of the entire Work, to reduce orlimit the retainage resulting from
<br />the percentages inserted in Sections 5,1.6,1 and 5,1,6.2 above, and this is not explained elsewhere in the Contract
<br />Documents, insert here provisions for 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 A201-1997, 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 />ARTICLE 6 TERMINATION OR SUSPENSION
<br />~ 6.1 The Contract may be terminated by the Owner or the Contractor as provided in Article 14 of AlA Document
<br />A201-1997.
<br />
<br />~ 6.2 The Work may be suspended by the Owner as provided in Article 14 of AlA Document A201-1997.
<br />
<br />ARTICLE 7 MISCELLANEOUS PROVISIONS
<br />~ 7,1 Where reference is made in this Agreement to a provision of AlA Document A20 1-1997 or another Contract
<br />Document, the reference refers to that provision as amended or supplemented by other provisions of the Contract
<br />Documents,
<br />
<br />~ 7.2 Payments due and unpaid under the Contract shall bear interest from the date payment is due at the rate stated
<br />below, or in the absence thereof, at the legal rate prevailing from time to time at the place where the Project is
<br />located.
<br />(Insert rate of interest agreed upon, if any,)
<br />
<br />) per annum
<br />
<br />(Usury laws and requirements under the Federal Truth in Lending Act, similar state and local consumer credit laws
<br />and other regulations at the Owner's and Contractor's principal places of business, the location of the Project and
<br />
<br />AlA Document A101T11-1997. Copyright @ 1915,1918,1925,1937,1951,1958,1961,1963,1967, 1974, 1977, 1980, 1987, 1991 and 1997 by The
<br />American Institute of Architects, All rights reserved, WARNING: This AIAIIJ> Document Is protected by U,S, Copyright Law and International Treaties. 4
<br />Unauthorized reproduction or distribution 01 this AIAIIJ> 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 08:11 :53 on 0511912005 under Order
<br />No.1000150575_1 which expires on 12/8/2005, and is not for resale.
<br />User Notes: (3651112988)
<br />
|