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<br />~ 4.3 Unit prices, if any, are as follows:
<br />
<br />Description
<br />Base bid for electrical portion of work
<br />
<br />Units
<br />
<br />Price ($ 0.00)
<br />50,300.00
<br />
<br />ARTICLE 5 PAYMENTS
<br />~ 5.1 PROGRESS PAYMENTS
<br />~ 5.1.1 Based upon Applications for Payment submitted to the Architect by the Contractor and Certificates for
<br />Payment issued by the Architect, the Owner shall make progress payments on account of the Contract Sum to the
<br />Contractor as provided below and elsewhere in the Contract Documents,
<br />
<br />~ 5.1.2 The period covered by each Application for Payment shall be one calendar month ending on the last day of
<br />the month, or as follows:
<br />
<br />~ 5.1.3 Provided that an Application for Payment is received by the Architect not later than the Thirty-first day of a
<br />month, the Owner shall make payment to the Contractor not later than the Twentieth day of the following month,
<br />If an Application for Payment is received by the Architect after the application date fixed above, payment shall be
<br />made by the Owner not later than Forty-five ( 45 ) days after the Architect receives the Application for Payment.
<br />
<br />~ 5.1.4 Each Application for Payment shall be based on the most recent schedule of values submitted by the
<br />Contractor in accordance with the Contract Documents. The schedule of values shall allocate the entire Contract
<br />Sum among the various portions of the Work. The schedule of values shall be prepared in such form and supported
<br />by such data to substantiate its accuracy as the Architect may require. This schedule, unless objected to by the
<br />Architect, shall be used as a basis for reviewing the Contractor's Applications for Payment.
<br />
<br />~ 5.1.5 Applications for Payment shall indicate the percentage of completion of each portion of the Work as of the
<br />end of the period covered by the Application for Payment.
<br />
<br />~ 5.1.6 Subject to other provisions of the Contract Documents, the amount of each progress payment shall be
<br />computed as follows:
<br />
<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 A201-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 />
<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 AIA~ Document is protected by U.S. Copyright Law and International Treaties. 3
<br />Unauthorized reproduction or distribution of this AlA'" Document, or eny portion of 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 08:22:14 on 05119/2005 under Order
<br />No.1000150575_1 which expires on 12/812005, and is not for resale.
<br />User Notes: (1988236677)
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