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AltemateNo; M~l- SPOOl! Construction'-Mechanical Work for the additiona:lamount of Ten Thousand Dollars and NollOO (+$10.000.00). Alternate No. M-2 - Summer Boiler for the additioruu amount of Fifty-ODe Thousari.d. Seven Hundred Fifty Dolfurs and Noll 00 (+$51.750.00). ~ ,(:Himt pnces, If any, are as follows: Description N/A Units Price ($ 0.00) 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 da)' of the month, or as follows: ! 5.1.3 Provided that an Application for Payment is received by the Architect not later th.an the Twenty-fifth day of a month, tlie Owner shall make paymentto the Contractor not later.than the .uw day of the follO\vin~ month. If an Application ror Payment IS reCeIved oy the An:hitecf after the application date fued' above, payment sllalf De made by the Owner not later than Forty-Five ( 45 ) days after the Architect receives the Application for Payment. ! 5,1.4Eacll Application for Payment shall be ba:sed on the inO'St recent schedule of \'alues 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 suchWita to substantiate its accuracy as the Architect n;lilY req\lire. 'Jbis 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 indicate 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 Sumproperly allocable to compl~ted Work as d~termined by niiiitiplyfiig the percentage completion of each portion of the Wod by the shafe of iiie Confract Sum allocated to that portion of the Work in the schedule of values, less retainage of Ten percent ( 10.00% ). Pending final determination of cost to the Owner of changes in the Work, amounts not in dispute sfuill be incloded a:s provided in Sectlon7.3:8 of AlA Document A201-1997; .2 Add that portion of the Contract Sum properly allocable to materials and equipment delivered and suitably stored at the site for subsequent incorporation in the completed construction (or, if approved in advance by the Owner, suitably stored off the site at a location agreed upon in writing), less retainage of Ten nercent ( ~); .3 Subtract the aggregate of previous payments made by the Owner; and .4 Subtract amounts. if any. for which the Architect has withheld or nullified a Certificate rot: }>aymenl as provided in Section 9.5 of AlA Document AZOl-l997. NA-DocumeiitA10,lII":199'7. Copyright 0 1!H5,1~i8,1~25.1~37, 1~S1, 1958,1!l61, 1963,1!l67, 1&74; 19n, 1987, 1991altd1991IiyTh&Affleiican Institute of Architects. All rights reserved. WARNING: This AlAe Document Is protected by U.s. Copyright Law and International Treaties. 3 Unauthorized reproductIon or distribution of thIs AlAe Document, or any portion of h, may result In severe civil and criminal penahles. and will be prosecuted 10 the maximum extent possible under the law. This document was produced by AlA software at 08:49:03 on 0911512005 under Order /11,0.1099192558_1 which expires on 8/1112006, and Is nollor resale. User Noles: (691706547)