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<br />~s..1J ThepIO.gJ:ess payment amount determined in accordance with Section5.L6 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.applicableto such work ,and .I1D<:P.tt]pilclaint.s~-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 />A20l-1997.
<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 5.1.6.1 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 />t 'With satisfactorv project progress and worKmanship. retainage will cease once 7:5% ofllie contract amount
<br />I has been retained.
<br />
<br />i'5.1;9 Exeeptwith the Owner's-pTIor approval, the -Contractor 'shallnotmake'advance payments tosoppliers fur
<br />materials or equipment which have not been delivered and stored at the site.
<br />
<br />,~~ flN.A!,. PA~N.T
<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-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 />95.2;2The Owner"'s final payment to the Contractor snalloe made no later than 3U days after ffieissuance oI'the
<br />Architect's rmal Certificate for Payment, or as follows:
<br />
<br />lNl'A
<br />
<br />ARTICLE 6 TERMINATION OR SUSPENSION
<br />~;~A TheCOl'ltract, JWly -t>e -t~mril#lted -bythe9wner %,t}le .c;o,nlfactQrasprcQvj4ed,ifl ~le 14 -of AlA Pocw.ment
<br />A201-l997.
<br />
<br />,~6.2 The Work may be suspended by the Owner as provided in Article 14 of AlA Document A20l-1997.
<br />
<br />ARTICLE 7 MISCELLANEOUS PROVISIONS
<br />~ 7.1 Where reference is made in this Agreement to a provision of AlA Document A201-l997 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 />97.'2 Payments due and unpaid under the Contract sfia1lbearfuterest from tlie date paymentis due at tlie 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, ifany;)
<br />
<br />Nt A ) per annum
<br />
<br />AlA 'Ductlment-A1IW'" - 1991.Copyrlgtlt@ 1~1S, 1~18. 1925, 1931,1951, HISS, 1$1, 1963, H/67, 11l-1'4, 1977, Hla7, lSS'1'ant!'l997tly, TireAroerit:an
<br />Inst~u1e of ArcMects. All rights reserved. WARNING: This AlA" Document Is protected by U.S. Copyright Law and International Treaties. 4
<br />Unauthorized reproduction or distribution of this AlA" Document, or any 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 09:38:11 on 09115/2005 under Order
<br />No,loo0192558_1 which expires on 8/11/2006, and is nol for resale.
<br />User Notes: (1925478~43)
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