f. Contract approval - Laserfiche WebLink

~ 5.1.7 The progress payment amount determined in accordance with Section 5.1.6 shall be further modified under the following circumstances: .1 Add, upon Substantial Completion of the Work, a sum sufficient to increase the total payments to the full amount of the Contract Sum, less such amounts as the Architect shall determine for incomplete Work, retainage applicable to such work and unsettled claims; and (Section 9.8.5 of AlA Document A201-1997 require.s release of applicable retainage upon Substantial Completion of Work with consent of surety, if any.) .2 Add, if final completion of the Work is thereafter materially delayed through no fault of the Contractor, any additional amounts payable in accordance with Section 9.10.3 of AlA Document A201-1997. ~ 5.1.8 Reduction or limitation of retainage, if any, shall be as follows: (If it is intended, prior to Substantial Completion of the entire Work, to reduce or limit the retainage resulting from the percentages inserted in Sections 5.1.6.1 and 5.1.6.2 above, and this is not explained elsewhere in the Contract Documents, insert here provision.s for such reduction or limitation.) With satisfactorY oroiect oro~ss and workmanshio. retaina~e will cease once 7.5% of the contract amount has been retained. ~ 5.1.9 Except with the Owner's prior approval, the Contractor shall not make advance payments to suppliers for materials or equipment which have not been delivered and stored at the site. ~ 5.2 FINAL PAYMENT ~ 5.2.1 Final payment, constituting the entire unpaid balance of the Contract Sum, shall be made by the Owner to the Contractor when: .1 the Contractor has fully performed the Contract except for the Contractor's responsibility to correct Work as provided in Section 12.2.2 of AlA Document A201-1997, and to satisfy other requirements, if any, which extend beyond final payment; and .2 a final Certificate for Payment has been issued by the Architect. ~ 5.2.2 The Owner's final payment to the Contractor shall be made no later than 30 days after the issuance of the Architect's final Certificate for Payment, or as follows: N/A ARTICLE 6 rERMINA nON OR SUSPENSION ~ 6.1 The Contract may be terminated by the Owner or the Contractor as provided in Article 14 of AlA Document A201-1997. ~ 6.2 The Work may be suspended by the Owner as provided in Article 14 of AlA Document A20l-1997. ARTICLE 7 MISCELLANEOUS PROVISIONS ~ 7.1 Where reference is made in this Agreement to a provision of AlA Document A201-1997 or another Contract Document, the reference refers to that provision as amended or supplemented by other provisions of the Contract Documents. ~ 7.2 Payments due and unpaid under the Contract shall bear interest from the date payment is due at the rate stated below, or in the absence thereof, at the legal rate prevailing from time to time at the place where the Project is located. (Insert rate of interest agreed upon, if any.) ) Der annum AlA Document A101T11-1997. Copyright C> 1915,1918,1925.1937,1951,1958,1961.1963,1967,1974,1977, 1987.1991 and 1997 by The American Institute of ArchiteclS. All rights reserved. WARNING: ThIs AlAe Document Is protected by U.s. Copyright Law and Intsmatlonal Treaties. 4 Unauthorized reproduction or distrIbution of this AlAe Document, or any portion of II. may resull In severe clvO and criminal penalt.... snd will be prosecuted to the maximum extent possIble under the law. This document was produced by AlA software at 08:49:03 on 09/15/2005 under Order No.1ooo192558_1 which expires on 8/1112006, and is not for resale. User Notes: (691706547)