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<br />§ 5.1.3 Provided that an Application for Payment is received by the Architect not later than the day of a month, the
<br />Owner shall make payment of the certified amount to the Contractor not later than the day of the month. If an
<br />Application for Payment is received by the Architect after the application date fixed above, payment shall be made by
<br />the Owner not later than ( ) days after the Architect receives the Application for Payment.
<br />(Federal, state or local latus may require payment within a certain period of time.)
<br />§ 5.1.4 Each Application for Payment shall be based on the most recent schedule of values submitted by the Contractor
<br />in accordance with the Contract Documents. The schedule of values shall allocate the entire Contract Sum among the
<br />various portions of the Work. The schedule of values shall be prepared in such form and supported by such data to
<br />substantiate its accuracy as the Architect may require. This schedule, unless objected to by the Architect, shall be used
<br />as a basis for reviewing the Contractor's Applications for Payment.
<br />§ 5.1.5 Applications for Payment shall show the percentage of completion of each portion of the Work as of the end of
<br />the period covered by the Application for Payment.
<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 />.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 percent ( %).
<br />Pending final determination of cost to the Owner of changes in the Work, amounts not in dispute shall
<br />be included as provided in Section 7.3.9 of AIA Document A201T1'42007, General Conditions of the
<br />Contract for Construction;
<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 in
<br />advance by the Owner, suitably stored off the site at a location agreed upon in writing), less retainage of
<br />percent ( %);
<br />.3 Subtract the aggregate of previous payments made by the Owner; and
<br />.4 Subtract amounts, if any, for which the Architect has withheld or nullified a Certificate for Payment as
<br />provided in Section 9.5 of AIA Document A201-2007.
<br />§ 5.1.7 The progress payment amount determined in accordance with Section 5.1.6 shall be further modified under the
<br />following circumstances:
<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 AIA Document A201-2007 requires release of applicable retainage upon Substantial
<br />Completion of Work with consent of surety, if any.)
<br />.2 Add, if final completion of the Work is thereafter materially delayed through no fault of the Contractor,
<br />any additional amounts payable in accordance with Section 9.10.3 of AIA Document A201-2007.
<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 resultingfirom the
<br />percentages inserted in Sections 5.1.61 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 />§ 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 />§ 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 />.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 AIA Document A201 2007, and to satisfy other requirements, if
<br />any, which extend beyond final payment; and
<br />AIA Document A101 TM - 2007. Copyright O 1915, 1918, 1925, 1937, 1951, 1958. 1961, 1963, 1967, 1974, 1977, 1987, 1991, 1997 and 2007 by The American
<br />Institute of Architects. All rights reserved. WARNING: This AIA` Document is protected by U.S. Copyright Law and International Treaties. Unauthorized
<br />reproduction or distribution of this AIA" Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the
<br />maximum extent possible under the law. This document was produced byAlA software at 07:58:16 on 02/01/2012 under Order No.6663810308_1 which expires
<br />on 01/24/2013, and is not for resale.
<br />User Notes: (1967745135)
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