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N/A ARTICLE 5 PAYMENTS <br />$ 5.1 Progress Payments <br />$ 5'1.1 Based upon Applications for Payrnent subrnitted to the Architect by the Contractor and Certihcates for <br />Payment issued by the Architect, the Owner shall make plogl'ess payments on account of the Contract Sum to theconfiactor as provided belorv and elsewhere in the contract Documents. <br />$ 5'1.2 The period covercd by each Application for Payment shall be one calendar month ending on the last day of themonth, or as follows: <br />$ 5.1'3 Provided tltat an Application for Payment is received by the Architect not later than the last day of a month, <br />the Owner shall make payment of the amount certified to the Contractor not later tlan the last day of the next month.If an Application fol Payment is received by the Architect after the application date fixed abwejpayment of the <br />amount certified shall be rnade by the Owner not later than thiLty ( 3l ) aayr after the Architect receives theApplication for Payment. <br />(Federal, state ot' Iocal le\vs nwy require payntent within a certain periort of time.) <br />$ 5.1.4 Each Application for Payment shall be based on the most recent schedule of values slbmitted by the Contractorin accordance with the Contract Documents. The schedule of values shall allocate the entire Contract Sum among thevatjous portions of the Work. The schedule of values shall be preparcd in such form, and supported by such data-to <br />zubstantiate its accuracy, as the Architect may rcquile. This schedule of values shall be ur.O ur a basis for reviewing <br />the Contractor's Applications for Payment. <br />$ 5'1.5 Applications for Payment shall show the percentage of completion of each portion of the Wor.k as of the end ofthe period covered by the Application for payment. <br />$ 5'1.6 ln accordance with AIA Document A20[M--2017, General Conditions of the Contract for Construction, and <br />subject to other provisions of the Contract Doculnents, the amount of each plogress payment shall be computed asfollows: <br />$ 5.1.6.1 The amount of each progress payment shall first include:.1 That portion of the Contract Sum properly allocable to completed Work; <br />'2 That portion of the Contract Sum properly allocable to materials and equipment delivered and suitably <br />stored at the site for subsequent incorporation in the cornpleted conshuction, o4 ifapproved in advance <br />by the Owner, suitably stored off the site at a location agreed upon in writing; and.3 That portion of Construction Change Dircctives that theArchitect determind n tn" Architect,s <br />professional judgment, to be reasonably justifi ed. <br />$ 5.1.6.2 The amount of each progress payment shall then be reduced by:,1 The aggregate of any amounts previously paid by the Owner; <br />'2 The amount, if any, for Work that remains unconected and for which the Architect has previously <br />withheld a Certificate for Payment as provided in Article 9 of AIA Document 420I--2Ai7;.3 Any amount for which the Conhactor does not intend to pay a Subcontractor or material supplier, <br />unless the Work has been perfouned by others the Contractor intends to pay;-4 For Wor* performed or defects discoveled since the last payment application, any amount for which <br />the Architect may withhold payment, or nullifli a Certificate of payment in whole or in part, as provided <br />in Article 9 of AIA Document A20l-2017; and.5 Retainage withheld pursuant to Section 5.1.7. <br />$ 5.1.7 Retainage <br />! 5.1'7:1 For each progr€ss payment made prior to Substantial Completion of the Work, the Owner may withhold thefoliowing amount, as retainage, fiorn the payment otherwise due: <br />(Insert a percentage or amount to be withheld as retainagefi'om each Applicationfor Payment. The amount of <br />retahtage may be limited by goventing law.) <br />s% <br />AIA Document A101@ - 2017. Copyright @ 1 91 S, .l 91 8, 1rg21, 1gg7 , 1 951, tS58, 1 961, 1 963, 1967, 197 4, 1977, 1587, 1 991, 1 997 ,2007 and 2017 by The <br />Documenls" areAmerican lnstitute of Architects. All righls reserved. The "American lnstltute of Architscts,'"AlA," the AIA Logo, "A101,'and "AlA Conlractregisteredtrademarks and may not be used without permission,This document was produced by AIA software at 13:51:S7 pT on 12101t2O22 under OrderNo.2l1 4266930 which expires on 0111012023, is not for resale, is licensed for one-lime use only, and may only be used in accordanc€ w;th the AIA ContractDocuments@ Terms of Service. To report copyright violations, e-mail <br />User Notes: <br />lnit. <br />copyrighl@aia.org. <br />{1885500467) <br />4