Laserfiche WebLink
$ 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 In accordance with AIA Document A201rM-2017, General Conditions of the Contract for Conskuction, and <br />subject to other provisions of the Contract Documents, the amount of each progress payment shall be computed as <br />follows: <br />$ 5.1.6.1 The amount of each progress payment shall first include: <br />.1 That portion of the Contract Sum properly allocable to completed Work; <br />,2 That portion of the Conhact Sum properly allocable to materials and equipment delivered and suitably <br />stored at the site for subsequent incorporation in the completed construction, or, ifapproved in advance <br />by the Owner, suitably stored off the site at a location agreed upon in writing; and <br />,3 That portion of Construction Change Directives that the Architect determines, in the Architect's <br />professional judgment, to be reasonably justified. <br />$ 5.1 .6.2 The amount of each progress payment shall then be reduced by: <br />.1 The aggregate of any amounts previously paid by the Owner; <br />.2 The amount, if any, for Work that remains uncorrected and for which the Architect has previously <br />withheld a Certificate for Payment as provided in Article 9 of AIA DocumentA20l-2017; <br />.3 Any amount for which the Contractor does not intend to pay a Subcontractor or material supplier, <br />unless the Work has been performed by others the Conhactor intends to pay; <br />.4 For Work performed or defects discovered since the last payment application, any amount for which <br />the Architect may withhold payment, or nullifu a Certificate of Payment in whole or in part, as provided <br />in Article 9 of AIA Document A20l-2017; and <br />.5 Retainage withheld pursuant to Section 5.1.7. <br />$ 5.1.7 Retainage <br />$ 5.1.7.1 For each progress payment made prior to Substantial Completion of the Work, the Owner may withhold the <br />following amount, as retainage, from the payment otherwise due: 5%o <br />5.1.7.1.1 The following items are not subject to retainage: <br />Not applicable. <br />$ 5.1.7.2 Reduction or limitation of retainage, if any, shall be as follows: <br />Not applicable. <br />$ 5.1.7.3 Except as set forth in this Section5.l.7.3,upon Substantial Completion of the Work, the Contractormay submit an <br />Application for Payment that includes the retainage withheld from prior Applications for Payment pursuant to this Section 5.1.7 <br />The Application for Payment submitted at Substantial Completion shall not include retainage as follows: <br />Not applicable. <br />$ 5.1.8 If final completion of the Work is materially delayed through no fault of the Contractor, the Owner shall pay the <br />Contractor any additional amounts in accordance with Article 9 of AIA Document A20l-2017. <br />$ 5.1.9 Except with the Owner's prior approval, the Contractor shall not make advance payments to suppliers for materials or <br />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 Contractor <br />when <br />,1 the Contractor has fully performed the Contract except for the Contractor's responsibility to correct Work as <br />provided in Article l2 of AIA Document A20l-20I7, and to satisS other requirements, if any, which extend <br />beyond final payment; and <br />,2 a final Certificate for Payment has been issued by the Architect.