2020-26 - Approve Design Build of Cove Church

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Formatted: Strikethrough § A.1.5.4 Progress Payments —Cost of the Work Plus a Fee with a Guaranteed Maximum Price § A.1.5.4.1 Applications for Payment where the Contract Sum is based upon the Cost of the Work Plus a Fee with a Guaranteed Maximum Price shall show the percentage of completion of each portion of the W.' ork as of the dnd of the period covered by the Application for Payment. The percentage of completion shall be the lesser Of (1) the percentage of that portion of the Work which has actually been completed; or (2) the percentage obtained by dividing (a) th6 expense that has actually been incurred by the Design -Builder on account of that portion of the Work for which the Design -Builder has made or intends to make actual payment prior to the next Application for meat` �,_N"" ' the"shale "`�°°`+` P Y P PP Y� Y �� of the Guaranteed Maximum Price allocated to that portion of the Work in the schedule of values.. n:.... r:> ........ ».. § A.1.5.4.2 Subject to other provisions of the Design -Build Documents, the amount of each progress payment shall be computed as follows: } .1 Take that portion of the Guaranteed Maximum Price properly allocable to completed Work as determined by multiplying the percentage of completion of each portion of the Work by the share, of the Guaranteed Maximum Price allocated to that portion of the Work in the sch:6dule.:Q.fwgues. Pending final determination of cost to the Owner of changes in the Work, amounfs�notan dispute shall be included as provided in Section 6.3.9 of the Agreement. .2 Add that portion of the Guaranteed Maximum Price properly allocable to materials and *equipment delivered and suitably stored at the site for subsequent incorporation in the Work, or if approve'F^tn advance by the Owner, suitably stored off the site at a location agreed.upon in writing; .3 Add the Design -Builder's Fee, less retainage of j ie�1 percents c i U_y %)_ The Desk -Builder's Fee_ _ Formatted: Highlight shall be computed upon the Cost of the Work at the rate stated in Section A.1.4 2 or,fi-f-tlte Design- "N v Formatted: Highlight Builder's Fee is stated as a fixed sum in that Section, shall be an amount that beam the same rat1Q to that ` fixed -sum fee as the Cost of the Work bears to a reasonable estimate of the probable Bost of the WQtk s upon its completion, ..... _a..... .4 Subtract retainage of percent (« 10 >i %) from that portion of the Work that the_Desikn Blunder _..-.._........ _..... __............... _.. ........ _ .....__.._.._... _...... _............... ............... ; -_ - -� Formatted: Highlight self -performs; Formatted Highlight .5 Subtract the aggregate of previous payments made by the Owner; .6 Subtract the shortfall, if any, indicated by the Design -Builder in the documenfatiau requuedr b y f,:<f Section A.1.5.1.4 to substantiate prior Applications for Payment, or resulting from errors subsequently discovered by the Owner's auditors in such documentation; and .7 Subtract amounts, if any, for which the Owner has withheld or nullified a payment as provided in Section 9.5 of the Agreement. § A.1.5.4.3 The Owner and Design -Builder shall agree upon (1) a mutually acceptable proc approval of payments to the Architect, Consultants, and Contractors and (2) the percentage agreements with the Architect, Consultants, and Contractors; and the Design -Builder shall accordance with those terms. t .. lure fpr"teview and'"*'""""""--........,.,., 5f rotainage held on xedute agreements in § A.1.5.5 Final Payment § A.1.5.5.1 Final payment, constituting the entire unpaid balance of the Contract Sum, shallbe made by the Owner to ..r. i the Design -Builder not later than 30 days after the Design -Builder has fully performed the Co�rtraet arrdrtheN. r>:r> - tr requirements of Section 9.10 of the Agreement have been satisfied, except for the Design -Builder's responsibility to AIA Document A141"' — 2014 Exhibit A. Copyright © 2004 and 2014 by The American Institute of Architects. All rights reserved. WARNING: This AIA" Document is protected by U.S. Copyright Law and International Treaties. Unauthorized reproduction or distribution of this AS.A" 5 Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This draft was produced by AIA software at 06:51:30 ET on 04/14/2020 under Order No.6771434791 which expires on 03/06/2021, and is not for resale. User Notes: (1345484614)