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ADMINISTRATION FAX NO 216461055 r u~ ARTICLE 5 PROGRESS PAYMENTS .1 Hascd upon Applications for Paymcnt submi[tcd to the Architcct by the Contractor and CcrtifiCates for Paymcnt issued by [!Ze Architect, the Owner shall maize progress payments on account of the Contract Sum to the Contracwr as provided below 'and elsewhere In the Contract Documents, 5.2 The period Covered by each Application for Payment shall be one calendar month ending on the last day of the month, or as follows: 5.3 Pr~vidrd an Application for Payment is received by the Architect trot later thar1 the 30tH day oFa month, the Owner Shall make payment to the Contractor not later than the 30tH ~Y of ~~ follnwirtg month. If an Applica[ion for Payment 15 received by the Architect after the application date fixed above, payment shall be made by [he Owner not later than 60 days after the Architcct receives the Application for Payment. 5.4 Each Appiiea[ion fpr Pa~'mcnt shall Ue based upon the schedule of values submitted by the Contractor in accordance with the Contract Documents, 1'hc schedule of values shall allocate the entire Conuact Sum among [he various por[ions of the Work and be prepared in such firm anCl suppor[ed by such data to subsuntia[e its accuracy as [he Architect may require, This schedule, unless ol)jectcd to by the Architcct, shall be uses! as a basis for reviewing the Contractor's Applications fur Payment. 5.5 Applications for Paymcnt shall indicate the percentage of completion of each portion of the Wnrk as of the end of the period covered by the Application fc)r Payment. 5,6 Subjcet to the provisions of the Contract Documents, the amount of each progress paymen[ shall be computed as follows: 5,6.1. Take [hat portion of the Contract Sum properly allocable [o comple[ed Work as determined by multiplying t11e perccnt~tge completion of cacti portion of the Work by [he share of [he total Contract Sun1 allocated to that portion of the Work in the schedule of values, less retainage of i ht percent ( °.L), Pending final determination of cost tc~ tic Oa ncr of changes in the Work, amounts not in the d[spute may be included as~rovided in SuI)l~aragraph 7,3,7 of the General Conditions even though the Contract Sum has not yet Ueen adjusted by Change Order; 5,6.2 Add that pc)rtion of the Contract Sum properly allocable to materi:ils and equipment delivered and suitably stored at the site for subsequent incorporation in the completed construction (or, if approved in advance by the Owner, suitably stored off the si[e at a location agreed upon in writing), less retai:tagc of eight purrent percent ( g `~), 5.6.3 Subtract the a r y not applicable ~.egate of previous payments made b [he Owner; and 5,6.4 Subtract amounts, if any, for which the Arc!liteCt has withheld or nuitified a Certificate Cor Payment as provided in Para- graph 9,S of the General Conditions. 5.7 The progress payment amount determined in accordance with Paragraph 5.6 shall be Fur[her modified under the Following circutnstancas: 5.7.1 Add, upon Substantial Completion of the Work, a sum sufFcient to increase the coral payments to ~) of the Contract One huntirec! percent ( 100 Sum, less such amounts as thr Architect shall determine for incomplete Work and unse[tled ciatms; and 5,7.2 Add, if Tina! completion of the Worlt Is [hereafter matcri;illy delayed through no fault of the Contractor, any additional ant0unt8 payable in accordance wi[h Subparagraph 9.10.3 of the Gcncral Conditions. 5.8 Reduction or limitation of retainage, if any, shall be as follows: Not applicable g _ R~ pns itrt+~l~a~r d~5.r~~> ruA~ =;hsra,rd rb(CnMU~itu~(dcf r+rd efseulrere bt tLe~ Gonfrue•t Dvc tmettlsl bt,ert bere pro ~fririt+ns jUrPucbetreduct On yr ~n ltvtr~cirr,)a Aid DOCUMENT A10~ ° OVcNER-C.QNTRACTQR AGRLLMGNT ~ TWHt•BTtt EDITioN ~ A[A'~ • cytvn; THE AMERICAN lNS'rlTl ITI; c7F ARCHI~'I:C75, 17iS NER' YQRh AVcNL'E, N.W., WA5HUVGTQN, D•C. 200U6 A 1®~-1987' ~ ----~