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ARTICLE 5 PAYMENTS § 5.1 Progress Payments '1 lSased upon Applications for Payment submitted to the Architect by the Contractor and Certificates for s pissued by the Architect, the Owner shall make progress payments on account of the Contract Sum to the as provided below and elsewhere in the Contract Documents. y 5k1.2`The period covered by each Application for Payment shall be one calendar month ending on the last day of the ttt>atth, or as follows: CEJ § 061.3 Proms that an Application for Payment is received by the Architect not later than the 30 day of a month, the mer shke payt of the amount certified to the Contractor not later than the 30 day of the following month. If i*,A icatio for Payment is received by the Architect after the application date fixed above, payment of arnot .e tified sW' be made by the Owner not later than thirty ( 30 ) days after the Architect receives the �;;fYpplIG�11:7Y11'kUi ra.Y,ru..ea... ; Fe dee or local lams Mary require payment within a certain period of time.) § LIA, E`Applicatiott h Nyment shall be based on the most recent schedule of values submitted by the Cir ©rdan� the Contract Documents. The schedule of values shall allocate the entire Contract Sum =the haus portivnsof the Work. The schedule of values shall be prepared in such form, and supported by such su�itiate its accuracy, as the Architect may require. This schedule of values shall be used as a basis for Teviewing Contractor's Applications for Payment. 5.0 Applications for ent shall show the percentage of completion of each portion of the Work as of the end of the period covered by *e Application for Payment. § LU In accordance vf-0 AIA Document A20ITm-2017, General Conditions of the Contract for Construction, and sub ttoother pro, of the Contract Documents, the amount of each progress payment shall be computed as 5,J.&,1 The amount of each progress payment shall first include: .'l That portion of the Contract Sum properly allocable to completed Work; a That portion of the Contract Sum properly allocable to materials 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 site at a location agreed upon in writing; and .3 That portion of Construction Change Directives that the Architect determines, in the Architect's professional judgment, to be reasonably justified. § 5A.6.2 The amount of each progress payment shall then be reduced by: .1 The aggregate of any amounts previously paid by the Owner; .2 The amount, if any, for Work that remains uncorrected and for which the Architect has previously withheld a Certificate for Payment as provided in Article 9 of AIA Document A201-2017; .3 Any amount for which the Contractor does not intend to pay a Subcontractor or material supplier, unless the Work has been performed by others the Contractor intends to pay; .4 For Work performed or defects discovered since the last payment application, any amount for which the Architect may withhold payment, or nullify a Certificate of Payment in whole or in part, as provided in Article 9 of AIA Document A201-2017; and .5 Retainage withheld pursuant to Section 5.1.7. § 5.1.7 Retainage § 5.1.7.1 For each progress payment made prior to Substantial Completion of the Work, the Owner may withhold the following amount, as retainage, from the payment otherwise due: (Insert a percentage or amount to be withheld as retainage from each .4pplication for Payment. The amount of retainage mai' be limited by governing law.) 10% AIA Document A101®— 2017. Copyright ©1915, 1918, 1925. 1937, 1951, 1958, 1961. 1 963, 1967, 1974. 1971, 196f. IUVI, ytJf, tuui anu 4ui. uy Init. American Institute of Architects. All rights reserved. The "American Institute of Architects." "AIA.' the AIA Logo, "A101.' and "AIA Contract Documents' are registered trademarks and may not be used without permission. This document was produced by AIA software at 11:17:20 ET on 05/07/2020 under Order / No.8985025115 which expires on 05/29/2020, is not for resale. is licensed for one-time use only, and may only be used in accordance with the AIA Contract Documents` Terms of Service. To report copyright violations. e-mail copyright@aia.org. (1447579440) User Notes: