Reso 2002-433 - Laserfiche WebLink

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supporting records and other evidence as mutually agreed between the owner or Architect and Contractor to demonstrate expenditures incurred. 12.1.5 Each Application for Payment shall be based on the most recent schedule of values submitted by the Contractor in accordance with the Contract Documents. The schedule of values shall allocate the entire Guaranteed Maximum Price among the various portions of the Work, except that the Contractor's Fee shall be shown as a single separate item. The schedule of values shall be prepared in such form and supported by such data to substantiate its accuracy as the Architect may require. This schedule, unless objected to by the Architect, shall be used as a basis for reviewing the Contractor's Applications for Payment. 12.1.6 Applications for Payment shall show the percentage of completion of each portion of the Work as of the end 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) the expense that has actually been incurred by the Contractor on account of that portion of the Work for which the Contractor has made or intends to make actual payment prior to the next Application for Payment by (b) the share of the Guaranteed Maximum Price allocated to that portion of the Work in the schedule of values. 12.1.7 Subject to other provisions of the Contract 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 detennined 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 schedule of values. Pending final detennination of cost to the Owner of changes in the Work, amounts not in dispute shall be included as provided in Subparagraph 7.3.8 of AlA Document A201-1997; .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 approved in advance by the Owner, suitably stored off the site at a location agreed upon in writing; .3 add the Contractor's Fee, less retainage ofTen percent ( 10 %).The Contractor's Fee shall be computed upon the Cost of the Work described in the two preceding Clauses at the rate stated in Subparagraph 5.1.2 or, if the Contractor's Fee is stated as a fixed sum in that Subparagraph, shall be an amount that bears the same ratio to that fixed-sum fee as the Cost of the Work in the two preceding Clauses bears to a reasonable estimate of the probable Cost of the Work upon its completion; .4 subtract the aggregate of previous payments made by the Owner; .5 subtract the shortfall, if any, indicated by the Contractor in the documentation required by Paragraph 12.1.4 to substantiate prior Applications for Payment, or resulting from errors subsequently discovered by the Owner's accountants in such documentation; and .6 subtract amounts, if any, for which the Architect has withheld or nullified a Certificate for Payment as provided in Paragraph 9.5 of AlA Document A201-1997. 12.1.8 Except with the Owner's prior approval, payments to Subcontractors shall be subject to retainage of not less than Ten percent (1Q %). The Owner and the Contractor shall agree upon a mutually acceptable procedure for review and approval of payments and retention for Subcontractors. 12.1.8.1 Subiect to the approval of the City Commission upon mutual agreement by Owner and Contractor. payment in full may be made to those subcontractors whose Work is fully cOJllPleted during the early stages of the Proiect. Notwithstanding Paragraphs 12.1.7 and 12.1.8 above, at such times as the Work as set forth in the schedule of values has been 50% cOJllPleted. and upon mutual a&Ieement of the Owner and Contractor. no further retainage shall be withheld from progress payments with respect to such portion of the Work. Agreement to any such reduction in retained amounts will not constitute a waiver of or otherwise preiudice the Owner's right to subsequently reinstate full retainage. as to that subcontractor. should circumstances iustify such action in the Owner's sole iudgement. 12.1.8.2 Upon Substantial Completion of the entire Work of the Contractor. a sum. sufficient to increase payments to the Contractor to one hundred percent (100%) of the Contract Sum. less amounts. if any. for incomplete Work and unsettled claims. shall be paid to @ AIA DOCUMENT AlII -OWNER - CONTRACTOR AGREEMENT - 1997 EDITION - AIA - COPYRIGHT 1997 - THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVENUE NW" WASHINGTON, D,C. 20006-5292. WARNING: Unlicensed photocopying violates U,S, copyright laws and will subject the violator to legal prosecution, This document was electronically produced with permission of the AIA and can be reproduced without violation until the date of expiration as noted below, expiration as noted below, expiration as noted below, User Document: a III city of sunny,aia 0- 4/11/2002, AIA License Number 1000746, which expires on 8/812002, Electronic Fonnat A111-1997 10 'f-()