Reso 2008-1221 - Laserfiche WebLink

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6. Each application for Payment shall be based on the most recent schedule of values submitted by Contractor in accordance with the Contract Documents, The schedule of values shall allocate the entire guaranteed maximum Contract Price among the various portions of the Work, except that the Contractor's Fee shall be shown as a separate item. The schedule of values shall be prepared in such form and supported by such data to substantiate its accuracy as the Engineer may require. This schedule, unless objected to by the Engineer, shall be used as a basis for reviewing the Contractor's Applications for Payment. 7. Appl ications 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: (I) 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 Contract Price allocated to that portion of the Work in the schedule of values. 8. Subject to the provisions of the Contract Documents, the amount of progress payments shall be computed as follows: a) take that portion of the Contract Price properly allocable to the computed Work as determined by multiplying the percentage of completion of each portion of the Work in the schedule of values. Pending final determination of the costs to the Owner of changes in the Work, amounts not in dispute shall be included in the Application for Payment along with Change Order, Work Change Directive or Written Amendment indicating the parties' agreement with all or part of such costs for additional Work. b) add the portion of the Contract 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 Owner, suitably stored off-site at a location agreed lIpon in writing. c) add the Contractor's Fee, less the ten percent (10%) Retainage. The Contractor's Fee shall be computed upon the Cost of the Work described in the preceding clauses at the rate in accordance with Paragraph 11,0 t.C or, if the Contractor's Fee is stated as a fixed sum, then it 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 Work upon completion. d) subtract the aggregate of the previous payments made by the Owner; e) subtract the shortfall, if any, indicated by the Contractor in the supporting records and other evidence as mutually agreed between the Owner or Engineer and Contractor to demonstrate expenditures incurred to substantiate prior Applications for Payment, or resulting from errors subsequently discovered by Owner, or designee; f) subtract the amounts, if any, for which the Architect has withheld or nullified Certificate for Payment in accordance with the provisions of the Contract Documents. " In Paragraph ]4,02,8., change the beginning of the sentence: from "Ten days..." to read: "Forty-five days...", In Paragraph 14.02.C.1, insert the following: Oct. 2007 SUPPLEMENTARY CONDITIONS 00800- 7