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DocuSign Envelope ID:86A82C13-FF5C-450E-A96B-7CF27BA522DB ARTICLE 5 PAYMENTS §5.1 Progress Payments §5.1.1 Based upon Applications for Payment submitted to the Architect by the Contractor and Certificates for Payment issued by the Architect,the Owner shall make progress payments on account of the Contract Sum to the Contractor as provided below and elsewhere in the Contract Documents. §5.1.2 The period covered by each Application for Payment shall be one calendar month ending on the last day of the month,or as follows: §5.1.3 Provided that an Application for Payment is received by the Architect not later than the 1st day of a month,the Owner shall make payment of the amount certified to the Contractor not later than the 20th day of the same month. If an Application for Payment is received by the Architect after the application date fixed above,payment of the amount certified shall be made by the Owner not later than twenty (20 )days after the Architect receives the Application for Payment. §5.1.4 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 Contract Sum among the various portions of the Work.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 of values shall be used as a basis for reviewing the Contractor's Applications for Payment. §5.1.5 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. I §5.1.6 In accordance with AIA Document A201 rm-2017,General Conditions of the Contract for Construction,and subject to other provisions of the Contract Documents,the amount of each progress payment shall be computed as follows: §5.1.6.1 The amount of each progress payment shall first include: ` .1 That portion of the Contract Sum properly allocable to completed Work; .2 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. t §5.1.6.2 The amount of each progress payment shall then be reduced by: R 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 a 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 s §5.1.7.1 For each progress payment made prior to Substantial Completion of the Work,the Owner may withhold the a following amount,as retainage,from the payment otherwise due: i� 10%Retainage V. i AIA Document A101 T"'—2017.Copyright©1915,1918,1925,1937,1951,1958,1961,1963,1967,1974,1977,1987,1991,1997,2007 and 2017 by The [nit. American Institute of Architects.All rights reserved.WARNING:This AIA°Document is protected by U.S.Copyright Law and International Treaties. 4 j Unauthorized reproduction or distribution of this AIAa Document,or any portion of It,may result In severe civil and criminal penalties,and will be S prosecuted to the maximum extent possible under the law.This document was produced by AIA software at 09:03:49 ET on 03/06/2019 under Order a N0 .4860709151 which expires on 10102/2019,and is not for resale. S User Notes: (1919377707) 4