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ARTICLE 5 PROGRESS PAYMENTS 5.1 Based upon Applicltions for P;Jyment submillnl to tlie Arclllll'CI bl the COl1lr;IC(()f" and Cl'!'t1tkates fur Payment issued h\ Illl' Architect, the Owner shall m:lke progress pa\'menls (,n aCl'ounl of the Contract Sum to the Contractor ;lS provided Ix'low 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, ur ;lS follows: 5.3 Provided an Application for Payment is received by thl' Architect not later than the TWENTY FIFTH day of a month, the Owncr shall make pavmcnt to the Contractor notlatl'!' than the TENTH day of the FOLLOWIN(gonth, If an Application for Payment is rc'c'l'ived by the Architect after the application date tlxed abovc', payment shall be made by the Owner not later than days after the Architect receives the Application for Payment. 5.4 Each Application for Payment shall be hased upon the Schedule of Values submitted by the Contractor in ;Jccordancl' with the Contract Documents, The Schedule of Values shall allocate the entire Contract Sum among the various portions of the \X/ork and be prepared in such form and supported b\' such data to substantiate its accuracy as the Archit('('t may requirl' Thi.s Schnlult, unless objc'l'ted to by the Architect, shall be usnl as a b;l.S1s for reviewing the Contra('!()f"'.s Applicltions 1<,,' P;iyml'llI 5.5 Applications for Payment shall indicate the percentage of completion of each portion of the Work as of the end of the pel'lod covered by the Application for Payment, 5.6 Subject to the provisions of the Contract Documents, the amount of each progress payment shall be computed as f()lIows' 5.6.1 Take that portion of the Contract Sum properly allocable to completed Work as detennllled by multiplYlflg the pelu'nta).(l' completion of each portion of the Work by the share of the total Contract Sum allocated to that portion of the \\'ork In till' Schedule of Values, less retainage of TEN lX'l'l'l'nl (10 IX,), Pending tlnal determin:ltion of cost to the Owner of changes in the Work, alllou:lts not in dispute 1ll;1\' bl' included as provided in Subparagraph 7,5,7 of the (ienl'!'al Conditions even though the Contract SUIll has not yet been adjusted b\ Change Order; 5.6.2 Add that portion of the Contract Sum properly allocable to materials and equipment delin:red and suitably stored at the site for subsequent incorporation in the completed construction (or, if approved in advance by the Owner, suitably stored off tile site at a location agreed upon in writing), less retainage of TEN percent ( 10 %); 5.6.3 Subtract the aggregate of previous payments made by the Owner; and 5.6.4 Subtract amounts, if any, for which the Architect has withheld or nullified a Certificate for Payment as provided In PaL,' graph 9,5 of the General Conditions 5.7 The progress payment amount determined in accordance with Paragraph 5,6 shall be further modified uncler thl' fo!l()willg circumstances: 5.7.1 Add, upon Substantial Completion of the Work, a sum sufficient to increase the total payments to ONE HUNDRED percent ( 100 %) of the Contral'[ Sum, less suc'h amounts as the Architect shall determine for incomplete Work and unsettled claims; and 5.7.2 Add, if tlnal completion of the \';-'ork is tllL'l'e;li'ter lllaterLilly delayed through no fault of the Contractor, any addillonal amounts payable in accordance with Suhparagr;iph <),1 (),5 of the General Conditions, 5.8 Reduction or limitation of I'etainage, If anv, shall he as follows: (If i/ is in/ended, pl'iol' /0 Subs/alllia/ Com/J/elioll oJ Ihe elllll'e U""I'.(>. (() I'eel//((' (II' /1/11I1 Ibe I'('/aillal<e I'es//ltilll< /ml/1 Ibe fiene/ltal<es illsel'!ed 1/1 ,'//1)/1(//'(/ graphs 5.6. J and 5.6.2 abOl'(!, and tlJls is nut e.\/JItJiJ/ed l'Isi'lrher(' ill the CUIl/rael 1)()(:ume1l1s, iusert here pnwismlls lor SIK/) redUCl/(1fI or 11mila/IUN } UPON (50%) FIFTY PERCENT COMPLETION RETAINAGE WILL BE REDUCED TO (5%) FIVE PERCENT. AlA DOCUMENT Al0l . OWNI:H-CONTRACTOR A(;HH~IENT . TWHFTII UlITIO:-; . AlA"' . (( I\.lH' TIlE AMERICAN INSTITUTE OF ARCIIITECTS, 1755 NEW YURK AVENUE, NW, WASlIlNUrUN, D.l. 2(Jll(X) A101.1987 4