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(Table deleted) (Paragraphs del; ted) (Table deleted) (Paragraphs deleted) ARTICLE 4 PAYMENTS § 4.1 PROGRESS PAYMENTS § 4.1.1 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. § 4.1.2 The period covered by each Application for Payment shall be one calendar month ending on the last day of the month, or as follows: On the 25 of the month, and include partial lien waivers for previous payments made to contractor, subcontractors, and materials. (Paragraphs deleted) § 4.1.4 Retainage, if any, shall be withheld as follows: Hold final payment until receipt of final lien releases & close -out documents. § 4.1.5 Payments due and unpaid under the Contract shall bear interest from the date payment is due at the rate stated below, or in the absence thereof, at the legal rate prevailing from time to time at the place where the Project is located. (Insert rate of interest agreed upon, if any.) I Twelve % 12 § 4.2 FINAL PAYMENT § 4.2.1 Final payment, constituting the entire unpaid balance of the Contract Sum, shall be made by the Owner to the Contractor when .1 the Contractor has fully performed the Contract except for the Contractor's responsibility to correct Work as provided in Section 18.2, and to satisfy other requirements, if any, which extend beyond final payment; .2 the contractor has submitted a final accounting for the Cost of the Work, where payment is on the basis of the Cost of the Work with or without a guaranteed maximum price; and I .3 a final Certificate for Substantial Completion is issued by Architect. § 4.2.2 The Owner's final payment to the Contractor shall be made no later than 30 days after the issuance of the Architect's final Certificate for Payment, or as follows: Final lien releases from all contractor and subcontractors. Architect certificate of substantial completion. ARTICLE 5 DISPUTE RESOLUTION § 5.1 BINDING DISPUTE RESOLUTION For any claim subject to, but not resolved by, mediation pursuant to Section 21.3, the method of binding dispute resolution shall be as follows: (Check the appropriate box. If the Owner and Contractor do not select a method of binding dispute resolution below, or do not subsequently agree in writing to a binding dispute resolution method other than litigation, claims will be resolved in a court of competent jurisdiction.) [X] Arbitration pursuant to Section 21.4 of this Agreement [ ] Litigation in a court of competent jurisdiction Init. AIA Document A107 — 2007. Copyright © 1936, 19 51, 1958, 1961, 1963, 1966, 1970, 1974, 1978, 1987, 1997 and 2007 by The American Institute of Architects. All rights reserved. WARNING: This Ale Document Is protected by U.S. Copyright Law and International Treaties. Unauthorized 4 reproduction or distribution of this AIA Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the t maximum extent possible under the law. This document was produced by AIA software at 13:11:21 on 09/15/2009 under Order No.8649255540_1 which expires on 09/30/2010, and is not for resale. User Notes: (1093954413)