10-10524 - Laserfiche WebLink

Browse Search

4.4 The amount of each progress payment shall be as follows: Ninety percent (90 %) of the portion of the Contract Sum properly allocable to labor, materials and equipment incorporated in the Work and Ninety percent (90 %) of the portion of the Contract Sum properly allocable to materials and equipment suitably stored at the site or at some other location agreed upon in writing, for the period covered by the Application for Payment, less the aggregate of previous payments made by the Owner. 4.5 The Owner shall make payment to the Contractor on or before the 20th of the month for work performed the previous month. 4.6 Upon Substantial Completion of the entire Work, the Owner shall make payment of a sum sufficient to increase the total payments to Ninety -Five percent (95 %) of the Contract Sum, less such amounts as the Architect shall determine for all incomplete Work and unsettled claims as provided in the Contract Documents. 4.7 Each Application for Payment shall be accompanied by an acknowledgement of progress payment and release of liens, signed by Contractor, in a form approved by the Architect/Owner, and, beginning with the second Application for Payment and thereafter, shall also be accompanied by such acknowledgements signed by all major subcontractors and materiahen to whom payments are intended to be made, in order to assure an effective release of mechanics' and materialmens' liens in compliance with the laws of the State in which the Project is located. ARTICLE 5 - FINAL PAYMENT 5.1 Final payment shall be made by the Owner to the Contractor when (1) the Contract has been fully performed by the Contractor and accepted by the Architect except for the Contractor's responsibility to correct defective or nonconforming Work, and to satisfy other requirements, if any, which necessarily survive final payment; (2) a final Application for Payment has been submitted by the Contractor; and (3) a final Certificate for Payment has then been issued by the Architect; such final payment shall be made by the Owner not more than 30 days after the issuance of the Architect's final Certificate for Payment. Owner may withhold 150% of the value of any remaining unfinished or punchlist Work. 5.2 The final Application for Payment shall not be submitted until the Contractor delivers to the Architect (1) a complete release of all liens and/or a waiver of all lien rights arising out of this Agreement; (2) an affidavit that the release and/or waivers of lien includes and covers all materials and services for which a lien could be filed, but Contractor may, if any Subcontractor or supplier refuses to furnish a release in full, furnish a bond satisfactory to Owner and to indemnify Owner against any lien; (3) all warranties, guarantees, maintenance manuals and record drawings required by the Contract Documents, and (4) such other documents and information as Architect or Owner may reasonably request. ARTICLE 6 - ENUMERATION OF CONTRACT DOCUMENTS 6.1 The Contract Documents are as listed in this Article 6 and, except for Modifications issued after execution of this Agreement, are enumerated as follows: 6.1.1 The Agreement is this executed Form of Agreement Between Owner and Contractor. 3