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CVS CONSTRUCTION AGREEMENT ARTICLE 3. TIME OF COMMENCEMENT AND COMPLETION The Work to be performed under this Contract shall commence as specified in the Notice to Proceed from CVS and shall be completed September 10,2010 All of the time limits stated in the CONTRACT DOCUMENTS and herein are of the essence of this Contract. By executing this Contract, the Contractor confirms that times designated for commencement and completion of the Work are fair and reasonable. ARTICLE 4. THE CONTRACT SUM CVS shall pay the Contractor for the Work performed under the terms of this Contract, subject to additions and deductions by Change Order as provided in Article 20 hereof, and all other terms provided herein, the Contract Sum of $114,988.00 One Hundred Fourteen Thousand, Nine Hundred Eighty -Eight Dollars and 00 /100 . ARTICLE 5. PERIODIC PAYMENTS The Contractor's Periodic Application For Payment is to be submitted on a Form, AIA -G702, on the last day of each month for work performed during such month or any portion thereof. Based upon such Application For Payment submitted to CVS by the Contractor, CVS shall make periodic progress payments on account of the Contract Sum to the Contractor as follows: Each application for payment shall be based upon the 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 and be prepared in such form and supported by such data to substantiate its accuracy as CVS may require. This Schedule shall be used as a basis for reviewing the Contractor's Applications for Payment. Within thirty (30) days of receipt of periodic application for payment, ninety (90 %) percent of the proportion of the Contract Sum properly allocated to labor, materials and equipment incorporated in the Work during the previous calendar month and ninety (90 %) percent of the portion of the Contract Sum properly allocable to materials and equipment suitably delivered to and stored at the site during such previous calendar month shall be paid to the Contractor. The Contractor shall promptly pay each subcontractor upon receipt of payment from CVS, out of the amount paid to the Contractor on account of such subcontractor's work, the amount to which said subcontractor is entitled, reflecting the percentage actually retained, if any, from payments to the Contractor on account of such subcontractor's work. The Contractor shall, by an appropriate agreement with each subcontractor, require each Subcontractor to make payments to their sub - subcontractors in similar manner. CVS shall have no obligation to pay or to see to the payment of any monies to any subcontractor except as may otherwise be required by law. The Contractor shall be responsible for delivering to CVS, within five (5) days after all such payments are made, release of liens by Contractor and subcontractor(s) in the amount of such payments. ARTICLE 6. ACCEPTANCE AND FINAL PAYMENT Subject to the provisions of this Article 6 and certain other applicable Articles of this Contract, Final Payment sufficient to increase the total payments to one hundred (100 %) percent of the Contract Sum shall be due thirty (30) days after final, inspection and acceptance of the Work, in accordance with the terms of this Contract Contract over $60,000.dot 11/10/97 2