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� , � (Paragraphs deleted) (Table deleted) (parugrc�hs deleted) (T'able deieted) (pt�agraphs 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 Cantract Sum to the Contractor as provided below and elsewhere in the Contract Documents. § 4.1.2 The petiod 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 tfie month, and include partial lien waivers for previous payments made to contractar, subcontractors, I and materials. � (pnrugraphs 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 t3�ereof, at the legal rate prevailing from time to time at the place where the Project is located. (Insert rate of interest agreed upon, if arry.) � 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 Contractar w�en .1 the Contractar has fully performed the Contract except for the Contractor's responsibility to correct Work as provided ir► Section 18.2, and to satisfy other requirements, if any, which extend beyond final payment; .2 d1e 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: I Final lien releases from all coniractor 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 tRe crppropriate box. If the Owner and Contractor do not select a method of binding dispute resolution below, or do r+ot subse9uently agree in writing to a binding dispute resolution method other than litigation, claims will be resotv�ed in a court of competent jurisdiction.) I [ X] Arbitration pursuant to Section 21.4 of this Agreement [] Litigation in a court of competent jurisdiction AIA Document A107T" — 2007. Copyrightm 1936, 1951, 1958, 1961, 1963, 1966, 1� � �W �nd Intamatfonai Tnatl s Un uthorized roproduct�o or� 4 init. p�� gh� reserved. WARNING: This AIA Document is proteeted by U.S. Copy g distribution of thb NA� Document, or tny port(on of It, may result in aevere civll and criminal penakies, and wiil bs proseeuted to ths maximum extent � possibls undsrthe law. This documentwas produced by AIA software at 11�15:12 on 11/04/2011 under Order No.0875262049_ which expires on 10l29/2012, — and is not for resale. (945440306) User Notes: