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e e ARTICLE 4 CONTRACT SUM 4.1 The Owner shall pay the Contractor the Contract Sum in current funds for the Contractor's performance of the Contract. The Contract Sum shall be T\\1O Million, Fi ve ~undred Ninety-one Thousand, Nine Hundred Dollars(s 2,591 ,900. ), subject to additions and ~ductions as provided in the Contract Documents. ' 4.2 The Contract Sum is based upon the following alternates, if any, which are described in the ::;' c': ;:'i,: ~'_ ,', ,.:;;Con~lI:ct Documents and are hereby accepted by the Owner: ::::::/' ;/('::,' : ;::(Slate lh~_iau~rs or other identification of accepted allernates. If decisions on other alternates are to be made i~;;~~~;'.~~::',-'. : ' :'i:bji.t!te. C?Wner ~ubsequent to't!ze execution of lhisAgreement, attach a schedule of such other alteTlUltes showing :::-:-:. ':.;,'..... " . r.the amount for each and the date when lhat amount expires.) :;-:',7-: '."'. . '. c. Alternate No. one: T\\1O (2) Monument Signs $ 19,200. :;..-~: ~' ,Alternate No~ ~: Furniture Package $216,700. .i" 4.3 Unit prices, if any, are as follows: Allowance No. One: $15.00 per square yard installed for carpet Allowance No. ~ ': $4,000.00 for interior signage installed ARTICLE 5 PAYMENTS 5.1 PROGRESS PAYMENTS 5.1.1 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. 5.1.2 The period covered by each Application for Payment shall be one calendar month ending on the last day of the month. or as follows: 5.1.3 Provided that an Application for Payment is received by the Architect not later than the third (3rd) day of a month, the oWner shall make payment to the Contractor not . later than the fifteenth' (15th) day of the same month. If an ' Application for Payment is received by the Architect after the application date fixed above. pay- . ment shall be made by the Owner not later ~an"twel ve (12) days after the Architect receives the Application for Firment. ' 5.1.4 Each Application for ~ayment shall be baSed on the most recent schedule of values submit- .ted by the Contractor in accomance with the Contract Documents. The schedule of values shall allocate the entire Contract Sum among the ~otis portions of the Work. The schedule of values . " . shall be prepare~ in such form and supported by such data to substantiate its accuracy as the , Architect may require. This schedule, unless objected to by the Architect, shall be used as a basis for reviewing the Contractor's Applications for Payment. I . oo.e.ao c::::::::::J C1997 AlAe AlA DOCUMENT Al0l-l!J!J7 OWNER-CONTRACTOR AGREEMENT The American Institute of Architects 1735 New York Avenue. N.W. Washington, D.C. 20006-5292