O-1992-1856 - Laserfiche WebLink

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e e A.rCidt S. PAYMENT PROCEDURES. . L.~__ . I ~UNTKAcroR.lfiaft sabmfrApplicatioriS fOr 'P8ymenlin~ ~th ~'~ ~ i&'~ Conditi;;:-...."-,.....:1', ......:: Applications for Paymcnl will be pI'OC('DCd by ENGINEER as provided in the General Conditions. ( 5.1. Progr~ss PaYfMnIS; R~tQinag~, OWNER shall make progress payments on account of the Contract Pric.e on .he basis of CON"ffiACTOR.s Applicalions for Payment as ~mended by ENGINEER. on or about Ihc: -.-_ day of each month durin~ construction as provided in paragrclphs 5.1.1. and 5.1.2. below, All such payments will be measured by the schedule of values established in paragraph 2.9 of the General Conditions (and in the case of Unit Price Wort based on the number of units completed) or. in the event there is no schedule of values. as provided in the General Requimnents. , '. ! ; 5.1.1. Prior 10 Substantial Completion. progress payments will be made in an amount equal to the pcrc:ICIltacc indicated below. but. in each case. less the aggregatc of payments previously nwdc and less suc:b amounts as ENGINEER shall detennine. or OWNER may withhold. in acx:onIaDce with pansraph 1.e.7 d die GcocraJ Conditions. 90 ~ eX Wen completed (with the balance being retainqc). If Wort has been SO% completed as dctennined by ENGINEER. and if the character and progress of the Work have been Absfactory 10 OWNER and ENGINEER. OWNER. on n:comniendation ol ENGINEER. may ddaminc that as &oQe as the cbaradcr and progress ol the Work remain satisfadory 10 them. there will be 110 additional raainage on account of Woct completed. in which case the-remaining prosres$ payments prior to Substantial Completion will be in an amount equal to 100% of the Work compIdcd. o % (with the balance being retainage) of materials and equipmenl not illCOl'pOr3tcd in the Work (bul delivcred. suitably stored and accompanied by documentation satisfactory to OWNER as provided in par.i8l'3ph 1.e.2 of the General Conditions). "1 1 1..,; ~.~~.] 5.1.2. Upon Substantia! Complction. .in an amount sufficient to increase total payments to CON'I'RAC- TOR to 95 % of the Contract Price (with the balance being retainagc).1ess such amounts as ENGINEER shall determine. or OWNER may withhold. in accordance with paragraph 1.e.7 ol the Gcner3J Conditions. ( '. 0., 5.2. Fin.aJ Paym~nl. Upon final completion and acceptance of the WorX in acconiance with paragr2ph 1.e.13 0( the General Conditions. OWNER shall pay the remainder of the Contract Price as recommended by ENGINEER as provided in said paragraph 1.e.13. 1 j ~ (