O-1992-1845 - Laserfiche WebLink

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Ii ] "()W~I':R. ("()~TRACI (_hall ra~ O\\'NEI{ _ FIVE HUND.DOLLARS dllllar~ (~ 500.00 . I I'lli' !:;It:h Ja~ Ihat l.':\ril'!:!\ aftcl' thc lime spc~ifkJ in ral'agraph \ I fill' ~lll11rklilln and n:aJincs, rul' final raymcn\. ,. ( ] Article 4. CONTRACT PRICE, 4.1, OWNER shall pay CONTRACTOR for completion of the Work in accordance with the Contract Documenls in currenl funds a~ follows: ] [here insert a lump sum. unit prices or both. if necessary attach exhibits and lisl Ihem in Anicle 8.] -J .I (CONTRACTOR's Bid may be attached as an exhibit to avoid'lengthy retyping of unit price schedules. formulae for escalation of prices. information as to alternatives. etc.] Article 5. P.~ YMENT PROCEDURES. ] CONTRACTOR shall submit .~pplications for Payment in a&:ordance with Anicle 14 of the General Condi, tions, Applications for Payment will be processed by E~GINEER as provided in the General Conditions. ] 5.1. Progress POYlnenIs, OW~ER shall make progress payments on account of the Contract Price on the basis of CONTRACTOR's Applications for Payment as recommended by ENGINEER. on or about the 1st day of each month during construction as provided below, All progress payments will be on the basis of the progress of the Work measured by the schedule of values established in paragraph 2.9 of the General Conditions (and in the case of Unit Price Work based on the number of units completed) or. in the evenl there is no schedule of values. as provided in the General Requirements. ] ] 5.1.1. Prior to Substantial Completion. progress payments will be made in an amount equal to the percentage indicated below. but. in each case. less the aggregate of payments previously made and less such amounts as ENGINEER shall determine. or OWNER may withhold, in accordance with paragraph } 4.7 of the General Conditions, ( ] % of Work completed, If Work has been 50~ completed as determined by ENG1, NEER. and if the character and progress of the Work have been satisfactory to OWNER and ENGINEER. OW~ER on recommendation of ENGINEER. may determine that as long as the character and progress of the Work remain satisfactory to them. there will be no additional retainage on account of Work completed in which case the remaining progress payments prior to Substantial Completion will be in an amount equal to 100% of the Work completed, 5 1 J 100 % of materials and equipment not incorporated in the Work (but delivered, suitably stored and accompanied by documentation satisfactory to OWNER as provided in para- graph 14.2 of the General Conditions), 5.1.2, Upon Subst'tptial Completion. in an amount sufficient to increase total payments to CON- TR.b,CTOR to 9C of the Contract Price. less such amounts as ENGINEER shall determine. or OWNER may withhold. in accordance with paragraph 14,7 of the General Conditions. J 5.2. Filial PO,\'Inen1. Upon final completion and acceptance of the Work in accordance with paragraph 14.13 of the General Conditions. OWNER shall pay the remainder of the Contract Price as recommended by ENGINEER as provided in said paragraph 14,13. Article 6. lNTEREST. J All moneys nO! paid when due as provided in Anick 14 of the General Condilillns shall bear inleresl at the maximum ralc allowed by law al the place of thc Prnjcc\. l J .,