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i 5.1.2 The period covered by each Application for Payment shall be one calendar month ending on the last day of the month. i 5.1.3 Provided that an Application for Payment is received by the Architect not later than the fifth day of a month, the Owner shall make payment to the Contractor not later than the twenty-fifth day of the same month. If an Application for Payment is received by the Architect after the application date fixed above, payment shall be made by the Owner not later than twenty (20 ) days after the Architect receives the Application for Payment. i 5.1.4 Each Application for Payment shall be based on the most recent 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. The schedule of values shall be prepared in such form and supported by such data to substantiate its accuracy as the Architect may require. ~ schedule, unless objected to by the Architect, shall be used asa basis for reviewing the Contractor's Applications for Payment i 5.1.5 Applications for Payment shall indicate the percentage of completion of each portion of the Wode as of the end of the period covered by the Application for Payment. i 5.1.6 Subject to other provisions of the Contract Documents, the amount of each progress payment shall be computed as follows: .1 Take that portion of the Contract Sum properly allocable to completed Work as determined by multiplying the percentage completion of each portion of the Wode by the share of the Contract Sum allocated to that portion of the Work in the schedule of values, less retainage of five percent ( 5% ). Pending final determination of cost to the Owner of changes in the Worlc, amounts not in dispute shall be included as provided in Section 7.3.8 of AlA Document A201-1997; .2 Add that portion of the Contract Sum properly allocable to materials and equipment delivered and suitably stored at the site for subsequent incorporation in the completed construction (or, if approved in advance by the Owner, suitably stored off the site at a location agreed upon in writing), less retainage of five percent (5% ); .3 Subtract the aggregate of previous payments made by the Owner; and .4 Subtract amounts, if any, for which the Architect has withheld or nullified a Certificate for Payment as provided in Section 9.5 of AlA Document A201-1997. i 5.1.7 The progress payment amount determined in accordance with Section 5.1.6 shall be further modified under the following circumstances: .1 Add. upon Substantial Completion of the Worlc, a sum sufficient to increase the total payments to the full amount of the Contract Sum, less such amounts as the Architect shall determine for incomplete Work. retainage applicable to such work and unsettled claims; and (Paragraph deleted) .2 Add, if final completion of the Work is thereafter materially delayed through no fault of the Contractor, any additional amounts payable in accordance with Section 9.10.3 of AlA Document A201-1997. i 5.1.8 Reduction or limitation of retainage, if any, shall be as follows: (If it is intended, prior to Substantial Completion of the entire Work, to reduce or limit the retainage resulting from the percentages inserted in Sections 5.1.6.1 and 5.1.6.2 above, and this is not explained elsewhere in the Contract Documents, insert here provisions for such reduction or limitation.) AlA DocumentA101T11-1997.CClPyrlght <<:11915,1918, 1925, 1937,1951 1958, 1961,1963, 1967, 1974, 19n, 1980, 1987, 1991 and 1997 by The American fnsljfu1e Ol Architects. All rights reserved. WARNING: This AIA<< Document Is protected by U.S. Copyright Law and International Treaties. Unauthorized reproduction or distribution of this AlA" Document, or any portion Ollt, may result In severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This document was produced by AlA software at 11 :22:08 on 0910812006 under Order No. t 000222905_1 which expires on 2I2Ofl.OO7, and is not for resale. User Nares: (2720240725) 3