1992-08-10 Regular Meeting - Laserfiche WebLink

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Article 5. PAYMENT PROCEDURES, . ~_= - 'Appltcxtiori'sTorRtyiiten~ to rioc w th ~itticle 14 atthe~Genaal Goedi .~ . Application: for Payment Mn71 be procesaod by ENGINEER as provided in tht General Conditions. ~~ S.l. Progress i~yincnts; RctainaRe. OWNER shall make progress payments on account of the Contract Price on the basis of C~OI\ITRA~C'7nR's Applications for Payment as recommended by ENGINEER, on or about the ._ day of each month during construction as provided in paragraphs S.l.l. and 5.1.2. below, All such payments will be measured by the schedule of values established in paragraph 2.9 of the Genera! Conditions (and in the case of Unit Price Work based on the number of units compkted) or, in the ' event there is no scfioduk of values, u provided in the Gener$! Requirements. 5.1.1. Prior to Substantia! Compktion, progress payments will be made in an amount oqua! to the pcr+oetttage iadiatod below. buts in each case. kss the aggregate of payments previously made and kss welt amounts as ENGINEER:ha11 determine. orOWNER may withhold, in accordanoc with paragraph -~ 14.7 of the Gersetal Conditions. 90 96 of Work coatpleted (with the balance bci retai ng rtage). If Work has beet SO4b oompkted u detetminod by ENGINEER, and if the character and progrus of the Work have been savsfadory w OWNER and ENGINEER, OWNER, on nx:ornrricrtdation of ENGINEER, may ddcreoine that as bag as the charadaand prngras of the Work remain satisfactory to them, these wt71 be no additional trtaiaage on account of Work completed, in which case the-remaining pr+ogncss I paymatts prior to Substantial Compldion will be in an amount oqual to l Ot?96 of the Work eartpktod. t ~ ~ (with the balance being rctainagc) of materials and equipment riot incorporated in the i,,~ Wock (but delivered, suitably stored and accompanied by documentation satisfactory to OWNER as • provided in paragraph 14.2 of the General Conditions). 5.1.2. Upon Substantial Completion, in an amount sufficient to increase total payments to CONTRA+C- 71~R to 95 ;b of the Contract Price (with the balance being rctairtage), less such amounts as ENGINEER shall determine. or OWNER may withhold, in accottianoc with paragraph 14.7 of the General Conditions. 5.2. Fines! Payment. Upon final compktion and acceptance of the Work in accordance with patagrzptt 14. t3 of the GenenJ Conditions, OWNER shall pay the remainder of the Contract Price as recomrrtendcd by ENGINEER as provided in said paragraph 14.13.