2000-05-22 Regular Meeting - Laserfiche WebLink

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--- ARTICLE 6 - PAYMENT PROCEDURES 6.01 Submittal and Processing of Payments A. CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General Conditions. Applications for Payment will be processed by ENGINEER as provided in the General ConditioDS. 6.02 Progress Payments; Retainage A. OWNER shall make progress payments on account of the Contract Price on the basis of CONTRACTOR's Applications for Payment on or about the day of each month during performance of the Work as provided in paragraphs 6.02.A.l and 6.02.A.2 below. All such payments will be measured by the schedule of vaIues establisIied in paragraph 2.m.A of the GeneraI Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no schedule of values, as provided in the General Requirements: 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 may determine or OWNER may withhold, in accordance with paragraph 14.02 of the General Conditions: a. _% of Work completed (with the balance being retainage). If the Work has been SO~ completed as determined by ENGINEER, and if the character and progress of the Work have been satisfactory to OWNER and ENGINEER, OWNER, 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 retainage on account of Work subsequently completed, in which case the remaining progress payments prior to Substantial Completion will be in an amount equal to 100% of the Work completed less. the aggregate of payments previously made; and b. retainage). _ % of cost of materials and equipment not incorporated.in the Work'(with the.balance being.. 2. Upon Substantial Completion, OWNER shall pay an amount sUfficient to increase. total paymei1ts to CONTRACTOR to _% of the Work completed, less.SUch'ainOlimfas'E.NqINEER-'shallidetermine in acCordance :'. with paragraph l4.02.B.5 of the General Conditions and less _ % of ENGINEER's estimate of the value of Work to be completed or corrected as shown on the tentative list of items to be completed or corrected attached to the certificate of Substantial Completion. 6.03 Frnal Payment A. Upon final completion and acceptance of the Work in accordance with paragraph 14.07 of the General Conditiom, OWNER shall pay the remainder of the Contract Price as recommended by ENGINEER as provided in said paragraph 14.07. ARTICLE 7 - INTEREST 7.01 All moneys not paid when due as provided in Article 14 of the General Conditions shall bear interest at the rate of _% per annum.