5.4. SR 05-21-2007 - Laserfiche WebLink

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(a) the expense which has actually been incurred by the Construction Manager on account of that portion of the Work for which the Construction Manager has made or intends to make actual payment prior to the next Application for Payment by (b) the share of the Guaranteed Maximum Price allocated to that portion of the Work in the schedule of values. ~ 7.1.7 Subj ect to other provisions of the Contract Documents, the amount of each progress payment shall be computed as follows: .1 Take that portion of the Guaranteed Maximum Price properly allocable to completed Work as determined by multiplying the percentage completion of each portion of the Work by the share of the Guaranteed Maximum Price allocated to that portion of the Work in the schedule of values. Pending final determination of cost to the Owner of changes in the Work, amounts not in dispute may be included as provided in Section 7.3.8 of A20 jT"-1997, even though the Guaranteed Maximum Price has not yet been adjusted by Change Order. Add that portion of the Guaranteed Maximum Price properly allocable to materials and equipment delivered and suitably stored at the site for subsequent incorporation in the Work or, if approved in advance by the Owner, suitably stored off the site at a 1,~.:ation t~e~d uR,9~ in writing. Add the Construction Manager's Fee, less retainage of.,,:., (,IIIIIIIIIIIillii.". ). The Construction Manager's Fee shall be computed upon the Cost of the Work described in the two preceding Sectious at the rate stated in Section 5.1.1 or, if the Construction Manager's Fee is stated as a fixed sum in that Sectiou, shall be an amount which bears the same ratio to that fixed-sum Fee as the Cost of the Work in the two preceding Sections bears to a reasonable estimate of the probable Cost of the Work upon its completion. Subtract the aggregate of previous payments made by the Owner. Subtract the shortfall, if any, indicated by the Construction Manager in the documentation required by Section 7.1.4 to substantiate prior Applications for Payment, or resulting from errors subsequently discovered by the Owner's accountants in such documentation. Subtract amounts, if any, for which the Architect has withheld or nullified a Certificate for Payment as provided in Section 9.5 of A201""-1997. .2 .3 .4 .5 .6 ~ 7.1 :~.E"::mt ",itllme rior approval, payments to Subcontractors shall be subj ect to retention of not less than iilllli"ili;"""ll...cent", ( . mil ). The Owner and the Construction Manager shall agree upon a mutually acceptable procedure for review and approval of payments and retention for Prime Contracts. ~ 7.1.9 Except with the Owner's prior approval, the Construction Manager shall not make advance payments to suppliers for materials or equipment which have not been delivered and stored at the site. ~ 7.1.10 In taking action on the Construction Manager's Applications for Payment, the Architect shall be entitled to rely on the accuracy and completeness of the information furnished by the Construction Manager and shall not be deemed to represent that the Architect has made a detailed examination, audit or arithmetic verification of the documentation submitted in accordance with Section 7.1.4 or other supporting data, that the Architect has made exhaustive or continuous on-site inspections or that the Architect has made examinations to ascertain how or for what purposes the Construction Manager has used amounts previously paid on account of the Contract. Such examinations, audits and verifications, if required by the Owner, will be performed by the Owner's accountants actiug in the sole interest of the Owner. ~ 7.2 FINAL PAYMENT ~ 7.2.1 Final payment shall be made by the Ownerto the Construction Manager when (I) the Contract has been fully performed by the Construction Manager except for the Construction Manager's responsibility to correct nonconforming Work, as provided in Section 12.2.2 of A20IT"-1997, and to satisfy other requirements, ifany, which necessarily survive fmal payment; (2) a fmal Application for Payment and a final accounting for the Cost of the Work have been submitted by the Construction Manager and reviewed by the Owner's accountants; and (3) a final Certificate for Payment has then been issued by the Architect; such fmal payment shall be made by the Owner not more than 30 days after the issuance of the Architect's final Certificate for Payment, or as follows: ~ 7.2.2 The amount of the final payment shall be calculated as follows: .1 Take the sum of the Cost of the Work substantiated by the Construction Manager's final accounting and the Construction Manager's Fee, but not more than the Guaranteed Maximum Price. .2 Subtract amounts, if any, for which the Architect withholds, in whole or in part, a fmal Certificate for Payment as provided in Section 9.5.1 of A20 I ""- 1997 or other provisions of the Contract Documents.