Laserfiche WebLink
Division 1 <br />General Requiraments <br />PROGRE3S PAYMENTS CONT'D: <br />Subject to its approval, such breakdown will be used as the <br />guide for progress payments on the contract. The Contractor <br />shall submit to the Architect on or about the first of each <br />month an application for partial payment. Payments will be <br />based on the Architect's estimate of the value of work done <br />and materials in place plus an allowance of ninety per cent <br />(90%) for invoice cost for materials properly stored. <br />From the amount so ascertained, (10%) will be retained <br />until completion and final acceptance, or until substantial <br />completion as hereinafter defined. No certificate issued or <br />payments made to the Contractor shall be an acceptance of <br />work or material. The Contractor shall, when requested, <br />furnish receipts for payment of material and labor <br />including payments to subcontractors, and suppliers. <br />- SOBSTANTIAL COMPLETION: When in the opinion of the <br />Architect the work is substantially, complete, when the work <br />has progressed satisfactorily and the building is ready for <br />the Owner's use, the Contractor may submit a list of items <br />to be completed or corrected and make application for <br />payment based upon 95$ of the value of labor and material <br />satisfactorily completed. <br />When application is approved by the Architect, the <br />Contractor's construction period shall be terminated and <br />the Architect will issue a certificate of payment together <br />with a statement showing the responsibilities of Owner and <br />Contractor regarding maintenance, heat, utilities, and <br />insurance for at this time utilities and insurance shall be <br />assumed by the owner. <br />When approved by Bonding Co. and the Architect is satisfied <br />as to conditions involved, payment will be made. <br />FINAL PAYL+ENT will be made promptly upon completion and <br />acceptance of the work by Owner and Architect. <br />LAWS AND ORDINANCFS: In the execution of this Contract, <br />Contractor shall secure and pay all cost of permits, comply <br />with all Federal, State, County, and City Laws, ordinances, <br />and regulations, notwithstanding anything herein to the <br />- contrary, and he shall protect the Owner from damages <br />arising from such violations. <br />6 <br />