|
.6 Retamage withheld pursuant to Section 12.1.8.
<br /> § 12.1.8 Retainage
<br /> § 12,1.8.1 For each progress payment made prior to Substantial Completion of the Work,the Owner may withhold the
<br /> following amount,as retainagc,from the payment otherwise due:
<br /> (Insert a percentage or amount to be withheld as r etainage from each Application for Payment.The amount oj'
<br /> retainage may be limited by governing law.)
<br /> Five Percent(5%)
<br /> 112.1.8.1.1 The following items are not subject to rctainage:
<br /> (Insert any items not subject to the withholding ty'retainage,such cis general conditions, insurance, etc)
<br /> § 12,112 Reduction or limitation of retainage,if any,shall be as follows;
<br /> (If the retainage established in Section 12.1.8.1 is to be niodi/ied prior-to Substantial Completion of the entire Work,
<br /> insert provisions for such modification.)
<br /> f There are no other conditions for release of Retainage
<br /> § 12.1.8.3 Except as set forth in this Section 12.1.8.3,upon Substantial Completion of the Work,the Contractor may
<br /> submit an Application for Payment that includes the retainage withheld from prior Applications for Payment pursuant
<br /> to this Section 12.1.8. The Application for Payment submitted at Substantial Completion shall not include retainage as
<br /> follows:
<br /> (Insert any other conditions for release q retainage,such as upon completion nj'the Owner's audit and reconciliation,
<br /> upon Substantial Completion)
<br /> (Paragraph deleted)
<br /> § 12.1.10 Except with the Owner's prior written approval,the Contractor shall not make advance payments to
<br /> suppliers for materials or equipment which have not been delivered and suitably stored at the site.
<br /> § 12.1.11 The Owner and the Contractor shall.agree upon a mutually acceptable procedure for review and approval of
<br /> payments to Subcontractors,and the percentage of retainage held on Subcontracts,and the Contractor shall execute
<br /> subcontracts in accordance wide those agreements.
<br /> § 12.1.121n taking action on the Contractor's Applications for Payment the Architect shalt be entitled to rely on the
<br /> accuracy and completeness of the information furnished by the Contractor,and such action shalt not be deemed to be
<br /> a representation that(1)the Architect has made a detailed examination,audit,or arithmetic verification,of the
<br /> documentation submitted in accordance with Section 12.1.4 or other supporting data;(2)that the Architect has made
<br /> exhaustive or continuous oil-site inspections;or(3)that the Architect has made examinations to ascertain how or for
<br /> what purposes the Contractor has used amounts previously paid on account of the Contract.Such examinations,audits,
<br /> and verifications,if required by the Owner,will be performed by the Owner's auditors acting in the sole interest of the
<br /> Owner.
<br /> _12 Z Final Payment
<br /> § IL2,1 Final payment,constituting the entire unpaid balance of the Contract Sum,shall be made by the Owner to the
<br /> Contractor when
<br /> .1 the Contractor has fully performed the Contract,except for the Contractor's responsibility to correct
<br /> Work as provided in Article 12 of AIA Document A201-2017,and to satisfy other requirements,if any,
<br /> which extend beyond final payment;
<br /> .2 the Contractor has submitted a Final accounting for the Cost of the Work and a final Application for
<br /> Payment;and
<br /> .3 a final Certificate for Payment has been issued by the Architect in accordance with Section 12.2.2.
<br /> Init. AtA Document A102 2017,Copyright 0 1920,1925,Mi.1958.1961,1963.1967,1974,1976,1987,1997,2007 and 2017.All rights reserved,'The Antarican
<br /> Mstitute of Architects,"American Institute of Architects,""AIA,"the AIA Logo,and"AIA Contract Documents"are trademarks of The American Institute of Architects, 1
<br /> This document was produced at 15:07:01 CT on 12t1212023 under Order No,4104240617 which expires on 031+.012024,is not for resale,is licensed for one-time
<br /> t use only,and may only be used in accordance with the AIA Contract Documents Terms of Service,To report copyright violations,a-malt
<br /> docinfo@a aiaconl,acts.com.
<br /> User Notes: (1465209683)
<br />
|