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155b ARTICLE 4 CONTRACT SUM The Owner shall pay the Contractor in current funds for the performance of the Work, subject to additions and deductions by Change Order as provided in the Contract Documents, the Contract Sum of I Two hundred twenty-nine thousand three hundred sixty-one dollars ---($229,361.00) The Contract Sum is determined as follows: (State here the base bid or other lump sum amount, accepted alternates, and unit prices, as applicable.) ARTICLE 5 PROGRESS PAYMENTS I Based upon Applications for Payment submitted to the Architect by the Contractor and Certificates for Payment issued by the Architect, the Owner shall make progress payments on account of the Contract Sum to the Contractor as pro- vided in the Contract Documents for the period ending the last day of the month as follows: Not later than ten days following the end of the period covered by the Application for Payment ninety percent ( 90 %) of the portion of the Contract Sum properly allocable to labor, materials and equipment incorporated in the Work and ninety percent (90 %) of the portion of the Contract Sum properly allocable to materials and equipment suitably stored at the site or at some other location agreed upon in writing, for the period covered by the Application for Payment, less the aggregate of previous payments made by the Owner; and upon Substantial Completion of the entire Work, a sum sufficient to increase the total payments to ninety-five percent ( 95 %) of the Contract Sum, less such amounts as the Architect shall determine for all incomplete Work and unsettled claims as provided in the Contract Documents. (II not covered elsewhere in !he ConlraCI Documenfs, here insert any provision lor limiting or reducing the amoun! retained a1!er the WOrk reachl~s a certain stage of completion.) Payments due and unpaid under the Contract Documents shall bear interest from the date payment is due at the rate entered below, or in the absence thereof, at the legal rate prevailing at the place of the Project. (Here insert any rare of interest agreed upon.) Usury laws and requirements under the Federal Truth in Lending Act, similar state and local consumer credit laws and other regulations at the Owner's and Contractor's principal places of business, the location of the Project and elsewhere may affect the validity 01 this provision. SpecifiC legal advice should be obtained with respect to delelion, modificalion, or other requirements such as wrilten disclosures or waivers.) AtA DOCUMENT A.O. . OWNER-CONTRACTOR AGREEMENT . ElEVENTH EDITION . JUNE 19n . AlAe @1977 . THE AMERICAN INSTITUTE OF ARCHITECTS, 17)5 NEW YORK AVE., N.W.. WASHINGTON, D. C. 20006 Al01-1977 3 -