Common use of APPLICATIONS FOR PROGRESS PAYMENT Clause in Contracts

APPLICATIONS FOR PROGRESS PAYMENT. 6.3.1 Design-Builder shall deliver to the Owner on the last business Day of each month a sworn application for progress payment, in a format identical to the Schedule of Values approved under Article 6.2.1 above. Each such application for payment shall be based on the Schedule of Values and be in an amount determined by the percentage of completion of the Work in the month being billed. It shall show the percentage of completion of each category of the Work performed in the billing period. The payment application shall be accompanied (as separate documents) by (a) an updated CPM Schedule and narrative schedule update report as provided for herein, (b) conditional lien waivers from each Subcontractor or supplier entitled to progress payment thereunder, and (c) confirmation of updated as-built documents. In addition, the 6.3.2 The Design-Builder Construction Phase Fee shall be paid monthly in accordance with the percentage of completion of the Work. The Construction General Conditions shall be paid monthly based on percentage of work complete. The amount approved and paid for progress achieved in the month billed for shall not constitute final acceptance of the Work and is subject to final adjustment at the time of final acceptance and Final Payment so as to fully comply with, and not exceed, the GMP. 6.3.3 The Owner, within seven (7) days after receipt of the Design-Builder’s application for progress payment, and no later, will either a) advise the Design-Builder that the application is approved or b) issue specific written findings setting forth those items in detail in the estimate of the Work in the pay application that are not approved for payment under the contract. Any items that are not specifically identified by the Owner as not approved, with written detailed findings, shall be deemed approved. 6.3.4 As to any items not approved for payment, the Owner may withhold an amount from the progress payment to be made for the time period billed for a sufficient sum to pay the expenses Owner reasonably expects to incur in correcting the deficiency set forth in the written finding issued by the Owner.