Common use of Amount of Progress Payments Clause in Contracts

Amount of Progress Payments. The Owner shall pay the Design/Builder the actual Cost of the Work (including payment for off-site stored materials) through the period covered by the Application for Payment, less Retainage as set forth in Section 5.5 below, provided that the payment amount before retainage will not exceed the percentage of completion of the Work multiplied by the GMP (excluding items of the GMP not subject to retainage), all as set forth in the schedule of values.