Common use of APPLICATIONS FOR PROGRESS PAYMENT Clause in Contracts

APPLICATIONS FOR PROGRESS PAYMENT. 7.3.1 CM@Risk shall deliver to Design Professional (or such other person as is designated by Owner) on the last Day of each month a sworn application for progress payment in the “Exhibit C – Cost of the Work – Schedule of Values” to the Agreement format as specified by Owner. A copy of the pay application shall be concurrently provided to Owner. 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, and (b) conditional lien waivers from each Subcontractor or supplier entitled to progress payment thereunder. In addition, the CM@Risk shall provide the following documentation upon specific request by Owner: a) a written accounting in a form agreed by CM@Risk and Owner of the Actual Cost of the Work completed, b) a report by CM@Risk on Subcontractor buy-out status, contract sums, and Subcontractor pay applications, c) a copy of job cost ledger, d) a copy of timecards for all employees charged to the Project and e) a copy of Construction General Conditions invoices and purchase orders, each for the time periods periodically requested by Owner. All meal expenses included in Construction General Conditions shall be supported by a copy of the credit card receipt (if applicable) and a detailed copy of the bill, with a written list of attendees and business purpose of the meeting/meal included.

APPLICATIONS FOR PROGRESS PAYMENT. 7.3.1 CM@Risk shall deliver to Design Professional (or such other person as is designated by Owner) on the last Day of each month a sworn application for progress payment in the format specified by Owner in “Exhibit C – Cost of the Work – Schedule of Values” to the Agreement format as specified by OwnerAgreement. . A copy of the pay application shall be concurrently provided to Owner. 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, and (b) conditional lien waivers from each Subcontractor or supplier entitled to progress payment thereunder. In addition, the CM@Risk shall provide the following documentation upon specific request by Owner: a) a written accounting in a form agreed to by CM@Risk and Owner of the Actual Cost of the Work completed, b) a report by CM@Risk on Subcontractor buy-out status, contract sums, and Subcontractor pay applications, c) a copy of job cost ledger, d) a copy of timecards for all employees charged to the Project and e) a copy of Construction General Conditions invoices and purchase orders, each for the time periods periodically requested by Owner. All meal expenses included in Construction General Conditions shall be supported by a copy of the credit card receipt (if applicable) and a detailed copy of the bill, with a written list of attendees and business purpose of the meeting/meal included.