Common use of PAYMENT OF CONSTRUCTION COST Clause in Contracts

PAYMENT OF CONSTRUCTION COST. 8.3.1 The Construction Cost will be paid monthly as expenses are incurred in accordance with Article 9 of the Standard General Conditions. No retainage will be held on the Construction Manager’s Personnel Charges or “General Conditions Items” (as described in Section 2.10.2 above). The Construction Manager’s Fee for Pre-Construction Phase Services shall be billed and paid monthly in equal installments as set forth in the Schedule of Project Details. The Construction Manager’s Fee for Construction Phase Services shall be billed and paid monthly in proportion to the Construction Base and General Conditions Items on which it is based. 8.3.2 The Construction Manager’s Applications for Payment shall be accompanied by whatever supporting data substantiating the Construction Manager’s right to payment that the Owner may reasonably require, such as copies of paid statements from Trade Contractors. 8.3.2.1 The Construction Manager shall prepare an Application for Payment Schedule for Trade Contractors which will require each Trade Contractor to provide a draft “pencil copy” payment request on or before the twenty-fifth (25th) of the month (comprising work from the twenty-fifth (25th) of the last month to the twenty-fifth (25th) of the present month) for Construction Manager approval. On or before the first (1st) day of each succeeding month, the Construction Manager shall submit to the Owner and the Design Professional a “Consolidated Application for Payment” including the Construction Manager’s costs and showing in detail all monies to be disbursed to Trade Contractors from the approved Trade Contractor Applications for Payment, other cost items incurred and the proportionate amount of the Construction Manager’s Fee. The Consolidated Application for Payment shall be complete in every respect, shall be accompanied by such supporting data substantiating the Construction Manager’s right to payment as the Owner may reasonably require, and shall reflect retainage as provided for elsewhere in the Contract Documents. 8.3.2.2 Within seven (7) days after the Owner’s receipt of the Consolidated Application for Payment, the Owner and the Construction Manager (and if requested by the Owner, the Design Professional) will meet, and the Owner will act in accordance with the provisions of Standard General Conditions Articles 9.5.3 and 9.8. 8.3.2.3 If a Consolidated Application for Payment is submitted on a timely basis, payment by the Owner to the Construction Manager of the amounts included in the Consolidated Application for Payment and approved for payment shall be made within twenty-two (22) days after it is submitted. 8.3.2.4 Consolidated Applications for Payment may not include requests for payment of amounts the Construction Manager does not intend to pay to a Trade Contractor because of a dispute or other reason. 8.3.2.5 Where a submission is required by this Section 8.3.2 to be made by a particular date and that date falls on a weekend or holiday, submission shall be required by the next preceding business day.

PAYMENT OF CONSTRUCTION COST. 8.3.1 The Construction Cost will be paid monthly as expenses are incurred in accordance with Article 9 of the Standard General Conditions. No retainage will be held on the Construction Manager’s ’ s Personnel Charges or “General Conditions Items” (as described in Section 2.10.2 above). The Construction Manager’s Fee for Pre-Construction Phase Services shall shallwill be billed and paid monthly in equal installments as set forth in the Schedule of Project Details. The Construction Manager’s Fee for Construction Phase Services shall shallwill be billed and paid monthly in proportion to the Construction Base and General Conditions Items on which it is based. 8.3.2 The Construction Manager’s Applications for Payment shall shallwill be accompanied by whatever supporting data substantiating the Construction Manager’s right to payment that the Owner may reasonably require, such as copies of paid statements from Trade Contractors. 8.3.2.1 The Construction Manager shall shallwill prepare an Application for Payment Schedule for Trade Contractors which will require each Trade Contractor to provide a draft “pencil copy” payment request on or before the twenty-fifth (25th) of the month (comprising work from the twenty-fifth (25th) of the last month to the twenty-fifth (25th) of the present month) for Construction Manager approval. On or before the first (1st) day of each succeeding month, the Construction Manager shall shallwill submit to the Owner and the Design Professional a “Consolidated Application for Payment” including the Construction Construc tion Manager’s costs and showing in detail all monies to be disbursed to Trade Contractors from the approved Trade Contractor Applications for Payment, other cost items incurred and the proportionate amount of the Construction Manager’s Fee. The Consolidated Application for Payment shall shallwill be complete in every respect, shall shallwill be accompanied by such supporting data substantiating the Construction Manager’s right to payment as the Owner may reasonably require, and shall shallwill reflect retainage as provided for elsewhere in the Contract Documents. 8.3.2.2 Within seven (7) days after the Owner’s receipt of the Consolidated Application for Payment, the Owner and the Construction Manager (and if requested by the Owner, the Design Professional) will meet, and the Owner will act in accordance with the provisions of Standard General Conditions Articles 9.5.3 and 9.8. 8.3.2.3 If a Consolidated Application for Payment is submitted on a timely basis, payment by the Owner to the Construction Manager of the amounts included in the Consolidated Cons olidated Application for Payment and approved for payment shall shallwill be made within twenty-two (22) days after it is submitted. 8.3.2.4 Consolidated Applications for Payment may not include requests for payment of amounts the Construction Manager does not intend to pay to a Trade Contractor because of a dispute or other reason. 8.3.2.5 Where a submission is required by this Section 8.3.2 to be made by a particular date and that date falls on a weekend or holiday, submission shall shallwill be required by the next preceding business day.