Common use of Payments to the Construction Manager Clause in Contracts

Payments to the Construction Manager. Monthly Statements - The Construction Manager shall submit to the Owner a statement, sworn to, showing in detail all monies paid out, costs accumulated or costs incurred on account of the Cost of the Project during the previous period and the amount of the Construction Manager’s Fees due as provided in Article 8. This data shall be attached to the Partial Pay Request form shown in Exhibit E or equivalent. Ten percent (10%) retainage shall be held on all payments for all items described in paragraph 8.1.3 and on all payments for Subcontractors and suppliers described in Article 9 (but not for the other items described in Article 9). When the Work is fifty percent (50%) complete, the Owner, in consultation with the Architect-Engineer and the Construction Manager, but in the Owner’s sole and absolute discretion, may agree to thereafter waive or reduce the further withholding of retainage in relation to amounts to thereafter be paid pursuant to Article 9 for Subcontractors and suppliers (on a Subcontractor by Subcontractor, and supplier by supplier basis). Even if the Owner so agrees, the Owner may nonetheless thereafter require that such retainage (as to any one or more Subcontractors or suppliers) again continue to be withheld. The Construction Manager shall submit the Construction Manager’s application for payment monthly on the 25th of each month. The originals or an electronic copy of such applications for payment shall be submitted to the Architect-Engineer, and exact copies thereof shall simultaneously be delivered to the Owner. Payment of amounts certified by the Architect-Engineer and agreed to by the Owner shall be made to the Construction Manager within thirty (30) days after submission of a complete application for payment and all supporting documents and material. If the Owner does not agree with the amount requested (whether certified by the Architect-Engineer, or not), the Construction Manager shall modify the application to satisfy the Owner and resubmit the same, provided that the Owner will make payment of the undisputed amount. Final Payment - Final payment, constituting the unpaid balance of the Cost of the Project and the Construction Manager ’s Fee, shall be due and payable within thirty (30) days after the Owner has accepted occupancy of the Project, provided that the Project be then finally completed, that the Construction Manager has verified by his signature that he has completed all items specified on the attached Exhibit F, has delivered to the Owner all materials, items, equipment, documents, manuals and warranties required by the Contract Documents to be delivered by the Construction Manager to the Owner, and that this Agreement has been finally performed and upon receipt of a Construction Manager's Final Affidavit together with the final release of lien from all subcontractors and suppliers that have served a Notice to Owner as set forth in Section 713.06, Florida Statues. However, if there should remain Work to be completed or which has been identified as not being in conformity with the Contract Documents, the Construction Manager and the Architect-Engineer shall create a list of those items prior to the issuance of final payment, and the Owner may retain a sum equal to 300% of the estimated cost of completing any Work and a proportionate amount of the Construction Manager’s retainage, provided that said incomplete and/or nonconforming items are listed separately and the estimated cost of completing them are likewise listed separately. Thereafter, Owner shall pay to Construction Manager, monthly, the amount retained for each incomplete/nonconforming item after each of said items is completed or corrected. If all such items are not completed or corrected within two (2) months of the date of Substantial Completion, the Owner may give notice to the Construction Manager that the Owner will complete or correct such items itself. If the cost to the Owner to complete or correct such items exceeds the balance withheld, the Construction Manager shall pay the Owner the difference within thirty (30) days of the Construction Manager’s receipt of written notice demanding the same. If, after allowing the Owner a reasonable time to complete or correct such items or to accept the items less the reasonable cost to complete or correct them, the cost to the Owner to complete or correct such items is less than the balance remaining, the Owner shall thereafter pay such difference to the Construction Manager.

Payments to the Construction Manager. Monthly Statements - The Construction Manager shall submit monthly to the Owner Old National, for Old National's review and approval, a statement, sworn to, statement showing in detail all monies paid outReimbursable Costs as defined in Paragraph 12, costs accumulated or costs above, incurred on account of the Cost of the Project during the previous period month and the amount of the Construction Manager’s Fees 's Fee due as provided in Article 8above. This data Each such statement shall also include reasonable documentation evidencing costs for which reimbursement is being requested, and shall also include itemization of all subcontractors, materialmen and suppliers together with amounts to be paid to each subcontractor, materialmen and suppliers from the payment amount requested by such statement. The amount of each monthly payment is subject to approval by Old National. Upon Old National's review and approval of such statement, payment by Old National to Construction Manager shall be attached made within thirty (30) days after it is submitted to Old National. Because the Partial Pay Request form shown in Exhibit E or equivalent. Ten Construction Manag! er is not submitting a performance bond assuring completion of the Project, Old National will retain ten percent (10%) retainage shall be held on all payments for all items described in paragraph 8.1.3 and on all payments for Subcontractors and suppliers described in Article 9 (but not for of each approved monthly payment including the other items described in Article 9). When Construction Manager's Fee, until the Work Project is fifty percent (50%) complete, the Owner, then retainage will be reduced to zero percent (0%) resulting in consultation with the Architect-Engineer and the Construction Manager, but in the Owner’s sole and absolute discretion, may agree to thereafter waive or reduce the further withholding of a five percent (5%) retainage in relation to amounts to thereafter be paid pursuant to Article 9 for Subcontractors and suppliers (on a Subcontractor by Subcontractor, and supplier by supplier basis). Even if the Owner so agrees, the Owner may nonetheless thereafter require that such retainage (as to any one or more Subcontractors or suppliers) again continue to be withheld. The Construction Manager shall submit the Construction Manager’s application for payment monthly on the 25th of each month. The originals or an electronic copy of such applications for payment shall be submitted to the Architect-Engineer, and exact copies thereof shall simultaneously be delivered to the Owner. Payment of amounts certified by the Architect-Engineer and agreed to by the Owner shall be made to the Construction Manager within thirty (30) days after submission of a complete application for payment and all supporting documents and material. If the Owner does not agree with the amount requested (whether certified by the Architect-Engineer, or not), the Construction Manager shall modify the application to satisfy the Owner and resubmit the same, provided that the Owner will make payment withheld upon completion of the undisputed amountproject. Final Payment - Final payment, payment constituting the unpaid balance of the Cost of the Project Reimbursable Costs and the Construction Manager ’s Fee, Manager's Fee shall be due and payable within thirty (30) days after the Owner has accepted occupancy of Project is delivered to Old National, ready for beneficial occupancy, or when Old National occupies the Project, whichever event first occurs, provided that the Project be then finally completedsubstantially completed and this Contract substantially performed, that the Construction Manager has verified such substantial performance being designated in writing and executed by his signature that he has completed all items specified on the attached Exhibit F, has delivered to the Owner all materials, items, equipment, documents, manuals and warranties required by the Contract Documents to be delivered by the Construction Manager to the Owner, and that this Agreement has been finally performed and upon receipt of a Construction Manager's Final Affidavit together with the final release of lien from all subcontractors and suppliers that have served a Notice to Owner as set forth in Section 713.06, Florida Statues. However, if there should remain Work to be completed or which has been identified as not being in conformity with the Contract DocumentsOld National, the Construction Manager Architect and the Architect-Engineer shall create a list of those items prior to the issuance of final payment, and the Owner may retain a sum equal to 300% of the estimated cost of completing any Work and a proportionate amount of the Construction Manager’s retainage. The retainages set forth above, provided as well as any funds that said incomplete and/or nonconforming items are listed separately and the estimated cost of completing them are likewise listed separately. Thereaftermay be in dispute, Owner shall pay to Construction Manager, monthly, the amount retained for each incomplete/nonconforming item after each of said items is completed or corrected. If all such items are not completed or corrected within two (2) months of the date of Substantial Completion, the Owner may give notice be deposited in an escrow account pursuant to the Construction Manager that the Owner will complete or correct such items itself. If the cost to the Owner to complete or correct such items exceeds the balance withheldEscrow Agreement, the Construction Manager shall pay the Owner the difference within thirty (30) days attached hereto as Exhibit "F" and made a part of the Construction Manager’s receipt of written notice demanding the same. If, after allowing the Owner a reasonable time to complete or correct such items or to accept the items less the reasonable cost to complete or correct them, the cost to the Owner to complete or correct such items is less than the balance remaining, the Owner shall thereafter pay such difference to the Construction Managerhereby.

Payments to the Construction Manager. Monthly Statements - The Construction Manager shall submit to the Owner a statement, sworn to, showing in detail all monies paid out, costs accumulated or costs incurred on account of the Cost of the Project during the previous period and the amount of the Construction Manager’s Fees due as provided in Article 8. This data shall be attached to the Partial Pay Request form shown in Exhibit E or equivalent. Ten Five percent (105%) retainage shall be held on all payments for all items described in paragraph 8.1.3 and on all payments for Subcontractors and suppliers described in Article 9 (but not for the other items described in Article 9). When the Work is fifty percent (50%) complete, the Owner, in consultation with the Architect-Engineer and the Construction Manager, but in the Owner’s sole and absolute discretion, may agree to thereafter waive or reduce the further withholding of retainage in relation to amounts to thereafter be paid pursuant to Article 9 for Subcontractors and suppliers (on a Subcontractor by Subcontractor, and supplier by supplier basis). Even if the Owner so agrees, the Owner may nonetheless thereafter require that such retainage (as to any one or more Subcontractors or suppliers) again continue to be withheld. The Construction Manager shall submit the Construction Manager’s application for payment monthly on the 25th of each month. The originals or an electronic copy of such applications for payment shall be submitted to the Architect-Engineer, and exact copies thereof shall simultaneously be delivered to the Owner. Payment of amounts certified by the Architect-Engineer and agreed to by the Owner shall be made to the Construction Manager within thirty (30) days after submission of a complete application for payment and all supporting documents and material. If the Owner does not agree with the amount requested (whether certified by the Architect-Engineer, or not), the Construction Manager shall modify the application to satisfy the Owner and resubmit the same, provided that the Owner will make payment of the undisputed amount. Final Payment - Final payment, constituting the unpaid balance of the Cost of the Project and the Construction Manager ’s Fee, shall be due and payable within thirty (30) days after the Owner has accepted occupancy of the Project, provided that the Project be then finally completed, that the Construction Manager has verified by his signature that he has completed all items specified on the attached Exhibit F, has delivered to the Owner all materials, items, equipment, documents, manuals and warranties required by the Contract Documents to be delivered by the Construction Manager to the Owner, and that this Agreement has been finally performed and upon receipt of a Construction Manager's Final Affidavit together with the final release of lien from all subcontractors and suppliers that have served a Notice to Owner as set forth in Section 713.06, Florida Statues. However, if there should remain Work to be completed or which has been identified as not being in conformity with the Contract Documents, the Construction Manager and the Architect-Engineer shall create a list of those items prior to the issuance of final payment, and the Owner may retain a sum equal to 300150% of the estimated cost of completing any Work and a proportionate amount of the Construction Manager’s retainage, provided that said incomplete and/or nonconforming items are listed separately and the estimated cost of completing them are likewise listed separately. Thereafter, Owner shall pay to Construction Manager, monthly, the amount retained for each incomplete/nonconforming item after each of said items is completed or corrected. If all such items are not completed or corrected within two (2) months of the date of Substantial Completion, the Owner may give notice to the Construction Manager that the Owner will complete or correct such items itself. If the cost to the Owner to complete or correct such items exceeds the balance withheld, the Construction Manager shall pay the Owner the difference within thirty (30) days of the Construction Manager’s receipt of written notice demanding the same. If, after allowing the Owner a reasonable time to complete or correct such items or to accept the items less the reasonable cost to complete or correct them, the cost to the Owner to complete or correct such items is less than the balance remaining, the Owner shall thereafter pay such difference to the Construction Manager.