Common use of Percent Complete Clause in Contracts

Percent Complete. The percentage each portion of the Work is completed, as compared to and categorized in the Schedule of Values, as of the end of the period covered by such Application for Payment. The percentage of the Work that is completed in each Application for Payment shall be the lesser of (a) the percentage of Work that has actually been completed and not rejected for the applicable Deliverable Portion of Work or (b) the percentage obtained dividing (i) Construction Manager’s actual, incurred expenses, on account of the Work for which Construction Manager has made payment attributed to the applicable Deliverable Portion of Work, by (ii) the share of the GMP in the applicable GMP Amendment allocated to that Work, as set forth in the Schedule of Values.

Percent Complete. The percentage each portion of the Work is completed, as compared to and categorized in the Schedule of Values, as of the end of the period covered by such Application for Payment. The percentage of the Work that is completed in each Application for Payment shall be the lesser of (a) the percentage of Work that has actually been completed and not rejected for the applicable Deliverable Portion of Work or (b) the percentage obtained dividing (i) Construction Manager’s actual, incurred expenses, on account of the Work for which Construction Manager has made payment attributed to the applicable Deliverable Portion of Work, by (ii) the share of the GMP in the applicable GMP Amendment allocated to that Work, as set forth in the Schedule of Values. Progress Report. A current Progress Report, updated Project Schedule, and updated Construction Schedule for the Deliverable Portion of Work applicable to the Application for Payment, all in accordance with Sections 4.6 and 5.3.