AgdaPkt 2005-03-14 - Laserfiche WebLink

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��f-F� 7 from CM/GC including all documents required by the City/Agency. The monthly payment will include: 1) Ninety percent (90%) of the Construction Cost (less General Conditions Costs) for Work that City/Agency agrees is completed in accordance with the Contract Documents and in place, plus 2) One hundred (100%) of the Genersl Conditions Costs incurred by CM/GC, as established by purchase orders, invoice and other documents requested by City/Agency; 3) Ninety percent (90%) of value of the Fiber-Reinforced Plastic that City/Agency agrees has been completed in accordance with the Contract Documents, 4) Fifty percent (50%) of the value of materials delivered and stored at the Project Site in a manner acceptable to City/Agency and subject to a Security Agreement and UCC-1 filing if required by City/Agency; plus 5) Ninety percent (90%) of the CM/GC's Earned Fee. The Earned Fee shall be that amount of the CM/GC's Fee that bears the same proportion to the CM/GC's entire Fee as the value of the Construction Cost of the completed Work bears to the entire Construction Cost. G. Retained pavments. 1) City/Agency will retain ten percent (10%) of the Construction Cost and CM/GC's Fee during the course of construction, and will release those amounts no less than forty five (45) days after the City/Agency records a Notice of Completion for the Project. Provided that CM/GC and the Trade Contractors are making satisfactory progress with the Project, City/Agency may, in its sole discretion and after the Work is at least fifty percent (50%) complete, agree to reduce retention withheld for individual Trade Contractors at an earlier time, provided, however that City/Agency shall at all times withhold an amount equal to at least five percent (5%) of the value of the Work completed and in place. As a condition to any reduction in retention, CM/GC shall provide City/Agency with written consent to the release of any retained funds by the surety or sureties of the CM/GC and Trade Contractors. 2) When the City/Agency and CM/GC have agreed that the Project is substantially complete, the City/Agency may, at its sole discretion, release the remaining retained funds in excess of an amount equal to One Hundred and Fifty percent (150%) of value of any remaining complete or disputed work as shown on the list attached to the Notice of Completion. Those funds will be released no less than forty five (45) days after the City/Agency has accepted the Project and has recorded a Notice of Completion. H. Continqencv Funds. When the FAP is established and approved by the City/Agency, a reasonable and mutually agreed portion of that FAP shall be allocated for Contingencies, as defined below. Atty/Ag r/2005.003 030805/L.Beck/607588v7 Page 5 of 30