6-29-20 Special Meeting - Laserfiche WebLink

Home Browse Search

§ 5.2 Final Payment § 5.2.1 Final payment,constituting the entire unpaid balance of the Contract Sum,shall be made by the Owner to the Contractor when .1 the Contractor has fully performed the Contract except for the Contractor's responsibility to correct Work as provided in Article 12 of AIA Document A201-2017,and to satisfy other requirements,if any, which extend beyond final payment;and .2 a final Certificate for Payment has been issued by the Architect. § 5.2.2 The Owner's final payment to the Contractor shall be made no later than 30 days after the issuance of the Architect's final Certificate for Payment,or as follows: § 5.3 Interest Payments due and unpaid under the Contract shall bear interest from the date payment is due at the rate stated below, or in the absence thereof,at the legal rate prevailing from time to time at the place where the Project is located. (Insert rate of interest agreed upon, if any.) % ARTICLE 6 DISPUTE RESOLUTION § 6.1 Initial Decision Maker The Architect will serve as the Initial Decision Maker pursuant to Article 15 of AIA Document A201-2017,unless the parties appoint below another individual,not a party to this Agreement,to serve as the Initial Decision Maker. (If the parties mutually agree, insert the name,address and other contact information of the Initial Decision Maker, if other than the Architect.) § 6.2 Binding Dispute Resolution For any Claim subject to,but not resolved by,mediation pursuant to Article 15 of AIA Document A201-2017,the method of binding dispute resolution shall be as follows: (Check the appropriate box.) [ J Arbitration pursuant to Section 15.4 of AIA Document A201-2017 [ XJ Litigation in a court of competent jurisdiction [ ] Other(Spec) If the Owner and Contractor do not select a method of binding dispute resolution,or do not subsequently agree in writing to a binding dispute resolution method other than litigation,Claims will be resolved by litigation in a court of competent jurisdiction. ARTICLE 7 TERMINATION OR SUSPENSION § 7.1 The Contract may be terminated by the Owner or the Contractor as provided in Article 14 of AIA Document A201-2017. § 7.1.1 If the Contract is terminated for the Owner's convenience in accordance with Article 14 of AIA Document A201-2017,then the Owner shall pay the Contractor a termination fee as follows: (Insert the amount of or method for determining, the fee, if any,payable to the Contractor following a termination for the Owner's convenience.) Init AIA Document A101e-20 1 r.Copyright®1915,1918,1925,1937,1951,1958,1961,1963,1967,1974,1977,1987,1991,1997,2007 and 2017 by The American Institute of Architects.All rights reserved.The"American Institute of Architects,"'AIA,'the AIA Logo,"A101,"and'AIA Contract Documents'are 6 registered trademarks and may not be used without permission.This document was produced by AIA software at 15:25:43 ET on 06/11/2020 under Order No.6822004161 which expires on 01/10/2021,is not for resale,is licensed for one-time use only,and may only be used in accordance with the AIA Contract Documentse Terms of Service.To report copyright violations,e-mail copyright@aia.org. User Notes: (2053459531)