2008-07-10_REVISION - M2004009 (7)

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Article 6 Contract Price 6.1 Contract Price. Owner shall pay Design-Builder the sum of "Contract Price"), subject to adjustments made in accordance with the General Conditions of Contract. Unless otherwise provided in the Contract Documents, the Contract Price is deemed to include all sales, use, consumer and other taxes mandated by applicable Legal Requirements. 6.2 Markups for Changes. If the Contract Price requires an adjustment due to changes in the Work, and the cost of such changes is determined under Sections 9.4.1.3 or 9.4.1.4 of the General Conditions of Contract, the following markups shall be allowed on such changes: Ten Percent (101/x) for Overhead and Profit. Article 7 Procedure for Payment 7.1 Progress Payments 7.1.1 Simultaneously with the execution of this Contract, Design-Builder may submit to Owner Design- Builder's Application for Payment in accordance with Article 6 of the General Conditions of Contract in the amount of $' Upon approval of the Construction Documents by the Owner, Design-Builder may submit a Schedule of Values and an Application for Payment in the amount of $' Upon the approval of the Contract Documents by the State Engineer, Design-Builder may submit an Application for Payment in the amount of $: .. Thereafter, Design-Builder shall annually submit an affidavit and progress report showing Work completed (in accordance with the Schedule of Values) in an amount not less than the payment request, and, if warranted by the affidavit and progress report, an application. payment requesting (a) a $f . payment in 2009, and (b) the final balance due and owing under the Contract upon Substantial Completion. 7.1.2 Owner shall make payment within fourteen (14) days after Owner's receipt of each properly submitted and accurate Application for Payment in accordance with Article 6 of the General Conditions of Contract. 7.2 Final Payment. Design-Builder shall submit its Final Application for Payment to Owner in accordance with Section 6.7 of the General. Conditions of Contract. Owner shall make payment on Design-Builder's properly submitted and accurate Final Application for Payment within thirty (30) days after Owner's receipt of the Final Application for Payment, provided that Design-Builder has satisfied the requirements for final payment set forth in Section 6.7.2 of the General Conditions of Contract. 7.3 Interest. Payments due and unpaid by Owner to Design-Builder, whether progress payments orfinal payment, shall bear interest commencing five (5) days after payment is due at the rate of nine percent (9%) yearly. No interest shall be due on contested payments hereunder. 7.4 Record Keeping and Finance Controls. With respect to changes in the Work performed on a cost basis by Design-Builder pursuant to the Contract Documents, Design-Builder shall keep full and detailed accounts and exercise such controls as may be necessary for proper financial management, using accounting and control systems in accordance with generally accepted accounting principles and as may be provided in the Contract Documents. During the performance of the Work and for a period of three (3) years after Final Payment, Owner and Owner's accountants shall be afforded access from time to time, upon reasonable notice, to Design-Builder's records, books, correspondence, receipts, subcontracts, purchase orders, Page 4 DBIA Document No. 525 • Standard Form of Agreement Between Owner and Design-Builder - Lump Sum © 1998 Design-Build Institute of America