HomeMy WebLinkAboutPRICE AND PAYMENT PROCEDURES_Rev_0Five Sullivan Brothers CC Kitchen Plmb Improvements 01 20 00
City of Waterloo PRICE AND PAYMENT PROCEDURES
INVISION #16021 1 of 2
SECTION 01 20 00
PRICE AND PAYMENT PROCEDURES
PART 1 GENERAL
1.01 SECTION INCLUDES
A. Procedures for preparation and submittal of applications for progress payments.
B. Documentation of changes in Contract Sum and Contract Time.
C. Change procedures.
D. Procedures for preparation and submittal of application for final payment.
1.02 RELATED REQUIREMENTS
A. Section 00 72 00 - General Conditions: Additional requirements for progress payments, final payment,
changes in the Work.
1.03 SCHEDULE OF VALUES
A. Use Schedule of Values Form: AIA G703, edition stipulated in the Agreement.
B. Electronic media printout including equivalent information will be considered in lieu of standard form
specified; submit draft to Design Professional for approval.
C. Forms filled out by hand will not be accepted.
D. Submit Schedule of Values in duplicate within 15 days after date of Owner-Contractor Agreement.
E. Format: Utilize the Table of Contents of this Project Manual. Identify each line item with number and title
of the specification section. Identify General Conditions with a separate line item..
F. Revise schedule to list approved Change Orders, with each Application For Payment.
1.04 APPLICATIONS FOR PROGRESS PAYMENTS
A. Payment Period: Submit at intervals stipulated in the Agreement.
B. Use Form AIA G702 and Form AIA G703, edition stipulated in the Agreement.
C. Electronic media printout including equivalent information will be considered in lieu of standard form
specified; submit sample to Design Professional for approval.
D. Forms filled out by hand will not be accepted.
E. Execute certification by signature of authorized officer.
F. Use data from approved Schedule of Values. Provide dollar value in each column for each line item for
portion of work performed and for stored products.
G. List each authorized Change Order as a separate line item, listing Change Order number and dollar
amount as for an original item of work.
H. Submit one electronic and three hard-copies of each Application for Payment.
I. Include the following with the application:
1. Transmittal letter as specified for submittals in Section 01 30 00.
2. Partial release of liens from major subcontractors and vendors.
3. Certificates attesting to insurance of off-site stored products included in payment application.
J. When Design Professional requires substantiating information, submit data justifying dollar amounts in
question. Provide one copy of data with cover letter for each copy of submittal. Show application number
and date, and line item by number and description.
1.05 MODIFICATION PROCEDURES
A. For minor changes not involving an adjustment to the Contract Sum or Contract Time, Design
Professional will issue instructions directly to Contractor.
B. For other required changes, Design Professional will issue a document signed by Owner instructing
Contractor to proceed with the change, for subsequent inclusion in a Change Order.
1. The document will describe the required changes and will designate method of determining any
change in Contract Sum or Contract Time.
2. Promptly execute the change.
C. For changes for which advance pricing is desired, Design Professional will issue a document that
includes a detailed description of a proposed change with supplementary or revised drawings and
specifications, a change in Contract Time for executing the change with a stipulation of any overtime work
Five Sullivan Brothers CC Kitchen Plmb Improvements 01 20 00
City of Waterloo PRICE AND PAYMENT PROCEDURES
INVISION #16021 2 of 2
required and the period of time during which the requested price will be considered valid. Contractor
shall prepare and submit a fixed price quotation within 15 days.
D. Contractor may propose a change by submitting a request for change to Design Professional, describing
the proposed change and its full effect on the work, with a statement describing the reason for the
change, and the effect on the Contract Sum and Contract Time with full documentation. Document any
requested substitutions in accordance with Section 01 60 00.
E. Computation of Change in Contract Amount: As specified in the Agreement and Conditions of the
Contract.
1. For change requested by Design Professional for work falling under a fixed price contract, the
amount will be based on Contractor's price quotation.
2. For change ordered by Design Professional without a quotation from Contractor, the amount will be
determined by Design Professional based on the Contractor's substantiation of costs as specified
for Time and Material work.
F. Substantiation of Costs: Provide full information required for evaluation.
1. On request, provide the following data:
a. Quantities of products, labor, and equipment.
b. Taxes, insurance, and bonds.
c. Overhead and profit.
d. Justification for any change in Contract Time.
e. Credit for deletions from Contract, similarly documented.
2. Support each claim for additional costs with additional information:
a. Origin and date of claim.
b. Dates and times work was performed, and by whom.
c. Time records and wage rates paid.
d. Invoices and receipts for products, equipment, and subcontracts, similarly documented.
G. Execution of Change Orders: Design Professional will issue Change Orders for signatures of parties as
provided in the Conditions of the Contract.
H. After execution of Change Order, promptly revise Schedule of Values and Application for Payment forms
to record each authorized Change Order as a separate line item and adjust the Contract Sum.
I. Promptly revise progress schedules to reflect any change in Contract Time, revise sub-schedules to
adjust times for other items of work affected by the change, and resubmit.
J. Promptly enter changes in Project Record Documents.
1.06 APPLICATION FOR FINAL PAYMENT
A. Prepare Application for Final Payment as specified for progress payments, identifying total adjusted
Contract Sum, previous payments, and sum remaining due.
B. Application for Final Payment will not be considered until the following have been accomplished:
1. All closeout procedures specified in Section 01 70 00.
PART 2 PRODUCTS - NOT USED
PART 3 EXECUTION - NOT USED
END OF SECTION