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13.7 ACCEPTANCE OF DEFECTIVE WORK <br /> A. If, instead of requiring correction or removal and replacement of defective Work, <br /> the OWNER prefers to accept the Work, the OWNER may do so. The <br /> CONTRACTOR shall bear all direct, indirect, and consequential costs <br /> attributable to the OWNER's evaluation of and determination to accept such <br /> defective Work. If any such acceptance occurs prior to final payment, a Change <br /> Order will be issued incorporating the necessary revisions in the Contract <br /> Documents with respect to the Work, and the OWNER shall be entitled to an <br /> appropriate decrease in the Contract Price. <br /> ARTICLE 14 -- PAYMENTS TO CONTRACTOR AND COMPLETION <br /> 14.1 SCHEDULE OF VALUES (LUMP SUM PRICE BREAKDOWN) <br /> A. The schedule of values or price breakdown established as provided in the <br /> General Requirements shall serve as the basis for progress payments and will be <br /> incorporated into a form of Application for Payment acceptable to the ENGINEER <br /> OF RECORD. <br /> 14.2 UNIT PRICE BID SCHEDULE <br /> A. Progress payments on account of Unit Price Work will be based on the number <br /> of units completed. <br /> 14.3 APPLICATION FOR PROGRESS PAYMENT <br /> A. Unless otherwise prescribed by law, on the 25th of each month, or other agreed <br /> upon date, the CONTRACTOR shall submit to the ENGINEER OF RECORD for <br /> review, an Application for Payment filled out and signed by the CONTRACTOR <br /> covering the Work completed as of the date of the Application and accompanied <br /> by such supporting documentation as is required by the Contract Documents. <br /> B. The Application for Payment shall identify, as a subtotal, the amount of the <br /> CONTRACTOR'S Total Earnings to Date, plus the Value of Materials Stored at <br /> the Site which have not yet been incorporated in the Work, and less a deductive <br /> adjustment for materials installed which were not previously incorporated in the <br /> Work, but for which payment was allowed under the provisions for payment for <br /> Materials Stored at the Site, but not yet incorporated in the Work. <br /> C. The Net Payment Due to the CONTRACTOR shall be the above-mentioned <br /> subtotal from which shall be deducted the amount of retainage specified in the <br /> Supplementary General Conditions, and the total amount of all previous <br /> payments made to the CONTRACTOR. <br /> D. The Value of Materials Stored at the Site shall be an amount equal to the <br /> specified percent of the value of such materials as set forth in the Supplementary <br /> General Conditions. Said amount shall be based upon the value of all <br /> acceptable materials and equipment not incorporated in the Work but delivered <br /> and suitably stored at the site or at another location agreed to in writing; <br /> 00700-33/39 S 11 <br />