date fixed above, payment shall be made by the Owner not later than Fifteen  days after the Architect receives the Application for Payment. Each Application for Payment shall be based on the most recent schedule of values submitted by the Contractor in accordance with the Contract Documents. The schedule of values shall allocate the entire Contract Sum among the various portions of the Work. The schedule of values shall be prepared in such form and supported by such data to substantiate its accuracy as the Architect may require. This schedule, unless objected to by the Architect shall be used as a basis for reviewing the Contractor's Applications for Payment. Applications for Payment indicate the percentage of completion of each portion of the Work as of the end of the period covered by the Application for Payment. Each Application for Payment shall include properly executed, unconditional waivers oflien for the immediately preceding pay period from the Contractor and every subcontractor with a contract valued over Five thousand dollars ($5,000.00) within the scope of the Work for which the Contractor seeks progress payment. These lien waivers shall comply with the law of the state where the Project is located. Subject to other provisions of the Contract Documents, the amount of each progress payment shall be computed as follows:
Take that portion of the Contract Sum properly allocable to completed Work as determined by multiplying the percentage completion of each portion of the Work by the share of the Contract Sum allocated to that portion of the Work in the schedule of values, less no retainage. Pending final determination of cost to the Owner of changes in the Work, amounts not in dispute shall be included as provided in Subparagraph 7.3.8 of the PROJECTS General Conditions; Add that portion of the Contract Sum properly allocable to materials and equipment delivered and suitably stored at the site for subsequent incorporation in the completed construction (or, if approved in advance by the Owner, suitably stored off the site at a location agreed upon in writing), less no retainage; Subtract the aggregate of previous payments made by the Owner; and Subtract amounts, if any, for which the Architect has withheld or nullified a Certificate for Payment as provided in Paragraph 9.5 of the PROJECTS General Conditions.
The progress payment amount determined in accordance with Subparagraph 5.1.6 shall be further modified under the following circumstances:
Add, upon Substantial Completion of the Work, and subject to Subparagraph 5.2.3, below, a sum sufficient to increase the total payments to the full amount of the Contract Sum, less such amounts as the Architect shall determine for incomplete Work, retainage applicable to such work and unsealed claims; and Add, if final completion ofthe Work is thereafter materially delayed through no fault of the Contractor, any additional amounts payable in accordance with Subparagraph 9.10-3 of the PROJECTS General Conditions.
Reduction or limitation ofretainage, if any, shall be as follows: No retention on this contract. Except with the Owner's prior approval, the Contractor shall not make advance payments to suppliers for materials or equipment which have not been delivered and stored at the site. Contractor has owners approval for payment for off-site storage ofmaterial provided they are suitably stored and insured.
5.2 FINAL PAYMENT
Final payment, constituting the entire unpaid balance of the Contract Sum, shall be made by the Owner to the Contractor when:
the Contractor has fully performed the Contract except for the Contractor's responsibility to correct Work as provided in Subparagraph 12.2.2 of the PROJECTS General Conditions, 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.
The Owner's final payment to the Contractor shall be made no later than ten (10) days after the issuance of Substantial Completion. If Contractor fails to complete any punch list, repair or replacement item, Owner shall withhold from final payment a sum equal to 1.5 times (150%) the amount that the Owner or Architect, at