Dynamic Ventures Corp (fka DYNV)

[Enterprising Investor]

Payments covered in Article 12 in a AIA A103-2007.

There are three types of payments: Initial Deposit (in Section 12.0), Progress Payment (12.1) and Final Payment (12.2).

To receive a Progress Payment, an Application for Payment is submitted either monthly or semi-monthly by the Contractor. The application must include the cost of the work actually incured along with supporting documentation plus the fee amount. The Owner has to make then payment no later five days later. The Contractor and Owner have procedures designed to review and approve payments to Subcontractors as well as retainage for their work.

The Final Payment is due when the Contractor has fully performed the Contract except for correction work. The Final Payment is due no later than 30 days after the Final Application for Payment is submitted by the Contractor.