6.1.1 The Constructor shall submit a schedule of values for approval by the Owner prior to the submission of the first pay application. The progress and payment schedule of values shall show the following:
6.1.1.1 Important milestones which may impact the progress schedule (such as the anticipated delivery of structural steel, completion of rough-in, completion of utility relocations, etc.).
6.1.1.2 Rate of progress proposed by the Constructor in terms of cumulative percent complete.
6.1.2 The Schedule of Values shall include a separate line item for both labor and material dollar values for each of the following items at a minimum:
6.1.2.1 Performance and Payment Bond
6.1.2.2 Project Startup and Mobilization
6.1.2.3 General Requirements
6.1.2.4 Insurance Requirements
6.1.2.5 Project Closeout / Closeout Requirements
6.1.2.6 All specification subdivisions shown in the Table of Contents of the Project Manual.
6.1.2.7 All applicable specification subdivisions shown in the Table of Contents of the Project Manual for each of the following categories:
6.1.2.7.1 Building Foundation
6.1.2.7.2 Lowest level of the facility
6.1.2.7.3 Each additional level of the facility
6.1.2.7.4 Building Penthouse
6.1.2.7.5 Any special building feature that is not accounted for in the any of the above categories
6.1.2.8 Allowances - include a line item and value for each allowance or unit price item included in the Contract.
6.1.2.9 Commissioning
6.1.2.10 Demobilization
6.1.3 Material values shall include only anticipated bare costs of materials needed for the project and shall not include any markup for overhead or profit.
6.1.4 Labor values for each line item shall include all costs not considered to be material bare costs and shall include the appropriate markup for overhead and profit.
6.1.5 The sum of all itemized values in the Schedule of Values shall be equal to the Contract Price.
6.2.1 Before the first Application for Payment is approved by the Owner, the Constructor shall submit one (1) signed copy of the following documents. No payment will be processed until all of these documents are received and approved by the Owner's Representative.
6.2.1.1 Reproducible construction schedule
6.2.1.2 Constructor's Schedule of Values
6.2.1.3 List of material suppliers
6.2.1.4 Itemized breakdown of all labor rates for each subcontractor and trade classification using a form provided by the University of Iowa Hospitals & Clinics. Overhead and profit shall not be included in the labor rates.
6.2.2 The Owner’s Representative will, within fourteen (14) days after receipt of the Constructor’s Application for Payment, either approve Constructor’s Application for Payment for such amount as the Owner’s Representative determines is properly due, or notify the Constructor in writing of the Owner’s Representative’s reasons for withholding certification in whole or in part.
6.2.3 Applications for Payment submitted by the Constructor shall be on the form approved by the Owner and shall indicate the percentage of completion of each portion of Constructor's Work as of the end of the period covered by the Application for Payment including authorized Change Orders.
6.2.3.1 The Constructor shall submit its schedule of values and all pay applications for review and approval via the Owner’s electronic web based application system, Build UI.
6.2.4 The period covered by each Application for Payment shall be one (1) calendar month.
6.2.5 If the Owner is entitled to reimbursement or payment from the Constructor under or pursuant to the Contract Documents, such payment by Constructor shall be made promptly upon demand by the Owner. Notwithstanding anything contained in the Contract Documents to the contrary, if the Constructor fails to promptly make any payment due the Owner, or the Owner incurs any costs and expenses to cure any default of the Constructor or to correct defective Work, the Owner shall have an absolute right to offset such amount against the Contract Price and may, in the Owner's sole discretion, elect either to:
6.2.5.1 Deduct an amount equal to that to which the Owner is entitled from any payment then or thereafter due the Constructor from the Owner, or
6.2.5.2 Issue a written notice to the Constructor reducing the Contract Price by an amount equal to that to which the Owner is entitled.