Exhibit 10.1
AIA® Document A101™
— 1997
Standard Form of
Agreement Between Owner and Contractor
where the basis of payment is a
STIPULATED SUM
AGREEMENT made as of the 28th day of June in the year
of 2005
(In words indicate day, month and
year)
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BETWEEN the Owner:
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(Name, address and other
information)
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This document has important legal
consequences. Consultation with an attorney is
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First Community Bank
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encouraged with respect to its
completion or
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P.O. Box 64
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modification.
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Lexington, SC 290271
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and the Contractor:
(Name, address and other information)
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AIA Document A201-1997, General
Conditions of the Contract for Construction, is adopted in this
document by reference. Do not use with other general conditions
unless this document is modified.
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Summerfield
Associates, Inc.
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This document has been approved and
endorsed
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P.O. Box 5815
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by The Associated General
Contractors of
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West Columbia, SC 29171
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America.
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The Project is:
(Name and location)
First Community Bank
Administration Center
5455 Sunset Blvd.
Lexington, SC 29072
The Architect is:
(Name, address and other
information)
JHS Architecture: Integrated
Design
1812 Lincoln Street,
Suite 300
Columbia, SC 29201
The Owner and Contractor agree as
follows.
AIA Document A101™-1997.
Copyright © 1915,
1918, 1925, 1937, 1951, 1958, 1961, 1963, 1967, 1974, 1977, 1980,
1987, 1991 and 1997 by The American Institute of Architects. All
rights reserved. WARNING: This AIA® Document is protected
by U.S. Copyright Law and International Treaties. Unauthorized
reproduction or distribution of this AIA® Document, or any
portion of it, may result in severe civil and criminal penalties,
and will be prosecuted to the maximum extent possible under the
law. Purchasers are permitted to reproduce ten (10) copies of
this document when completed. To report copyright violations of AIA
Contract Documents, e-mail The American Institute of
Architects’ legal counsel copyright@aia.org.
1
ARTICLE 1 THE CONTRACT
DOCUMENTS
The Contract Documents consist of
this Agreement, Conditions of the Contract (General, Supplementary
and other Conditions), Drawings, Specifications, Addenda issued
prior to execution of this Agreement, other documents listed in
this Agreement and Modifications issued after execution of this
Agreement; these form the Contract, and are as fully a part of the
Contract as if attached to this Agreement or repeated herein. The
Contract represents the entire and integrated agreement between the
parties hereto and supersedes prior negotiations, representations
or agreements, either written or oral. An enumeration of the
Contract Documents, other than Modifications, appears in
Article 8.
ARTICLE 2 THE WORK OF THIS
CONTRACT
The Contractor shall fully execute
the Work described in the Contract Documents, except to the extent
specifically indicated in the Contract Documents to be the
responsibility of others.
ARTICLE 3 DATE OF
COMMENCEMENT AND SUBSTANTIAL COMPLETION
§ 3.1
The date of commencement of the Work
shall be the date of this Agreement unless a different date is
stated below or provision is made for the date to be fixed in a
notice to proceed issued by the Owner.
(Insert the date of commencement
if it differs from the date of this Agreement or, if applicable,
state that the date will be fixed in a notice to
proceed.)
July 11, 2005 or upon receipt
of building permit (whichever is later)
If, prior to the commencement of the
Work, the Owner requires time to file mortgages, mechanic’s
liens and other security interests, the Owner’s time
requirement shall be as follows:
§
3.2 The Contract Time shall be measured from the
date of commencement.
§
3.3 The Contractor shall achieve Substantial
Completion of the entire Work not later
than days from the
date of commencement, or as follows:
(Insert number of calendar days.
Alternatively, a calendar date may be used when coordinated with
the date of commencement. Unless stated elsewhere in the Contract
Documents, insert any requirements for earlier Substantial
Completion of certain portions of the Work)
303 Calendar Days
, subject to adjustments of this
Contract Time as provided in the Contract Documents.
(Insert provisions, if any, for
liquidated damages relating to failure to complete on time or for
bonus payments for early completion of the Work.)
ARTICLE 4 CONTRACT
SUM
§
4.1 The Owner
shall pay the Contractor the Contract Sum in current funds for the
Contractor’s performance of the Contract. The Contract Sum
shall be Three million Three hundred ninety four thousand two
hundred twenty two dollars ($3,394,222.00), subject to additions
and deductions as provided in the Contract Documents.
§
4.2 The Contract Sum is based upon the following
alternates, if any, which are described in the Contract Documents
and are hereby accepted by the Owner:
(State the numbers or other
identification of accepted alternates. If decisions on other
alternates are to be made by
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the Owner subsequent to the
execution of this Agreement, attach a schedule of such other
alternates showing time amount for each and the date when that
amount expires)
Copy of Summerfield
Associates, Inc. quote dated June 27, 2005.
§
4.3 Unit prices, if any, are as follows:
None
ARTICLE 5
PAYMENTS
§
5.1 PROGRESS
PAYMENTS
§
5.1.1 Based upon Applications for Payment submitted to
the Architect by the Contractor and Certificates for Payment issued
by the Architect, the Owner shall make progress payments on account
of the Contract Sum to the Contractor as provided below and
elsewhere in the Contract Documents.
§
5.1.2 The period covered by each Application for
Payment shall be one calendar month ending on the last day of the
month, or as follows:
§
5.1.3 Provided that an Application for Payment is
received by the Architect not later than the 25th day of a
month, the Owner shall make p
