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Applying deposit on an AIA contract

New YorkConstruction AccountingConstruction Contract

Hi, I have a deposit received of 5% the contract states deposit shall be credited in equal installments over the first three Applications for payment provided that if the First Three Applications for Payments are insufficient to provide the owner with the full amount of the deposit credit shall continue to be applied in subsequent Application for payments as necessary as the full has be credited to the Owner. I would like to confirm what I would be applying my 1/3 of the deposit.

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