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Contract Sum to the Construction Manager as provided below and elsewhere in the Contract tents-.Documents and pursuant to the provisions of the Florida Prompt Payment Act, Florida Statutes section 218 . et. seq . . I § 7.1 .2 The period eever-ed by each ApplicationfOFPayment shall be One ealefldaf Month end fig �� ft, � 1 ^ , + A month,the § 7. 1 .3 Owner- shall make payment to the Genstfuctien Manager- not later- than the day of the month. if an Ap lication fef Payment is reeeived by the Arehiteet after- the applic-ation date fixed above, payfaen! shall be mad. e. J ... not later- than ( ) days after- the Arehiteet receives the Appheation for- Payffl § 7.1 .4 With each Application for Payment, the Construction Manager shall submit payrolls, petty cash accounts, receipted invoices or invoices with check vouchers attached and any other evidence required by the Owner or Architect to demonstrate that cash disbursements already made by the Construction Manager on account of the Cost of the Work equal or exceed ( 1 ) progress payments already received by the Construction Manager; less (2) that portion of those payments attributable to the Construction Manager ' s Fee ; plus (3) payrolls for the period covered by the present Application for Payment. § 7.1 . 5 Each Application for Payment shall be based upon the most recent schedule of values submitted by the Construction MIanager and approved in writing by the Architect and the Owner in accordance with the Contract Documents. The schedule of values shall allocate the entire Guaranteed Maximum Price among the various portions of the Work, except that the Construction Manager' s Fee shall be shown as a single separate item. The schedule of values shall be: prepared. in such form and supported by such data to substantiate its accuracy as the Architect and the Owner may require. This schedule, unless objected to-when and only when, approved in writing by the Ar hitect and the Arehiteet,Owner, shall be used as a basis for reviewing the Construction Manager' s Applications for I layment. § 7.1 .6 Applications for Payment shall slew-set forth the percentage completion of each portion of the Wok that has actually been completed as of the end of the period covered by the Application for Payment. eampletion shall be the lesser- of ( 1 ) the per-eentage of that peffien of the Work whieh has aevM I l . . I �Veleted er (2) the pementage obtained by dividing (a) the expense which has aeltually been ineurfed by the Constmet on Managef en aeepunt of that poi4ion of the Wer-k for- whieh the Construction Managef has made or- intends io make allocated to that portion of the Work in the schedule of values, § 7.1 .7 Subject to other''provisions of the Contract Documents, the amount of each progress payment shall e computed as follows: .1 Ten percent ( 10%) retainage shall be held on all payments until the Contract is fifty percent (50%) complete. With prior written approval by the Owner, certain suppliers and subcontractors r iay be paid the entire amount due when such a payment is generally the practice of industry. At f fty percent (50%) completion, the Owner may approve a reduction of the retainage from ten pe 7cent ( 10%) to five percent (5%) at the Owner' s discretion. Retainage shall not be withheld on t Construction Manager' s Fee until the Cost of the Work has reached ninety percent (90%) c mplete. At ninety percent (90%) complete, the Owner shall retain ten percent ( 10%) of the Construction Manager's Fee and hold such retainage until final payment. There shall be no retainage on the Articles 6. 1 .2, 6.1 .5Iand 6. 1 .6 components of the Cost of the Work upon its eempletion. -Work. -.2 Subtract the aggregate of previous payments made by the Owner. that fixed sum Fee as the Cost of the WoFk in the two preeeding Seetions bear-s to a reason Ae estimate an amount which bear.s is stated Mis a -r4-*ed sum in that Seetion, Manager-! s Seetiens at the fate stated in Seetion 5 . 1 . 1 or-, if desefibed in shall be eemputed upon Managef' s Fee, by the Owner-, suitably siofed off the site at a loeation agreed upon in writing , • Maximum Price has not • et {.__.. .. a: �t_.1 t... Change nr-.1of. .. jam . .. -� - _ � -'a- .2 Take that poEtion of Add that eof4ien of the Guaranteed Ma*imum Pr-iee .12E9Vpdy gligga-ble Guafanteedtt4amifnafnPEicepr-opeflyalleeableteeofnpletedWer-kasdeteF"nedA20ITM 00, of eaeh poi4ien-of the Work. afneunts not in dispute the Quar-algeed Maximum Pr-iWef-k by 2§ Costco AIA Document A121 TMCMc - 2003 and AGC Document 565. Copyright © 1991 and 2003 by The American Institute of Architects and The Associated General Contractors of America. All rights reserved. WARNING : This document is protected by U.S. Copyright Law and Internatio al Treaties. 16 Unauthorized_ reproduction or distribution of this 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. This document was produced by AIA software at 12:50:12 on 04/19/2005 under Order No. 1000126313_1 which expires on 6/29/2005, and is not for resale. User Notes: ( 1413727908)