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(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 ,., , ....ent a , .. ,, s for the Contractor' s performance of the Contract. The Contract Sum shall be d and Five Dollars ($3 , 116,305 . 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 the Owner subsequent to the execution of this Agreement, attach a schedule of such other alternates showing the amount for each and the date when that amount expires) NONE § 4.3 Unit prices, if any, are as follows : 8essrigtion UPAS Pl+ce ($0,00) NONE ARTICLE 5 PAYMENTS § 5. 1 PROGRESS PAYMENTS § 5. 1 . 1 Based upon Applications for Payment properly 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 •^ nth s folio s month. § 5. 1 .3 Provided that an Appheation for- Payment is received by the Arehitect not lateff than the day of amonth, the Ownef shall make payment te the Gefitfaeter- not lateF than the day of the menth. if an Appheation for- Payment is r-eeeived by the Ar-ehiteet after- the appheatien date firced above, All payments shall be made 1}y-in accordance with the OyArnef not later than ) days after timeframes set forth in the A.rehi *er' rvacei es the Florida Prompt Payment Act, Florida Statutes section 218 .70 . et sea attached hereto as Exhibit C . § 5.1 .4 Each Application for Payment shall be based on the most recent schedule of values submitted by the Contractor and approved in writing by the Architect and the Owner in accordance with the Contract Documents . The schedule of values shall allocate the entire Contract Sum among the various portions of the Work . 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 objeeted to when, and only when, approved in writing by the A_ ate Architect and the Owner, shall be used as a basis for reviewing the Contractor' s Applications for Payment. § 5. 1 . 5 Applications for Payment shall mate set forth the percentage of completion of each portion of the Work as of the end of the period covered by the Application for Payment. § 5. 1 .6 Subject to other provisions of the Contract Documents, the amount of each progress payment shall be computed as follows : . 1 Take that portion of the Contract Sum properly allocable to completed Work as determined by multiplying the percentage completion of each portion of the Work by the share of the Contract Sum AIA Document A101 TM' — 1997. Copyright ® 19159 1918, 1925$ 1937, 1951 , 1958, 1961 , 1963, 1967, 1974, 1977, 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. 3 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. This document was produced by AIA software at 14 :43 :45 on 08/ 10/2005 under Order No. 1000192296_1 which expires on 8/8/2006, and is not for resale. User Notes: (4215104205)