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ARTICLE 7 CONSTRUCTION PHASE § 7. 1 PROGRESS PAYMENTS § 7.1 . 1 Based upon Applications for Payment properly submitted to the Architect by the Construction Manager and Certificates for Payment issued by the Architect, the Owner shall make progress payments on account of the Contract Sum to the Construction Manager as provided below and elsewhere in the Contract t&.-Documents and pursuant to the provisions of the Florida Prompt Payment Act Florida Statutes section 218 et seq ._ § 7 . 1 .2 The pefied eoNrer-ed by eaeh Applieation for- Payment shall be one ealendar- Month ending on the last day 0 the month, or- as fell . wsi § 7, 1 , 3 Provided an AL i lio tion fee Payment is d by the rehitect not later than lihe day of a month,the OwneF shall make payment to the Constfuetion Manager not later than the day of the � �t, TC � � A 1- an Applioation fof PaymenliiS Feceived by the Arehiteet aftef the application date fixed above , payment shall be fflade by the OWneF not latef than ( ) days after- the Arehiteet reeeives the Applieatieft for Payment. § 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 Manager and approved in writing by the Architect and 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 may require . This schedule, unless obje„ted towhen and only when, approved in writing by the A r t—, Architect and Owner, shall be used as a basis for reviewing the Construction Manager' s Applications for Payment. § 7 . 1 .6 Applications for Payment shall show set forth the percentage completion of each portion of the Work that has actually been completed as of the end of the period covered by the Application for Payment. 'r'_' completion shall be the lesser of ( 1 ) the percentage of that por-tion of the Work which has aetually been eompleted or (2) the pereentage obtained by dividing (a) the expense whieh has aetually been inettr+ed by the Genstfue Manager- en aeeount of that pertion of the Work fef whieh the Construetion Managef has rflade or- intends to make aetual payment pr-iE)r to the next Appheation fef: Payment by (b ) the share of the Guafanteed Maximum P alleeatea to that potion o f the �x ofk : n the seh d 1 F 1 ........»..... ... u.... portion va •aav . . van ulcer § 7 . 1 .7 Subject to other provisions of the Contract Documents, the amount of each progress payment shall be 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 may be paid the entire amount due when such a payment is generally the practice of industry. At fifty percent (50 %) completion, the Owner may approve a reduction of the retainage from ten percent ( 10 % ) to five percent (5 %) at the Owner ' s discretion . There shall be no retainage on the Articles 6 . 1 . 2 , 6 . 1 . 5 and 6 . 1 . 6 components of the Cost of the Work in the preceding ceet: ons bears t feasenabl.e Work we v Yr aag vca.uvu estimate of the probable Cost of the Wor-k upen its eoWlefiei+. 4—Work. 2 . Subtract the aggregate of previous payments made by the Owner. same ratio to that fixed sum Fee as the the Wer-k deser-ibed in the two pr-eeeding Sections at the rate stated ift Section 5 . 1 . 1 , if the Geastr-uetien Manager ' s Fee is stated as a fixed surn in that Seetion, shall be an afneunt which bears Cost emr upon Z uteri site for- subsequent : Y �ration in th W +L if YY d advanee � by the Owner-, suitably stor-ed off the site at a location agreed upon in writing. .3 Add the constfue ien Manager's Fee, less retainage a€TrThe Eenst>•uetien Manager-s Fee materials and equipment a 1 ' d d ' t bly t d G t Maximum d Priee has t Yet h equipment adjusted by Change Or-den .2 Take that peFtion of Add that peftion of the Guaranteed Maxjniu*"2Fiee Guaranteed Ma*imum Prig 1 . , it hle 1 [1(17 �zcrticrl� anocac t co co:ix�llPtf d Wofl�$5 deter-mined ��AlTM�rrr even thoueh be ineluded as orovided in Seetieft 7 . 3 . 8 of of each portion of the Work, amounts of : t Work jh h d 1 v f ,\I7 1 by 1 completion C G DCII C C)I R 11 O O 1 IaCO AIA Document A121 ^"CMc — 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 International Treaties. 6 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 17:00:26 on 05/25/2005 under Order No. 1000126313_1 which expires on 6/29/2005, and is not for resale. User Notes : (3163795107)