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Subcontract#: 061804-017 <br /> Page 21 /Rev 171204 <br /> 7.1 Subcontract Amount: Subcontractor represents and warrants that the Subcontract Amount <br /> agreed to on Schedule A includes all labor, supervision, materials, equipment, rent, supplies, taxes, <br /> insurances, bond premiums, environmental controls, and all of the items of cost necessary to <br /> complete the Work. Subcontractor's unit price for each individual item shall remain the same through <br /> completion of the Work. Subcontractor shall submit a schedule of values for all of the Work in <br /> accordance with Contractor's submittal schedule. The schedule of values will: <br /> a) Allocate the entire Subcontract Amount among the various portions of the Work; <br /> b) Include unit values for all items relating to the Work; <br /> c) If approved by Contractor, will serve as the basis for progress payments to Subcontractor; and <br /> d) Be updated as necessary to incorporate Contractor-approved changes. <br /> 7.2 Pay_ If Paid: Contractor's receipt of payment from Owner for Subcontractor's Work is a <br /> condition precedent to payment to Subcontractor for that Work. Subcontractor bears the risk of <br /> Owner's non-payment for any or all of its Work. This Section shall not apply for Work performed in <br /> Wisconsin. <br /> 7.3 Progress Payment to Subcontractor. Within seven (7) calendar days of receipt by Contractor <br /> of a progress payment from Owner for the Work performed, materials furnished, or materials <br /> stockpiled by Subcontractor, Contractor shall pay Subcontractor for all Work Satisfactorily Completed <br /> and for all materials furnished or stockpiled. <br /> a) "Satisfactorily Completed," as used herein, includes completion of all punch list items, <br /> submission of all required documentation, submission of executed lien waivers, determination <br /> of quantities, and receipt of payment from Owner. <br /> b) Contractor shall pay Subcontractor within the time frames described above unless Contractor <br /> complies with both of the following conditions within seven (7) calendar days of receiving <br /> Owner's progress payment: <br /> i. Contractor notifies Subcontractor in writing that the Work is not Satisfactorily <br /> Completed; and <br /> ii. Contractor requests approval from Owner to delay payment because Subcontractor <br /> has not Satisfactorily Completed the Work. Contractor's request for approval to Owner <br /> to delay payment to Subcontractor shall include the written notification to Subcontractor <br /> and shall provide sufficient documentation of good cause to assist the Owner or the <br /> Owner's Representative in making a timely decision. If the Owner does not grant <br /> approval to delay payment, Contractor shall pay Subcontractor within 10 calendar days <br /> of Owner's decision. <br /> 7.4 Retainage: Contractor will retain or the higher amount withheld by Owner, of the <br /> amount paid to Subcontractor for both progress and final payments until Owner reduces its retainage <br /> for Contractor. Retainage withheld by Contractor shall be payable upon the occurrence of all of the <br /> following events: <br /> a) Owner's payment of retainage to Contractor; and <br /> b) Owner provides final approval and acceptance of Subcontractor's Work; and <br /> Equal Opportunity/Affirmative Action Employer <br />