A. Application for Payment
This Subcontractor shall submit progress payment applications to the Contractor No Later Than the 20th day of each month for work performed up to and including the 25th day of each month. Ten Percent (10%) of each payment shall be retained until Final Completion. All payments are subject to receipt of release of liens, warranties and guarantees as required by the Contract Documents.
B. Payment Restrictions
The Subcontractor understands and agrees that no payment (from Childers) shall be due (or owed) to the Subcontractor unless and until the Owner has paid Childers for the Subcontractor's work. Childers' receipt of payment from the Owner for the Subcontractor's work is a condition precedent to Childers' obligation to pay the Subcontractor. Subcontractor also agrees within seven working days from receipt of payment from Childers Construction, the subcontractor will pay each supplier, consultant and or lower tier subcontractor, the amount to which said supplier, consultant or lower tier subcontractor is entitled from said payment received from Chiders Construction. Subcontractor will preserve all accounting and project records for a period of 4 years after final acceptance of work. Childers Construction reserves the right to audit the subcontractors accounting records if required by the owner.
C. Final Payment
Application – Upon final acceptance of the Subcontractor's Work by the Owner, the Contractor and the Architect, the Subcontractor shall make application for final
payment and shall submit to the Contractor:
1. An Affidavit that all labor, materials, equipment, and other indebtedness connected with the Work have been paid or otherwise satisfied;
2. Final Release of Lien
3. Consent of Surety to Final Payment, if required by the Contractor;
4. Close – Out Documents required by the Contract Documents.