Everything here is from the references shown below, with a few comments in an alternate color.
For performance limited takeoffs (high/hot/heavy) using flaps 20°, flaps should be retracted to 10° when above 400 feet AAL and accelerating through 180 KCAS. Delay selection of Flaps to UP until airspeed accelerates through 200 KCAS to avoid nuisance airspeed low alerts.
Gulfstream GVII-G500 Airplane Flight Manual, Revision 4, August 29, 2019
Gulfstream GVII-G500 Production Aircraft Systems, Revision 3, July 15, 2019
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