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shall timely remit payment of such retainage to those subcontractors and suppliers. Pursuant to Florida Statutes section 218 . 735 (8 )(c)(2008 ) , Contractor further acknowledges and agrees that: 1 ) the County shall receive immediate written notice of all decisions made by Contractor to withhold retainage on any subcontractor at greater than five percent (5% ) after fifty percent (50% ) completion ; and 2) Contractor will not seek release from the County of the withheld retainage until the final pay request. 5 .4 Paragraphs 5. 2 and 5. 3 do not apply to construction services Work purchased by the County as Owner which are paid for, in whole or in part, with federal funds and are subject to federal grantor laws and regulations or requirements that are contrary to any provision of the Local Government Prompt Payment Act. In such event, payment and retainage provisions shall be governed by the applicable grant requirements and guidelines . 5 . 5 . NOTWITHSTANDING THE FOREGOING PARAGRAPHS , CONTRACTOR acknowledges and agrees that Work Authorizations/Work Orders that are less than $ 100,000 .00 (One Hundred Thousand dollars) shall not have a Payment Bond and a Performance Bond ; however, pursuant to The Code of Indian River County , Indian River County as Owner shall make only one payment for the entire amount of the related applicable Work Authorization/Work Order when the terms of the related applicable Work Authorization/Work Order have been fulfilled . All payments shall be in accordance with the provisions of the Local Government Prompt Payment Act, Florida Statutes section 218 .70 et. seq . . ARTICLE 6. TERM OF AGREEMENT This Agreement shall remain in full force and effect for an Initial term of two j2) years after the date of execution , unless terminated by mutual consent of the parties hereto , and may be renewed for a maximum of two (2 ) renewal terms of one ( 1 ) year each , upon mutual agreement of the parties . ARTICLE 7. CONTRACTOR'S REPRESENTATIONS . In order to induce OWNER to enter into this Agreement, CONTRACTOR makes the following representations : CONTRACTOR has familiarized itself with the nature and extent of the Contract Documents , work , site , locality, and all local conditions and laws and regulations that in any manner may affect cost, progress , performance or furnishing of the work. ARTICLE 8 . CONTRACT DOCUMENTS , The Contract Documents , which comprise the entire agreement between OWNER and CONTRACTOR concerning the work , consist of the following : 8 . 1 This Agreement (Section 00530 ) . 8 . 2 Performance and other bonds (Sections 00610 and 00612) . 8. 3 Notice of Award and Notice to Proceed . 8 . 4 General Conditions (Section 00700). 8 . 5 Supplementary Conditions (Section 00800). 8 . 6 Specifications bearing the title " IRCDUS Water and Wastewater Utility Standards , February 2008 or latest version " . 8 . 7 Addenda numbers N/A to N/A , inclusive . 8 . 8 Indian River County Water and Wastewater Utility Ordinances. 8 .9 The following , which may be delivered or issued after the effective date of the 00530 EJCDC Agreement- Shettra & Sons Construction.doc 00530-3