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e 4 : The construction of the PROJECT is estimated to be completed in January, 2011 . The PARTICIPANT ' S advanced funding for this PROJECT is in the amount of THIRTY FOUR MILLION SIX HUNDRED SIXTY NINE THOUSAND SIX HUNDRED ONE DOLLARS ($34 , 669 , 601 . 00 ) . The PARTICIPANT will submit the advance funding for the project in three payments . The PARTICIPANT agrees that it will , within thirty ( 30 ) days of execution of this Agreement , furnish the DEPARTMENT with a check for the first payment which is 10 % of the PROJECT estimate in the amount of THREE MILLION FOUR HUNDRED SIXTY SIX THOUSAND NINE HUNDRED SIXTY DOLLARS AND TEN CENTS ( $3 , 466 , 960 . 10 ) . The second payment , which is 40 % of the PROJECT estimate , is THIRTEEN MILLION EIGHT HUNDRED SIXTY SEVEN THOUSAND EIGHT HUNDRED FORTY DOLLARS AND FORTY CENTS ( $ 13 , 867 , 840 . 40 ) and will be due no later than the date of letting , currently scheduled for March 26 , 2008 . The third and final payment, which is 50 % of the PROJECT estimate , is in the amount of SEVENTEEN MILLION THREE HUNDRED THIRTY FOUR THOUSAND EIGHT HUNDRED DOLLARS AND FIFTY CENTS ( $ 17 , 334 , 800 . 50 ) and is due seven days prior to the execution of the construction contract by the DEPARTMENT . Currently , the construction contract is scheduled to be executed on May 9 , 2008 . The DEPARTMENT agrees to reimburse the PARTICIPANT for their participation in accordance with Section 339. 12(4) (c), Florida Statutes . The PARTICIPANT acknowledges and agrees that it will not invoice the DEPARTMENT for any portion of the THIRTY FOUR MILLION SIX HUNDRED SIXTY NINE THOUSAND SIX HUNDRED ONE DOLLARS ($ 34 , 669 , 601 . 00 ) prior to July 1 , 2009 , the fiscal year the PROJECT is scheduled in the Department' s Work program . After a receipt of a properly documented invoice , the payments will be made to the PARTICIPANT in seven ( 7 ) equal quarterly payments of FOUR MILLION THREE HUNDRED THIRTY THREE THOUSAND SEVEN HUNDRED DOLLARS AND TWELVE CENTS ( $4 , 333 , 700 . 12 ) and the eighth (8th ) quarterly payment of FOUR MILLION THREE HUNDRED THIRTY THREE THOUSAND SEVEN HUNDRED DOLLARS AND SIXTEEN CENTS ( $4,333 , 700 . 16) , which equals THIRTY FOUR MILLION SIX HUNDRED SIXTY NINE THOUSAND SIX HUNDRED ONE DOLLARS ( $34 , 669 , 601 . 00 ) . Remittance shall be made payable to the Department of Financial Services , Revenue Processing . Payment shall be clearly marked to indicate that it is to be applied to FM Project No , 228627 - 1 -32 -02 , 228627 - 1 -52 -01 , & 228627 - 1 -62 -01 . The DEPARTMENT shall utilize this deposit for payment of the cost of Projects No . 228627 - 1 -32 -02 , 28627 - 1 -52 -01 , & 228627 - 1 - 62 -01 . Payment shall be mailed to : Florida Department of Transportation Professional Services Unit- 3400 W . Commercial Boulevard Fort Lauderdale , Florida 33309 -3421 Attention : Leos A. Kennedy , Jr . 2 of 7