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AGREEMENT This Agreement made and entered intooWs _ / _ _ day of2 by and between SU MMERLIN ' S MARINE CONSTRUCTION C hereinafter called the Contractor and Indian River County herein called the Owner. WITNESSETH: Owner and Contractor, in consideration of the mutual covenants hereinafter set forth , agree as follows : Article 1 . SCOPE OF WORK * 1 . 1 As per specifications of advertised and sealed bid in Indian River County Bid # 2008070 Moorings Club & Indian River County Seawall Repairs . a Contractor, as an independent Contractor and not as an employee, shall furnish, for the sum of zseventy-five thousand , seven hundred and fifty Dollars ($ 75 , 750 . 00 all of the necessary labor, material, and equipment to perform the work described in accordance with the Contract Documents . 1 . 2 PAYMENT PROCEDURES 1 .2 . 1 . Progress Payments The Owner shall make progress payments to the Contractor on the basis of the approved partial payment request as recommended by Engineer in accordance with the provisions of the Local Government Prompt Payment Act, Florida Statutes section 218 . 70 et. seq. 1 .2 . 2 . The Owner shall retain ten percent ( 10%) of the payment amounts due to the Contractor until fifty percent (50%) completion of the Work. After fifty percent (50%) completion of the Work is attained as certified to Owner by Engineer in writing, Owner shall retain five percent (5%) of the payment amount due to Contractor until final completion and acceptance of all Work to be performed by Contractor under the Contract Documents. Pursuant to Florida Statutes section 218 . 735(8)(b), fifty percent (50%) completion means the point at which the County as Owner has expended fifty percent (50%) of the total cost of the construction services Work purchased under the Contract Documents, together with all costs associated with existing change orders and other additions or modifications to the construction services Work provided under the Contract Documents , 1 .2 . 3 . Payequests. Each request for a progress payment shall be submitted on the application for payment form supplied by Owner and the application for payment shall contain the Contractor' s certification. All progress payments will be on the basis of progress of the Work measured by the schedule of values established, or in the case of unit price work based on the number of units completed. After fifty percent (50%) completion, and pursuant to Florida Statutes section 218 . 735(8)(d), the Contractor may submit a pay request to the County as Owner for up to one half ( 112) of the retainage held by the County, and the County shall promptly make payment to the Contractor unless such amounts are the subject of a good faith dispute; the subject of a claim pursuant to Florida Statutes section 255 .05(2005); or otherwise the subject of a claim or demand by the County or the Contractor. The Contractor acknowledges that where such retainage is attributable to the labor, services, or materials supplied by one or more subcontractors or suppliers, the Contractor shall timely remit payment of such retainage to those subcontractors Page 43 of 55 b