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Prompt Payment Act, Florida Statutes section 218 . 70 et . seq . All such payments will be measured by the schedule of values established in paragraph 2 . 07 .A of the General Conditions (and Supplementary Conditions if applicable) (and in the case of Unit Price Work based on the number of units completed ) or, in the event there is no schedule of values , as provided in the General Requirements , 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 , B . Pay Requests . 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 ( 1 /2) of the retainage held by the County as OWNER , and the County as OWNER 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 as OWNER 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 and suppliers . Pursuant to Florida Statutes section 218 . 735 (8) (c) (2005 ) , CONTRACTOR further acknowledges and agrees that: 1 ) the County as OWNER 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 as OWNER of the withheld retainage until the final pay request. C . Paragraphs 6 . 02 A and 6 . 02 B 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 . 6 . 03 . Acceptance and Final Payment A. Upon receipt of written notice that the work is ready for final inspection and acceptance , the ENGINEER will promptly make such inspection and when the ENGINEER finds the work acceptable under the terms of the Contract and the Contract fully performed , the ENGINEER will promptly issue a final completion certificate stating that the work provided for in this Contract has been completed , and acceptance by the OWNER under the terms and the �r conditions thereof is recommended and the entire balance found to be due the CONTRACTOR , will be paid to the CONTRACTOR by the OWNER following County Commission approval of the final Contract payment. Last Revision 12/2007 00520- 4 Wabasso Beach Pk . Restoration F:\Public Works\Cliff Suthard\Wabasso Beach Park\A Construction Bid Documents\Bid Documents as of 1 -9-2008\Div 0 AS OF 1 -8- 2008\00520 - Agreement (Public Works).doc