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A TRUE COPY r � FtTIFICATION ON LAST PAGE J . K . BARTON , CLERK 3 . 3 . 1 . The CONTRACTOR and OWNER agree that OWNER is authorized to deduct all or any portion of the above - stated liquidated damages due to the Owner from payments due to the Contractor ; or , in the alternative , all or any portion of the above - stated liquidated damages may be collected from the Contractor or its Surety or Sureties . These provisions for liquidated damages shall not prevent the OWNER , in case of the CONTRACTOR ' s default , from terminating the Contractor' s right to proceed as provided in this Agreement . 3 . 3 . 2 . In addition to the above- stated liquidated damages , the CONTRACTOR shall be responsible for reimbursing OWNER for all costs incurred by OWNER to third party consultants in administering the Project beyond the Substantial Completion date specified in this Agreement , or beyond an approved extension of time granted to CONTRACTOR , whichever date is later . ARTICLE 4 CONTRACT PRICE 4 . 1 OWNER shall pay CONTRACTOR for completion of the work in accordance with the Contract Documents in current funds in the amount of $ 1 , 859 . 790 . 00 4 . 2 Any direct purchase material and equipment will be deducted from the lump sum price specified in Article 4 , 4 . 1 plus all applicable sales tax . ARTICLE 5 PAYMENT PROCEDURES CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General Conditions . Applications for Payment will be processed by ENGINEER as provided in the General Conditions and the Contract Documents . 5 . 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 . 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 . 5 . 2 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 00530 - 3 F :\Utilities\UTILITY - EMPLOYEE FOLDERS\Larry Brown\Reuse Tank Agreement summit . doc