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CONTRACTOR shall pay OWNER Four Hundred and Fifty ($450.00 ) for each day that expires <br /> after the time specified in Paragraph 3 . 1 for completion and readiness for final payment. <br /> ARTICLE 4 CONTRACT PRICE <br /> 4. 1 . OWNER shall pay CONTRACTOR for completion of the work in accordance with the <br /> Contract Documents in current funds in the amount of $184, 217.50 <br /> ARTICLE 5 PAYMENT PROCEDURES <br /> 5 . 1 . General . CONTRACTOR shall submit Applications for Payment in accordance with <br /> Article 14 of the General Conditions . Applications for Payment will be processed by ENGINEER as <br /> provided in the General Conditions and the Contract Documents . <br /> 5 . 2 . Progress Payments , The OWNER shall make progress payments to the <br /> CONTRACTOR on the basis of the approved partial payment request as recommended by <br /> ENGINEER in accordance with the provisions of the Local Government Prompt Payment Act, Florida <br /> Statutes section 218 . 70 et. seq . The OWNER shall retain ten percent ( 10% ) of the payment amounts <br /> due to the CONTRACTOR until fifty percent (50% ) completion of the work . After fifty percent (50%) <br /> completion of the work is attained as certified to OWNER by ENGINEER in writing , OWNER shall <br /> retain five percent (5%) of the payment amount due to CONTRACTOR until final completion and <br /> acceptance of all work to be performed by CONTRACTOR under the Contract Documents . Pursuant <br /> to Florida Statutes section 218 . 735 (8) (b) , fifty percent (50%) completion means the point at which the <br /> County as OWNER has expended fifty percent (50%) of the total cost of the construction services <br /> work purchased under the Contract Documents , together with all costs associated with existing <br /> change orders and other additions or modifications to the construction services work provided under <br /> the Contract Documents . <br /> 5 . 3 . Pay Requests . Each request for a progress payment shall be submitted on the <br /> application for payment form supplied by OWNER and the application for payment shall contain the <br /> CONTRACTOR' s certification . All progress payments will be on the basis of progress of the work <br /> measured by the schedule of values established , or in the case of unit price work based on <br /> the <br /> number of units completed . After fifty percent (50%) completion , and pursuant to Florida Statutes <br /> section 218 . 735 ( 8) (d) , the CONTRACTOR may submit a pay request to the County as OWNER for <br /> up to one half ( 1 /2) of the retainage held by the County as OWNER , and the County as OWNER <br /> shall promptly make payment to the CONTRACTOR unless such amounts are the subject of a good <br /> faith dispute ; the subject of a claim pursuant to Florida Statutes section 255. 05(2005) ; or otherwise <br /> the subject of a claim or demand by the County as OWNER or the CONTRACTOR. The <br /> CONTRACTOR acknowledges that where such retainage is attributable to the labor, services , or <br /> materials supplied by one or more subcontractors or suppliers , the Contractor shall timely remit <br /> payment of such retainage to those subcontractors and suppliers . Pursuant to Florida Statutes <br /> section 218 . 735(8) (c) (2005) , CONTRACTOR further acknowledges and agrees that : 1 ) the County <br /> as OWNER shall receive immediate written notice of all decisions made by CONTRACTOR to <br /> withhold retainage on any subcontractor at greater than five percent (5%) after fifty percent (50%) <br /> completion , and 2) CONTRACTOR will not seek release from the County as OWNER of the withheld <br /> retainage until the final pay request . <br /> 5 . 4. Federal Funds . Paragraphs 5 . 2 and 5 . 3 do not apply to construction services work <br /> purchased by the County as OWNER which are paid for, in whole or in part , with federal funds and <br /> are subject to federal grantor laws and regulations or requirements that are contrary to any provision <br /> 00530-3 <br />