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3 . 3 . 1 . The CONTRACTOR and OWNER agree that OWNER is authorized to deduct all or <br /> any portion of the above - stated liquidated damages due to the Owner from <br /> payments due to the Contractor ; or , in the alternative , all or any portion of the <br /> above - stated liquidated damages may be collected from the Contractor or its Surety <br /> or Sureties . These provisions for liquidated damages shall not prevent the <br /> OWNER , in case of the CONTRACTOR ' s default , from terminating the Contractor' s <br /> right to proceed as provided in this Agreement . <br /> 3 . 3 . 2 . In addition to the above - stated liquidated damages , the CONTRACTOR shall be <br /> responsible for reimbursing OWNER for all costs incurred by OWNER to third party <br /> consultants in administering the Project beyond the Substantial Completion date <br /> specified in this Agreement , or beyond an approved extension of time granted to <br /> CONTRACTOR , whichever date is later . <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 $ log 0 '? _7D, <br /> 4 . 2 Any direct purchase material and equipment will be deducted from the lump sum price <br /> specified in Article 4 , 4 . 1 plus all applicable sales tax . <br /> c <br /> ARTICLE 5 PAYMENT PROCEDURES <br /> CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General <br /> Conditions . Applications for Payment will be processed by ENGINEER as provided in the General <br /> Conditions and the Contract Documents . <br /> 5 . 1 Progress Payments . The OWNER shall make progress payments to the CONTRACTOR <br /> on the basis of the approved partial payment request as recommended by ENGINEER in <br /> 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 <br /> payment amounts due to the CONTRACTOR until fifty percent ( 50 % ) completion of the <br /> work . After fifty percent ( 50 % ) completion of the work is attained as certified to OWNER by <br /> ENGINEER in writing , OWNER shall retain five percent ( 5 % ) of the payment amount due to <br /> CONTRACTOR until final completion and acceptance of all work to be performed by <br /> CONTRACTOR under the Contract Documents . Pursuant to Florida Statutes section <br /> 218 . 735 ( 8 ) ( b ) , fifty percent ( 50 % ) completion means the point at which the County as <br /> 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 <br /> existing change orders and other additions or modifications to the construction services <br /> work provided under the Contract Documents . <br /> 5 . 2 Pay Requests . Each request for a progress payment shall be submitted on the application <br /> 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 <br /> work measured by the schedule of values established , or in the case of unit price work <br /> based on the number of units completed . After fifty percent ( 50 % ) completion , and <br /> pursuant to Florida Statutes section 218 . 735 ( 8 ) ( d ) , the CONTRACTOR may submit a pay <br /> 00530 -3 <br /> C . \ 1 1T11 ITV CKAPI rIVFF F: 01 nF: Pq\I nrry Brown\Front End Docs\00530 Agreement Reuse Automation . doc <br />