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Pursuant to Florida Statutes section 218 . 735 ( 8 ) ( c) ( 2008 ) , Contractor further acknowledges and agrees that : 1 ) the County 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 of the withheld retainage until the final pay request . 5 . 4 Paragraphs 5 . 2 and 5 . 3 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 . 5 . 5 . NOTWITHSTANDING THE FOREGOING PARAGRAPHS , CONTRACTOR acknowledges and agrees that Work Authorizations/Work Orders that are less than $ 100 , 000 . 00 ( One Hundred Thousand dollars ) shall not have a Public Construction Bond ; however, pursuant to The Code of Indian River County, Indian River County as Owner shall make only one payment for the entire amount of the related applicable Work Authorization/Work Order when the terms of the related applicable Work Authorization /Work Order have been fulfilled . All payments shall be in accordance with the provisions of the Local Government Prompt Payment Act, Florida Statutes section 218 . 70 et . seq . . ARTICLE 6 . TERM OF AGREEMENT This Agreement shall remain in full force and effect for an initial term of two (2) years after the date of execution , unless terminated by mutual consent of the parties hereto , and may be renewed for a maximum of two ( 2 ) renewal terms of one ( 1 ) year each , upon mutual agreement of the parties . ARTICLE 7 , CONTRACTOR' S REPRESENTATIONS . In order to induce OWNER to enter into this Agreement , CONTRACTOR makes the following representations : CONTRACTOR has familiarized itself with the nature and extent of the Contract Documents , work , site , locality , and all local conditions and laws and regulations that in any manner may affect cost , progress , performance or furnishing of the work . ARTICLE 8 , CONTRACT DOCUMENTS , The Contract Documents , which comprise the entire agreement between OWNER and CONTRACTOR concerning the work , consist of the following : 8 . 1 This Agreement ( Section 00530 ) . 8 . 2 Public Construction Bond (Section 00600 ) . 8 . 3 Notice of Award and Notice to Proceed . 8 . 4 General Conditions ( Section 00700 ) . 8 . 5 Supplementary Conditions ( Section 00800 ) . 8 . 6 Specifications bearing the title " IRCDUS Water and Wastewater Utility Standards , February 2008 or latest version " . 8 . 7 Addenda numbers 1to 1 inclusive . 8 . 8 Indian River County Water and Wastewater Utility Ordinances . 8 . 9 The following , which may be delivered or issued after the effective date of the Agreement and are not attached hereto : All written amendments and other documents amending , modifying , or supplementing the Contract Documents Al - 00530 Agreement Between County and Derrico (EJCDC ) 00530-3