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CONTRACTOR shall pay OWNER $396 . 00 per day for each room not completed 278-00 <br /> after the time specified in paragraph 4 . 02 for Final <br /> Completion of each group , said damages continuing until Final Completion of the Work <br /> is obtained . sempfete plus any lost profits <br /> r fit ofV F„+ ,„ I t G <br /> ARTICLE 5 = CONTRACT PRICE <br /> 5 . 01 OWNER shall pay CONTRACTOR for completion of the Work in accordance with the <br /> Contract Documents , an amount in current funds equal to the sum of the amounts <br /> determined pursuant to paragraph 5 . 01 . A and summarized in paragraph 5 . 01 . 6 , below: <br /> A . For all Work , at the prices stated in CONTRACTOR ' s Bid , attached hereto as an exhibit . <br /> B . THE CONTRACT SUM subject to additions and deductions provided in the Contract : : <br /> Numerical Amount : $ <br /> Written Amount: <br /> ARTICLE 6 - PAYMENT PROCEDURES <br /> 6 . 01 Submittal and Processing of Payments <br /> A . CONTRACTOR shall submit Applications for Payment in accordance with Article 14 <br /> of the General Conditions . Applications for Payment will be processed by <br /> ENGINEER as provided in the General Conditions and the Contract Documents , <br /> 6 . 02 Progress Payments. <br /> A . The OWNER shall make progress payments to the CONTRACTOR on the basis of <br /> the approved partial payment request as recommended by ENGINEER in <br /> accordance with the provisions of the Local Government Prompt Payment Act , <br /> Florida Statutes section 218 . 70 et . seq . The OWNER shall retain ten percent <br /> ( 10 % ) of the payment amounts due to the CONTRACTOR until fifty percent <br /> (50 % ) completion of the work . After fifty percent ( 50% ) completion of the work is <br /> attained as certified to OWNER by ENGINEER in writing , OWNER shall retain <br /> five percent ( 5 %) of the payment amount due to CONTRACTOR until final <br /> completion and acceptance of all work to be performed by CONTRACTOR under <br /> the Contract Documents . Pursuant to Florida Statutes section 218 . 735 ( 8) ( b) , fifty <br /> percent ( 50 % ) completion means the point at which the County as OWNER has <br /> expended fifty percent (50 % ) of the total cost of the construction services work <br /> purchased under the Contract Documents , together with all costs associated with <br /> existing change orders and other additions or modifications to the construction <br /> services work provided under the Contract Documents . <br /> 6 . 03 Pay Requests. <br /> A . Each request for a progress payment shall be submitted on the application for <br /> payment form supplied by OWNER and the application for payment shall contain <br /> the CONTRACTOR' S certification . All progress payments will be on the basis of <br /> progress of the work measured by the schedule of values established , or in the <br /> case of unit price work based on the number of units completed . After fifty <br /> 00520 - Agreement (Public Works) REVISED 09-27-2013 per Addendum <br /> 00520 - 4 <br /> \\Fileserver2\Public\Purchasing\Bids\2013-2014 FY (2014000)\2014003 VBSV Dorm Renovations\00520 - Agreement (Public Works) REVISED 09-27-2013 per Addendum.doc <br />