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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 as OWNER of the withheld retainage until the final pay request . 5 . 3 Paragraphs 5 . 1 and 5 . 2 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 . 4 ACCEPTANCE AND FINAL PAYMENT : Upon receipt of written notice that the work is ready for final inspection and acceptance , the ENGINEER will promptly make such inspection and when the ENGINEER finds the work acceptable under the terms of the Contract and the Contract fully performed , the ENGINEER will promptly issue a final completion certificate stating that the work provided for in this Contract has been completed , and acceptance by the OWNER under the terms and the conditions thereof is recommended and the entire balance found to be due the CONTRACTOR , will be paid to the CONTRACTOR by the OWNER following County Commission approval of the final Contract payment . 5 . 5 Acceptance of Final Payment as Release . The acceptance by the CONTRACTOR of final payment shall be and shall operate as a release to the OWNER from all claims and all liability to the CONTRACTOR other than claims in stated amounts as may be specifically excepted by the CONTRACTOR for all things done or furnished in connection with the work under this Contract and for every act and neglect of the OWNER and others relating to or arising out of the work . Any payment , however , final or otherwise , shall not release the CONTRACTOR or its sureties from any obligations under the Contract Documents or the Payment and Performance Bonds . ARTICLE 6 INTEREST Not Applicable . ARTICLE 7 CONTRACTOR' S REPRESENTATIONS In order to induce OWNER to enter into this Agreement , CONTRACTOR makes the following representations : 7 . 1 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 . 7 . 2 CONTRACTOR has studied carefully all reports of explorations and tests of subsurface conditions and drawings of physical conditions which are identified in the Supplementary Conditions as provided in Paragraph 4 . 02 of the General Conditions , and accepts the determination set forth in Paragraph SC -4 . 02 of the Supplementary Conditions of the extent of the technical data contained in such reports and drawings upon which CONTRACTOR is entitled to rely . 7 . 3 CONTRACTOR has obtained and carefully studied ( or assumes responsibility for obtaining and carefully studying ) all such examinations , investigations , explorations , tests , reports and studies ( in addition to or to supplement those referred to in Paragraph 7 . 2 above ) which pertain to the subsurface or physical conditions at or contiguous to the site or otherwise may 00530-4