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A TRUE COPY <br /> CERTIFICATION ON LAST PAGE <br /> C J . R . SMITH , CLERK <br /> ( but not as a penalty) CONTRACTOR shall pay OWNER four-hundred and fifty dollars <br /> ( $450 . 00) for each day that expires after the time specified in Paragraph 3 . 1 for Substantial <br /> Completion , if CONTRACTOR shall neglect , refuse or fail to complete the remaining work <br /> within the Contract Time or any proper extension thereof granted by OWNER , <br /> CONTRACTOR shall pay OWNER four-hundred and fifty dollars ($450 . 00) for each day <br /> that expires after the time specified in Paragraph 3 . 2 for completion and readiness for final <br /> payment . <br /> 3 . 2 . 1 The CONTRACTOR and OWNER agree that OWNER is authorized to deduct <br /> all or any portion of the above-stated liquidated damages due to the Owner <br /> from payments due to the Contractor; or, in the alternative , all or any portion of <br /> the above-stated liquidated damages may be collected from the Contractor or <br /> its Surety or Sureties . These provisions for liquidated damages shall not <br /> prevent the OWNER , in case of the CONTRACTOR 's default, from <br /> terminating the Contractor' s right to proceed as provided in this AGREEMENT . <br /> 3 . 2 . 2 In addition to the above-stated liquidated damages , the CONTRACTOR shall <br /> be responsible for reimbursing OWNER to third party consultants in <br /> administering the Project beyond the Substantial Completion date specified in <br /> 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 $ 1 . 015 , 000 . 00 <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 on <br /> 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 payment <br /> amounts due to the CONTRACTOR until fifty percent (50%) completion of the work . After fifty <br /> percent (50%) completion of the work is attained as certified to OWNER by ENGINEER in <br /> writing , OWNER shall retain five percent (5% ) of the payment amount due to CONTRACTOR <br /> until final 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 percent <br /> (50%) completion means the point at which the County as OWNER has expended fifty <br /> percent (50%) of the total cost of the construction services work purchased under the <br /> Contract Documents , together with all costs associated with existing change orders and other <br /> additions or modifications to the construction services work provided under the Contract <br /> Documents . <br /> 00530-2 <br />