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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 $471 <br />ARTICLE 5 PAYMENT PROCEDURES <br />CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the <br />General Conditions. Applications for Payment will be processed by ENGINEER as provided in the <br />General 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, <br />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 <br />to 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 <br />the 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 />request to the County as OWNER for up to one half (1/2) of the retainage held by the <br />County as OWNER, and the County as OWNER shall promptly make payment to the <br />CONTRACTOR unless such amounts are the subject of a good faith dispute; <br />the subject <br />of a claim pursuant to Florida Statutes section 255.05(2005); or otherwise the subject of a <br />claim or demand by the County as OWNER or the CONTRACTOR. The CONTRACTOR <br />acknowledges that where such retainage is attributable to the labor, services, or materials <br />supplied by one or more subcontractors or suppliers, the Contractor shall timely remit <br />payment of such retainage to those subcontractors and suppliers. Pursuant to Florida <br />Statutes section 218.735(8)(c)(2005), CONTRACTOR further acknowledges and agrees <br />that: 1) the County as OWNER shall receive immediate written notice of all decisions <br />made by CONTRACTOR to withhold retainage on any subcontractor at greater than five <br />percent (5%) after fifty percentO(50%) completion; and 2) NER of the withheld retainage0NTRACTR unt I the f na payll not request seek <br />release from the County as <br />00530-3 <br />H\Projects\0741\Bidding Contract Specifications\Spec Template\2007\00530\Agreement between Owner Contractor Rev. <br />012507.doc <br />