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shall neglect, refuse or fail to complete the remaining work within the Contract Time or any <br /> proper extension thereof granted by OWNER, CONTRACTOR shall pay OWNER four-hundred <br /> and fifty dollars ($450.00) for each day that expires after the time specified in Paragraph 3.2 for <br /> completion and readiness for final payment. <br /> 3.3.1 The CONTRACTOR and OWNER agree that OWNER is authorized to deduct <br /> all or any portion of the above-stated liquidated damages due to the Owner <br /> from payments due to the Contractor; or, in the alternative, all or any portion of <br /> the above-stated liquidated damages may be collected from the Contractor or <br /> its Surety or Sureties. These provisions for liquidated damages shall not <br /> prevent the OWNER, in case of the CONTRACTOR's default, from terminating <br /> the Contractor's right to proceed as provided in this AGREEMENT. <br /> 3.3.2 In addition to the above-stated liquidated damages, the CONTRACTOR shall <br /> be responsible for reimbursing OWNER to third party consultants in <br /> administering the Project beyond the Substantial Completion date specified in <br /> this Agreement, or beyond an approved extension of time granted to <br /> CONTRACTOR, whichever date is later. <br /> ARTICLE 4 CONTRACT PRICE <br /> 4.1 OWNER shall pay CONTRACTOR for completion of the work in accordance with the Contract <br /> Documents in current funds in the amount of$ 47,202.10 <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 Statutes <br /> section 218.70 et. seq. The OWNER shall retain ten percent (10%) of the payment amounts <br /> due to the CONTRACTOR until fifty percent (50%) completion of the work. After fifty percent <br /> (50%) completion of the work is attained as certified to OWNER by ENGINEER in writing, <br /> OWNER shall retain 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 the Contract <br /> Documents. Pursuant to Florida Statutes section 218.735(8)(b), fifty percent (50%) completion <br /> means the point at which the County as OWNER has expended fifty percent (50%) of the total <br /> cost of the construction services work purchased under the Contract Documents, together with <br /> all costs associated with existing change orders and other additions or modifications to the <br /> construction services work provided under the Contract Documents. <br /> 5.2 Pay Requests. 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 the <br /> CONTRACTOR's certification. All progress payments will be on the basis of progress of the <br /> work measured by the schedule of values established, or in the case of unit price work based <br /> on the number of units completed. After fifty percent (50%) completion and pursuant to Florida <br /> Statutes section 218.735(8)(d), the CONTRACTOR may submit a pay request to the County <br /> 00530-3 <br />