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Owner, Engineer, or agents of either, and waives claims for any and all damages which it may suffer by reason of such claims, including but not limited to, lost profits, loss or impairment of bonding capacity, destruction of business, overhead, supervision, extended unabsorbed home office overhead, increase insurance costs, lost profits on alternate or unperformed contracts Contractor hereby affirms that an extension of time is the Contractor's sole and exclusive remedy. Apart from extension of time, no payment of claim for damages shall be made to the Contractor as compensation for damages for any delays in the work, whether such delay be avoidable or unavoidable GC 44 PAYMENT PROCEDURE. GC 44 1 Contractor's invoices shall reference the bid number Submittals of estimates and invoices for payment must be directed to. Indian River County — Engineering Division. The County will not be responsible for any delay in payment at the County if Contractor submits his estimate and invoice to any other address. GC 44.2 Initial Payment. Prior to submittal of its initial payment request, Contractor shall have submitted the following items to the Engineer 1 List of Subcontractors and suppliers 2. Project schedule 3 Schedule of values 4. All current certificates of insurance 5 Designation of Contractor's Project Manager GC 44 3 Progress Payments. Not more than once each month, the Contractor shall prepare and submit a detailed estimate and payment request on the Contractor's Application for Payment provided in Section 00622, covering the percentage of the total amount of the Contract which has been completed from the start of the job up to and including the last day of the preceding month, together with such supporting evidence as may be required by the Owner and/or the Engineer This estimate shall also include the cost of such materials and equipment required in the permanent work as has been delivered to the site and suitably protected but not as yet incorporated in the work. Partial Release(s) of Lien and Subcontractor Utilization Report shall be submitted with each payment requisition to verify payment(s) to subcontractors and material suppliers. GC 44.4 In accordance with the Local Government Prompt Payment Act, until the Project is determined to be 50% complete, the Owner shall withhold retainage of ten percent (10%) from each progress payment pay to the Contractor based on the Contractor's estimate and invoice as approved by the Engineer. It is agreed that the Engineer shall have the right to finally determine the amount currently due to the Contractor GC 44.5 After the Project is determined to be 50% complete, the Owner shall withhold retainage of five percent (5%) from each progress payment pay to the Contractor based on the Contractor's estimate and invoice as approved by the Engineer. It is agreed that the Engineer shall have the right to finally determine the amount currently due to the Contractor Contractor may present to Owner a payment request for up to one-half of the retainage held by Owner If Owner has grounds under Florida law to continue to retain all or a portion of the requested retainage, Owner may continue to hold such retainage. GC 44 5 Final payment may be made to certain select Sub -contractors whose work is satisfactorily completed prior to the total completion of the Project but only upon advance written approval of the Owner and Surety. GC 44.6 If there remain items to be completed, the Contractor and Owner shall list those items required for completion and the Contractor shall require the retainage of a sum equal to 200% of the estimated cost of completing any unfinished items, provided that said unfinished items are listed separately and the estimated cost of completing any unfinished items likewise listed separately. GC 44 7 The Contractor shall timely pay and not withhold payments to Sub -Contractors if such 40