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CONTRACTOR shall pay OWNER Four Hundred and Fifty ($450.00) for each day that expires <br /> after the time specified in Paragraph 3.1 for completion and readiness for final payment. <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$184,217.50. <br /> ARTICLE 5 PAYMENT PROCEDURES <br /> 5.1. General. CONTRACTOR shall submit Applications for Payment in accordance with <br /> Article 14 of the General Conditions. Applications for Payment will be processed by ENGINEER as <br /> provided in the General Conditions and the Contract Documents. <br /> 5.2. Progress Payments. The OWNER shall make progress payments to the <br /> CONTRACTOR on the basis of the approved partial payment request as recommended by <br /> ENGINEER in 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 amounts <br /> due to the CONTRACTOR until fifty percent (50%) completion of the work. After fifty percent (5010) <br /> completion of the work is attained as certified to OWNER by ENGINEER in writing, OWNER shall <br /> retain five percent (5%) of the payment amount due to CONTRACTOR until final completion and <br /> acceptance of all work to be performed by CONTRACTOR under the Contract Documents. Pursuant <br /> to Florida Statutes section 218.735(8)(b), fifty percent (50%) completion means the point at which the <br /> County as 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 existing <br /> change orders and other additions or modifications to the construction services work provided under <br /> the Contract Documents. <br /> 5.3. Pay Requests. Each request for a progress payment shall be submitted on the <br /> application 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 the work <br /> measured by the schedule of values established, or in the case of unit price work based on the <br /> number of units completed. After fifty percent (50%) completion, and pursuant to Florida Statutes <br /> section 218.735(8)(d), the CONTRACTOR may submit a pay request to the County as OWNER for <br /> up to one half (1/2) of the retainage held by the County as OWNER, and the County as OWNER <br /> shall promptly make payment to the CONTRACTOR unless such amounts are the subject of a good <br /> faith dispute; the subject of a claim pursuant to Florida Statutes section 255.05(2005); or otherwise <br /> the subject of a claim or demand by the County as OWNER or the CONTRACTOR. The <br /> CONTRACTOR acknowledges that where such retainage is attributable to the labor, services, or <br /> materials 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 Statutes <br /> section 218.735(8)(c)(2005), CONTRACTOR further acknowledges and agrees that: 1) the County <br /> as OWNER shall receive immediate written notice of all decisions made by CONTRACTOR to <br /> withhold retainage on any subcontractor at greater than five percent (5%) after fifty percent (50%) <br /> completion; and 2) CONTRACTOR will not seek release from the County as OWNER of the withheld <br /> retainage until the final pay request. <br /> 00530-3 <br /> 74 <br />