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Bid No. 2018045/IRC-1502 <br />5.02 Pay Requests. <br />A. Each request for a progress payment shall contain the CONTRACTOR'S certification. All <br />progress payments will be on the basis of progress of the work measured by the <br />schedule of values established, or in the case of unit price work based on the number of <br />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 <br />OWNER for up to one half (1/2) of the retainage held by the County as OWNER, and the <br />County as OWNER shall promptly make payment to the CONTRACTOR unless such <br />amounts are the subject of a good faith dispute; the subject of a claim pursuant to <br />Florida Statutes section 255.05(2005); or otherwise the subject of a claim or demand by <br />the County as OWNER or the CONTRACTOR. The CONTRACTOR acknowledges that <br />where such retainage is attributable to the labor, services, or materials supplied by one <br />or more subcontractors or suppliers, the Contractor shall timely remit payment of such <br />retainage to those subcontractors and suppliers. Pursuant to Florida Statutes section <br />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 <br />to withhold retainage on any subcontractor at greater than five percent (5%) after fifty <br />percent (50%) completion; and 2) CONTRACTOR will not seek release from the County <br />as OWNER of the withheld retainage until the final pay request. <br />5.03 Paragraphs 5.01 and 5.02.do not apply to construction services work purchased by the County <br />as OWNER which are paid for, in whole or in part, with federal funds and are subject to federal grantor <br />laws and regulations or requirements that are contrary to any provision of the Local Government <br />Prompt Payment Act. In such event, payment and retainage provisions shall be governed by the <br />applicable grant requirements and guidelines. <br />5.04 Acceptance of Final Payment as Release. <br />A. The acceptance by the CONTRACTOR of final payment shall be and shall operate as a <br />release to the OWNER from all claims and all liability to the CONTRACTOR other than <br />claims in stated amounts as may be specifically excepted by the CONTRACTOR for all <br />things done or furnished in connection with the work under this Agreement and for <br />every act and neglect of the OWNER and others relating to or arising out of the work. <br />Any payment, however, final or otherwise, shall not release the CONTRACTOR or its <br />sureties from any obligations under this Agreement, the Invitation to Bid or the Public <br />Construction Bond. <br />ARTICLE 6 — Performance, Payment and Other Bonds <br />6.01 Within fifteen (15) days of receipt of the Contract Documents for execution, the CONTRACTOR <br />shall furnish a Public Construction Bond in an amount equal to 100% of the Contract Price. If <br />bid does not exceed $100,000, no Public Construction/Payment or Performance Bond will be <br />required. <br />A. In lieu of the Public Construction Bond, the CONTRACTOR may furnish an alternative form of <br />security in the form of cash, money order, certified check, cashier's check, irrevocable letter of <br />Page 26 of 37 <br />