2019-109A - Laserfiche WebLink

Home Browse Search

218.735(8)(b), fifty percent (50%) completion means the point at which the County has expended fifty percent (50%) of the total cost of the construction services work purchased under Exhibit 1, together with all costs associated with existing change orders and other additions or modifications to the construction services work provided under the Contract Documents. 20.04 Pay Requests. Each request for a progress payment shall contain National's certification. All progress payments will be on the basis of progress of the work measured by the schedule of values established, or in the case of unit price work based on the number of units completed. After fifty percent (50%) completion, and pursuant to Florida Statutes Section 218.735(8)(d), National may submit a pay request to IRC for up to one half (1/2) of the retainage held by IRC, and IRC shall promptly make payment to National unless such amounts are the subject of a good faith dispute; the subject of a claim pursuant to Florida Statutes Section 255.05(2005); or otherwise the subject of a claim or demand by IRC or National. National acknowledges that where such retainage is attributable to the labor, services, or materials supplied by one or more subcontractors or suppliers, National shall timely remit payment of such retainage to those subcontractors and suppliers. Pursuant to Florida Statutes Section 218.735(8)(c)(2005), National further acknowledges and agrees that: 1) the IRC shall receive immediate written notice of all decisions made by National to withhold retainage on any subcontractor at greater than five percent (5%) after fifty percent (50%) completion; and 2) National will not seek release from the IRC of the withheld retainage until the final pay request. 20.05 Billing and Payment Disputes. Billing and payment disputes shall be subject Florida Statutes Section 218.76. 20.06 Liquidated Damages. National and IRC recognize that time is of the essence of this Agreement and that IRC will suffer financial loss if the Work is not completed within the times specified in Exhibit 1, plus any extensions thereof allowed in writing as a Change Order to this Agreement. Liquidated damages will commence for this portion of work. The parties also recognize the delays, expense, and difficulties involved in proving in a legal proceeding the actual loss suffered by IRC if the Work is not completed on time. Accordingly, instead of requiring any such proof, IRC and National agree that as liquidated damages for delay (but not as a penalty), National shall pay IRC $1,148.00 for each calendar day that expires after the time specified in Exhibit 1 for completion and readiness for final payment until the Work is completed and ready for final payment. 20.07 Accountability. National shall maintain complete and accurate records of and supporting documentation for the amounts billable to and payments made by IRC hereunder in accordance with generally accepted accounting principles applied on a consistent basis. National agrees to provide IRC with documentation and other information with respect to each invoice as may be reasonably requested by IRC to verify accuracy and compliance with the provisions of this Agreement. 30