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2023052 Clerk's IT Security Upgrades for completion and readiness for final payment until the Work is completed and ready for final payment. Reference for liquidated damages amount "Standard Specifications for Road & Bridge Construction, Florida Department of Transportation (FDOT) FY 2023-24, Section 8-10.2 for projects over $50,000 but less than $250,000. THE ACTUAL LIQUDATED DAMAGES AMOUNT WILL BE BASED ON THE CONTRACT AMOUNT AWARD AMOUNT AND WILL BE DETERMINED USING THE REFERENCED FDOT CRITERIA. ARTICLE 4 - CONTRACT PRICE 4.01 OWNER shall pay CONTRACTOR for completion of the Work an amount in current funds equal to the sum of the amounts determined pursuant to paragraph 4.01.A and summarized in paragraph 4.01.13, below: A. For all Work, at the prices stated in CONTRACTOR's Bid, attached hereto as Exhibit 1. B. THE CONTRACT SUM subject to additions and deductions provided in the Contract Documents: Numerical Amount: $ 49,842.72 Written Amount: Forty-nine thousand, eight hundred forty-two dollars and seventy-two cents ARTICLE 5 - PAYMENT PROCEDURES 5.01 Progress Payments. A. The OWNER shall make progress payments to the CONTRACTOR on the basis of the approved partial payment request as recommended by ENGINEER in accordance with the provisions of the Local Government Prompt Payment Act, Florida Statutes section 218.70 et. seq. The OWNER shall retain five percent (5%) of the payment amount due to CONTRACTOR until final completion and acceptance of all work to be performed by CONTRACTOR under the Contract Documents. 5.02 Pay Requests. A. Each request for a progress payment shall contain the CONTRACTOR'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. 5.03 Paragraphs 5.01 and 5.02 do not apply to construction services work purchased by the County as OWNER which are paid for, in whole or in part, with federal funds and are subject to federal grantor laws and regulations or requirements that are contrary to any provision of the Local Government Prompt Payment Act. In such event, payment and retainage provisions shall be governed by the applicable grant requirements and guidelines. 5.04 Acceptance of Final Payment as Release.