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time specified in paragraph 4.02 for completion and readiness for final payment until the <br />Work is completed and ready for final payment. <br />ARTICLE 5 - CONTRACT PRICE <br />5.01 OWNER shall pay CONTRACTOR for completion of the Work in accordance with the <br />Contract Documents, an amount in current funds equal to the sum of the amounts <br />determined pursuant to paragraph 5.01.A and summarized in paragraph 5.01.13, below: <br />A. For all Work, at the prices stated in CONTRACTOR's Bid, attached hereto as an exhibit. <br />B. THE CONTRACT SUM subject to additions and deductions provided in the Contract: <br />Numerical Amount: $ <br />Written Amount: <br />ARTICLE 6 - PAYMENT PROCEDURES <br />6.01 Submittal and Processing of Payments <br />A. CONTRACTOR shall submit Applications for Payment in accordance with Article <br />14 of the General Conditions. Applications for Payment will be processed by <br />ENGINEER as provided in the General Conditions and the Contract Documents. <br />6.02 Progress Payments. <br />The OWNER shall make progress payments to the CONTRACTOR on the basis <br />of the approved partial payment request as recommended by ENGINEER in <br />accordance with the provisions of the Local Government Prompt Payment Act, <br />Florida Statutes section 218.70 et. seq. The OWNER shall retain five percent (5%) <br />of the payment amounts due to the CONTRACTOR until substantial completion of <br />all work to be performed by CONTRACTOR under the Contract Documents. <br />B. For construction projects less than $10 million, at the time the OWNER is in receipt <br />of the Certificate of Substantial Completion, the OWNER shall have 30 calendar <br />days to provide a list to the CONTRACTOR of items to be completed and the <br />estimated cost to complete each item on the list. OWNER and CONTRACTOR <br />agree that the CONTRACTOR'S itemized bid shall serve as the basis for <br />determining the cost of each item on the list. For projects in excess of $10 million, <br />OWNER shall have up to 45 calendar days following receipt of Certificate of <br />Substantial Completion of the project to provide CONTRACTOR with said list. <br />C:\Granicus\Legistar5\L5\Temp\8699e5d5-6c61-4913-909b-8cb67e6055db.docx <br />68 <br />