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2025047 Indian River Drive Drainage Improvements ARTICLE 3 - 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.oi.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: $i55.845.04 Written Amount: One hundred fifty-five thousand, eight hundred forty-five dollars and four cents ARTICLE 4 - 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 218.7o et. seq. The OWNER shall retain five percent (5%) of the payment amount due to CONTRACTOR until substantial completion and acceptance of all work to be performed by CONTRACTOR under the Contract Documents. B. For construction projects less than $10 million, at the time the Owner is in receipt of the Certificate of Substantial Completion, the Owner shall have 30 calendar days to provide a list to the Contractor of items to be completed and the estimated cost to complete each item on the list. Owner and Contractor agree that the Contractor's itemized bid shall serve as the basis for determining the cost of each item on the list. For projects in excess of $io million, owner shall have up to 45 calendar days following receipt of Certificate of Substantial Completion of the project to provide contractor with said list. C. Within 20 business days following the creation of the list, Owner shall pay Contractor the remaining contract balance including all retainage previously withheld by Owner except for an amount equal to iso% of the estimated cost to complete all of the items on the list. D. Upon completion of all items on the list, the Contractor may submit a payment request for the amount of the iso% retainage held by the Owner. If a good faith dispute exists as to whether one or more of the items have been finished, the owner may continue to withhold the iso% of the total cost to complete such items. The owner shall provide Contractor written reasons for disputing completion of the list. 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.oi 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 2