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ARTICLE 4 CONTRACT PRICE <br /> 4. 1 OWNER shall pay CONTRACTOR for completion of the work in accordance with the <br /> Contract Documents in current funds in the amount of $ 33 ,059.60. <br /> ARTICLE 5 PAYMENT PROCEDURES <br /> CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the <br /> General Conditions. Applications for Payment will be processed by ENGINEER as provided in the <br /> General Conditions and the Contract Documents. <br /> 5. 1 Progress Payments. The OWNER shall make progress payments to the CONTRACTOR <br /> on the basis of the approved partial payment request as recommended by ENGINEER in <br /> accordance with the provisions of the Local Government Prompt Payment Act, Florida <br /> Statutes section 218 .70 et. seq . The OWNER shall retain ten percent ( 10% ) of the <br /> payment amounts due to the CONTRACTOR until fifty percent (50% ) completion of the <br /> work. After fifty percent (50% ) completion of the work is attained as certified to OWNER by <br /> ENGINEER in writing , OWNER shall retain five percent (5%) of the payment amount due <br /> to CONTRACTOR until final completion and acceptance of all work to be performed by <br /> CONTRACTOR under the Contract Documents. Pursuant to Florida Statutes section <br /> 218.735(8)( b) , fifty percent (50%) completion means the point at which the County as <br /> OWNER has expended fifty percent (50%) of the total cost of the construction services <br /> work purchased under the Contract Documents , together with all costs associated with <br /> existing change orders and other additions or modifications to the construction services <br /> work provided under the Contract Documents . <br /> 5 .2 Pay Requests . Each request for a progress payment shall be submitted on the application <br /> for payment form supplied by OWNER and the application for payment shall contain the <br /> CONTRACTOR's certification . All progress payments will be on the basis of progress of <br /> the work measured by the schedule of values established , or in the case of unit price work <br /> based on the number of units completed . After fifty percent (50% ) completion , and <br /> pursuant to Florida Statutes section 218. 735(8)(d ), the CONTRACTOR may submit a pay <br /> request to the County as OWNER for up to one half ( 1 /2) of the retainage held by the <br /> County as OWNER, and the County as OWNER shall promptly make payment to the <br /> CONTRACTOR unless such amounts are the subject of a good faith dispute ; the subject <br /> of a claim pursuant to Florida Statutes section 255 .05(2005); or otherwise the subject of a <br /> claim or demand by the County as OWNER or the CONTRACTOR. The CONTRACTOR <br /> acknowledges that where such retainage is attributable to the labor, services, or materials <br /> supplied by one or more subcontractors or suppliers, the Contractor shall timely remit <br /> payment of such retainage to those subcontractors and suppliers. Pursuant to Florida <br /> Statutes section 218. 735(8)(c)(2005), CONTRACTOR further acknowledges and agrees <br /> that: 1 ) the County as OWNER shall receive immediate written notice of all decisions <br /> made by CONTRACTOR to withhold retainage on any subcontractor at greater than five <br /> percent (5%) after fifty percent (50% ) completion ; and 2) CONTRACTOR will not seek <br /> release from the County as OWNER of the withheld retainage until the final pay request. <br /> 00530-3 <br /> HTrojects1064MBidding Contract Specifcations\Spec Template120071005301Agreement between Owner Contractor Rev. <br /> 012507.doc <br />