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ARTICLE 3. 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 <br /> provided in the General Conditions. The Contractor acknowledges that the Florida Prompt <br /> Payment Act, Florida Statutes Section 218 .70 et.seq . (2004) attached and as referenced <br /> as 8. 11 of Article B. will govern all payments . <br /> 5 . 1 Progress Payments. OWNER shall make progress payments on account of the <br /> Contract Price on the basis of CONTRACTOR'S Applications for Payment as <br /> recommended by ENGINEER, on or about the 30th day of each month during <br /> construction as provided below. The OWNER shall retain ten (10) percent of the <br /> payment amounts due to the CONTRACTOR until final completion and <br /> acceptance of all Work to be performed by the CONTRACTOR under the Contract <br /> Documents. Each request for a partial payment shall be submitted on an <br /> Application for Payment Form, which shall be accompanied by an executed Copy <br /> of the Certification of Contractor. The OWNER WILL provide the forms. All <br /> progress payments will be on the basis of the progress of the work measured by <br /> the schedule of values established in Paragraph 2. 9 of the General Conditions <br /> (and in the case of Unit Price Work based on the number of units completed) , or, <br /> in the event there is no schedule of values, as provided in the General <br /> Requirements , <br /> 5. 1 . 1 Prior to Substantial Completion, progress payments will be made in an <br /> amount equal to the percentage indicated below, but, in each case, less <br /> the aggregate of payments previously made and less such amounts as <br /> ENGINEER shall determine, or OWNER may withhold, in accordance with <br /> Paragraph 14.7 of the General Conditions. <br /> 50% of materials and equipment not incorporated in the work (but <br /> delivered , suitably stored and accompanied by documentation satisfactory <br /> to OWNER as provided in Paragraph 14.2 of the General Conditions), <br /> 5.2 Final payment. Upon final completion and acceptance of the work in accordance <br /> With Paragraph 14. 13 of the General Conditions , OWNER shall pay the remainder <br /> of the Contract Price as recommended by ENGINEER as provided in said <br /> Paragraph 14. 13, <br /> ARTICLE 6. INTEREST, <br /> Not Applicable, <br /> ARTICLE 7. CONTRACTOR'S REPRESENTATIONS. <br /> In order to induce OWNER to enter Into this Agreement, CONTRACTOR makes the following <br /> representations: <br /> 7. 1 CONTRACTOR has familiarized itself with the nature and extent of the Contract <br /> 00530-3 <br /> F.WbltiesWILI Y - ENGINEERINGAProleets - Assessment Pro}eMSLOCK VILLA WATER PETITION WATER SERVICWID <br /> r w*V%t 1►A6AITQlMf'9n C lr%r%f• _ DGZ/ICCII lna. ►hrirv. O. 1 t nR\ A �nn, ,.n,..r n ll%.rnnr nnrf r��# . rdnr 04r <br />