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ARTICLE 4 . CONTRACT PRICE . 4 . 1 OWNER shall pay CONTRACTOR for completion of the work in accordance with the Contract Documents in current funds in the amount of $ 132 500 . 00 . ARTICLE 5. PAYMENT PROCEDURES . CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General Conditions . Applications for Payment will be processed by ENGINEER as provided in the General Conditions . The Contractor acknowledges that the Florida Prompt Payment Act, Florida Statutes Section 218 . 70 et . seq . (2004) attached and as referenced as 8 . 11 of Article 8 , will govern all payments . 5 . 1 Progress Payments . OWNER shall make progress payments on account of the Contract Price on the basis of CONTRACTOR'S Applications for Payment as recommended by ENGINEER , on or about the 30th day of each month during construction as provided below. The OWNER shall retain ten ( 10 ) percent of the payment amounts due to the CONTRACTOR until final completion and acceptance of all Work to be performed by the CONTRACTOR under the Contract Documents . Each request for a partial payment shall be submitted on an Application for Payment Form , which shall be accompanied by an executed copy of the Certification of Contractor. The OWNER WILL provide the forms . All progress payments will be on the basis of the progress of the work measured by the schedule of values established in Paragraph 2 . 9 of the General Conditions (and in the case of Unit Price Work based on the number of units completed) , or, in the event there is no schedule of values , as provided in the General Requirements . 5 . 1 . 1 Prior to Substantial Completion , progress payments will be made in an amount equal to the percentage indicated below, but , in each case , less the -aggregate of payments previously made and less such amounts as ENGINEER shall determine , or OWNER may withhold , in accordance with Paragraph 14. 7 of the General Conditions . 50% of materials and equipment not incorporated in the work (but delivered , suitably stored and accompanied by documentation satisfactory to OWNER as provided in Paragraph 14 . 2 of the General Conditions) , 5 . 2 Final payment . Upon final completion and acceptance of the work in accordance with Paragraph 14 . 13 of the General Conditions , OWNER shall pay the remainder of the Contract Price as recommended by ENGINEER as provided in said Paragraph 14 . 13 , ARTICLE 6. INTEREST. Not Applicable , 00530-3 CADocuments and Settings\kjackson\Local Settings\Temporary Internet Files\OLK86\00530 EJCDC - REVISED (per Marion 8-25- 05) Agreement between Owner and Contractor.doc