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County Commissioners . <br /> 3 .2 Liquidated Damages . OWNER and CONTRACTOR recognize that time is of the <br /> essence of this Agreement and that OWNER will suffer financial loss if the work is not <br /> completed within the times specified in Paragraph 3. 1 above, plus any extensions thereof <br /> allowed in accordance with Article 12 of the General Conditions. They also recognize the <br /> delays, expense and difficulties involved in proving in a legal proceeding the actual loss <br /> suffered by OWNER if the work is not completed on time. Accordingly, instead of <br /> requiring any such proof, OWNER and CONTRACTOR agree that as liquidated damages <br /> for delay (but not as a penalty) CONTRACTOR shall pay OWNER four-hundred and fifty <br /> dollars ($450.00) for each day that expires after the time specified in Paragraph 3. 1 for <br /> Substantial Completion, if CONTRACTOR shall neglect, refuse or fail to complete the <br /> remaining work within the Contract Time or any proper extension thereof granted by <br /> OWNER, CONTRACTOR shall pay OWNER four-hundred and fifty dollars ($450.00) for <br /> each day that expires after the time specified in Paragraph 3. 1 for completion and <br /> readiness for final payment. <br /> 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 $ 245 8.92 00, <br /> ARTICLE 5. PAYMENT PROCEDURES. <br /> 5. 1 . Progress Payments. The Owner shall make progress payments to the Contractor on <br /> 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, <br /> Florida Statutes section 218.70 et. seq . <br /> 5. 1 . 1 . The Owner shall retain ten percent ( 10%) of the payment amounts due to the <br /> Contractor until fifty percent (50%) completion of the Work. After fifty percent <br /> (50%) completion of the Work is attained as certified to Owner by Engineer in <br /> writing , Owner shall retain five percent (5%) of the payment amount due to <br /> Contractor until final completion and acceptance of all Work to be performed <br /> by Contractor under the Contract Documents. Pursuant to Florida Statutes <br /> section 218 .735(8)(b) , fifty percent (50%) completion means the point at <br /> which the County as Owner has expended fifty percent (50%) of the total <br /> cost of the construction services Work purchased under the Contract <br /> Documents, together with all costs associated with existing change orders <br /> and other additions or modifications to the construction services Work <br /> provided under the Contract Documents. <br /> 5.2 . Pay Requests. Each request for a progress payment shall be submitted on the <br /> application for payment form supplied by Owner and the application for payment <br /> shall contain the Contractor's certification . All progress payments will be on the <br /> basis of progress of the Work measured by the schedule of values established , or in <br /> the case of unit price work based on the number of units completed . After fifty <br /> percent (50%) completion , and pursuant to Florida Statutes section 218 .735(8)(d) , <br /> the Contractor may submit a pay request to the County as Owner for up to one half <br /> ( 1 /2) of the retainage held by the County, and the County shall promptly make <br /> payment to the Contractor unless such amounts are the subject of a good faith <br /> dispute ; the subject of a claim pursuant to Florida Statutes section 255.05(2005) ; or <br /> 00530 EJCDC - Underground Utilities Inc. <br /> 00530-2 <br /> QED uU Ms and setlingsAacksonLLxal Settings\Temorary Intemet Files\OLK%\00530 EJCDC - Undergmund Utilities Inc-doc <br />