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CONTRACTOR shall pay OWNER three hundred dollars ($300.00) for each day that expires after <br /> the time specified in Paragraph 3 . 1 for completion and 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 Contract <br /> Documents in current funds in the amount of $ 1 ,850,879.53. <br /> ARTICLE 5 PAYMENT PROCEDURES <br /> CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the General <br /> Conditions. Applications for Payment will be processed by ENGINEER as provided in the General <br /> Conditions and the Contract Documents. <br /> 5. 1 Progress Payments. The OWNER shall make progress payments to the CONTRACTOR on the basis <br /> of the approved partial payment request as recommended by ENGINEER in accordance with the <br /> provisions of the Local Government Prompt Payment Act, Florida Statutes section 218.70 et. seq. The <br /> OWNER shall retain ten percent ( 10%) of the payment amounts due to the CONTRACTOR until <br /> fifty percent (50%) completion of the work After fifty percent (50%) completion of the work is <br /> attained as certified to OWNER by ENGINEER in writing, OWNER shall retain five percent (5%) of <br /> the payment amount due to CONTRACTOR until final completion and acceptance of all work to be <br /> performed by 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 OWNER has <br /> expended fifty percent (50%) of the total cost of the construction services work purchased under the <br /> Contract Documents, together with all costs associated with existing change orders and other <br /> additions or modifications to the construction services work provided under the Contract Documents. <br /> 5.2 Pay Requests. Each request for a progress payment shall be submitted on the application for payment <br /> form supplied by OWNER and the application for payment shall contain the CONTRACTOR' s <br /> certification. All progress payments will be on the basis of progress of the work measured by the <br /> schedule of values established, or in the case of unit price work based on the number of units <br /> completed. After fifty percent (50%) completion, and pursuant to Florida Statutes section <br /> 218.735(8)(d), the CONTRACTOR may submit a pay request to the County as OWNER for up to <br /> one half ( 1 /2) of the retainage held by the County as OWNER, and the County as OWNER shall <br /> promptly make payment to the CONTRACTOR unless such amounts are the subject of a good <br /> faith dispute; the subject of a claim pursuant to Florida Statutes section 255 .05(2005); or otherwise <br /> the subject of a claim or demand by the County as OWNER or the CONTRACTOR. The <br /> CONTRACTOR acknowledges that where such retainage is attributable to the labor, services, or <br /> materials 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 Statutes section <br /> 218.735(8)(c)(2005), CONTRACTOR further acknowledges and agrees that: 1) the County as <br /> OWNER shall receive immediate written notice of all decisions made by CONTRACTOR to <br /> withhold retainage on any subcontractor at greater than five percent (5%) after fifty percent (50%) <br /> completion; and 2) CONTRACTOR will not seek release from the County as OWNER of the <br /> withheld retainage until the final pay request. <br /> 5.3 Paragraphs 5. 1 and 5 .2 do not apply to construction services work purchased by the County as <br /> OWNER which are paid for, in whole or in part, with federal funds and are subject to federal grantor <br /> laws and regulations or requirements that are contrary to any provision of the Local Government <br /> Prompt Payment Act. In such event, payment and retainage provisions shall be governed by the <br /> FELLSMERE CONVENIENCE CENTER 00530 — Standard Form of Agreement <br /> 00530 - 2 <br />