Reso 2009-1434 - Laserfiche WebLink

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ARTICLE 5. CONTRACT AMOUNT. PROCESS OF PAYMENTS AND FINAL PAYMENT 5.1 The City shall pay to the Contractor, for the faithful performance of this Contract, the Contract Amount in accordance with the provisions of Article 2 of this Agreement. The Contract Amount for the Parking Garage portion of the Work is a guaranteed maximum price of Six Million Six Hundred Thousand Forty Dollars and Zero Cents ($6,600,040.00) and is inclusive of the Parking Garage with exterior cast with concrete walls in lieu of barrier cables, the revised driveway from NE 193rd Street into the garage and landscape and irrigation work associated with the garage site only, as described in attached Exhibit "A", incorporated herein by reference. Payment shall be made pursuant to approved applications for payment approved by the City. Payment shall be made within thirty (30) days after the City's receipt of Contractor's Application for Payment, approved by the City, and accompanied by sufficient supporting documentation, and containing sufficient detail, to allow a proper audit of expenditures, should the City require one to be performed. 5.2 Contractor may make Application for Payment for Construction Work completed during the Project at intervals of not more than once a month. Contractor's Application for Payment shall include partial release(s) of liens or consent of Surety relative to the portion of the Work, which is the subject of the Application for Payment and any other information required by the City. Each Application for Payment shall be submitted in triplicate to the City for approval. 5.3 Ten percent (10%) of all monies earned by Contractor shall be retained by the City until Final Completion, receipt of closeout documents, and acceptance by the City except that after fifty percent (50%) of the Work has been completed, the Contractor may request a reduction in the retainage to five percent (5%) of all monies previously earned and all monies earned thereafter. Any reduction in retainage shall be in accordance with Section 255.078 Florida Statutes. Any interest earned on retainage shall accrue to the benefit of the City. All requests for retainage reduction shall be in writing in a separate stand alone document. 5.4 The City may withhold, in whole or in part, payment to such extent as may be necessary to protect itself from loss on account of: 5.4.1 Defective Construction Work not remedied. 5.4.2 Claims filed or reasonable evidence indicating probable filing of claims by other parties against Contractor or the City because of Contractor's performance. 5.4.3 Failure of Contractor to make payments properly to Sub- Contractors or for material or labor. 5.4.4 Liquidated damages and costs incurred by the City for extended construction administration. Failure of Contractor to comply with other provisions of this 5.4.5 Agreement.