Reso 2025-3917 - Laserfiche WebLink

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timely claim is made for same in accordance with the terms and provisions of this Contract. ARTICLE V PAYMENT OF THE CONTRACT PRICE 5.1 Schedule of Values 5.1.1. Within ten (10) calendar days of the effective date hereof, the Contractor shall submit to the City and to the Engineer / Architect a Schedule of Values allocating the Contract Price to the various portions of the Work. The Contractor's Schedule of Values shall be prepared in such form, with such detail, and supported by such data as the Engineer / Architect or the City may require to substantiate its accuracy. The Contractor shall not imbalance its Schedule of Values nor artificially inflate any element thereof. Any violation of this provision by the Contractor shall constitute a material breach of this Contract. The Schedule of Values shall be used only as a basis for the Contractor's Applications for Payment and shall only constitute such basis after it has been acknowledged in writing by the Engineer / Architect and the City. 5.2 Payment Procedure 5.2.1. The City shall pay the Contract Price to the Contractor as provided below.. 5.2.2. Progress payments shall be considered based upon the Contractor's Applications for Payment submitted to the Project Manager and upon Certificates for Payment subsequently issued to the City by the Project Manager. The City shall make progress payments to the Contractor on account of the Contract Price subject to the terms and conditions of the Contract, and in accordance with Florida's Prompt Payment Act. Each invoice or payment application must be accompanied by all supporting documentation and other information reasonably requested by City, including, but not limited to a Partial Release of Lien or Final Release of Lien as appropriate in the forms set forth in Chapter 713.20, Florida Statutes. Reference herein to Chapter 713, Florida Statutes is for convenience, and shall not be construed as a waiver of sovereign immunity or authority for imposition of liens against public property. Each progress payment shall be reduced by five percent (5%) retainage. Subject to other requirements of the Contract Documents, retainage shall be released after final completion of the Work and City's receipt of acceptable reports and other documentation including certification of payment to subcontractors, if any, and a Final Release of Lien in the form set forth in Section 713.20, Florida Statutes. Invoices must reference the contract number assigned hereto. 5.3 Withheld Payment 5.3.1. The City may decline to make payment, may withhold funds, and, if necessary, may demand the return of some or all of the amounts previously paid to the Contractor, to protect the City from loss because of: (a) defective Work not remedied by the Contractor nor, in the opinion of the City, likely to be remedied by the Contractor; Page 8 of 42