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<br />earned thereafter. Any reduction in retainage shall be in accordance with Section 255.078 Florida <br />Statutes. Any interest earned on retainage shall accrue to the benefit of the City. All requests for <br />retainage reduction shall be in writing in a separate stand alone document. <br /> <br />5.4 The City may withhold, in whole or in part, payment to such extent as may be necessary to <br />protect itself from loss on account of: <br /> <br />5.4.1 Defective Construction Work not remedied. <br />5.4.2 Claims filed or reasonable evidence indicating probable filing of <br />claims by other parties against Contractor or the City because of <br />Contractor's performance. <br /> <br />5.4.3 Failure of Contractor to make payments properly to Sub-Contractors or <br />for material or labor. <br /> <br />5.4.4 Liquidated damages and costs incurred by the City for extended construction <br />administration. <br /> <br />5.4.5 Failure of Contractor to comply with other provisions of this Agreement. <br /> <br />5.5 Upon receipt of written notice from Contractor that the Work is ready for final <br />inspection and acceptance, the City or its designee shall, within ten (10) calendar days, make <br />an inspection thereof. If the City or its designee finds the Work acceptable, the requisite <br />documents have been submitted and the requirements of the Contract Documents fully satisfied, <br />and all conditions of the permits and regulatory agencies have been met, a Final Certificate for <br />Payment shall be issued by the City or its designee, stating that the requirements of the <br />Contract Documents have been performed and the Work is ready for acceptance under the <br />terms and conditions thereof. <br /> <br />5.6 Before issuance of the Final Certificate for Payment, Contractor shall deliver to the <br />City or its designee a complete release of all liens arising out of this Agreement, or receipts in <br />full in lieu thereof, an affidavit certifying that all suppliers and Sub-Contractors have been paid <br />in full and that all other indebtedness connected with the Construction Work has been paid, and a <br />consent of the surety to final payment; the final corrected As-Built Drawings; the Record <br />Set; and the final bill of materials, if required, and Application for Payment. Contractor <br />shall deliver the written Contractor's and all Manufacturers warranties prior to issuance of <br />the Final Certificate for Payment. <br /> <br />5.7 If, after the Construction Work has been substantially completed, full completion <br />thereof is materially delayed through no fault of Contractor, and the City or its designee so <br />certifies, the City shall, upon certificate of its designee, and without terminating the <br />Agreement, make payment of the balance due for that portion of the Construction Work fully <br />completed and accepted. Such payment shall be made under the terms and conditions <br />governing final payment, except that it shall not constitute a waiver of claims. <br /> <br />5.8 Final payment shall be made only after the City or designee has reviewed a written <br />evaluation of the performance of Contractor prepared by the City or its designee, and approved <br />the final payment. The acceptance of final payment shall constitute a waiver of all claims by <br /> <br />24 <br />