K) Final Payment. Notwithstanding anything in Exhibit “1” to the contrary, OWNER shall

City Council Meeting · 2026-08-11 · agenda_item

This notice concerns the final payment process for the City of Cocoa Garage Bay Demolition project, identified as WO-002. The project involves the demolition of Building #3. The owner, City of Cocoa, and the contractor, Lawrence Lee Construction Services, are working through the final stages of the project. This includes the creation and approval of a punchlist detailing any remaining work, followed by the final payment process. The final payment, including any withheld retainage, will be made after all punchlist items are completed and close-out documents are submitted. This process is currently in the final payment stage, following substantial completion. The scope of work has largely been completed, with the focus now on final inspections, punchlist resolution, and final documentation. Contractors and suppliers who have previously worked on or supplied materials for this project may have opportunities related to final invoicing and documentation. Early engagement with the owner or contractor could be beneficial as the project nears its official close-out.

retainage percentage

5 %

punchlist creation timeframe

10 calendar days

punchlist finalization timeframe (projects <= $10 million)

30 calendar days

punchlist finalization timeframe (projects > $10 million)

45 calendar days

punchlist delivery to contractor timeframe

5 calendar days

final payment timeframe after punchlist delivery

20 calendar days

punchlist item cost withholding multiplier

150 %

final completion certificate timeframe

30 days

final payment timeframe after completion

30 days