Res 2003-167 - Laserfiche WebLink

Home Browse Search

submits a one-year warranty against defects in materials and workmanship in the Phase 1 Project, executed by the Phase 1 Contractor, and 3) the Phase 1 Engineer submits complete as- built drawings for the Phase 1 Project to the City. 1.6. Escrow of Funds for Phase 1 Project; Cost Sharing. A. Each of the Parties, other than the City, agrees to pay the following sums to the Phase 1 Project Manager, for the sole purpose of covering the financial obligations of the Parties under this Agreement: 1. 25% of the estimated Phase 1 Project costs attributable to the Party as described in the attached Exhibit C-l, no later than October 10,2003; provided, that any party that does not make this payment by this date shall be deemed to have withdrawn from this Agreement, as the sole and exclusive remedy for such non-payment; and if any party so withdraws, the Phase 1 Engineer will calculate an adjustment to the cost sharing percentages in the attached Exhibit C-l to reflect the Party's withdrawal with respect to the Phase 1 Project costs, and the Phase 1 Project Manager will provide a copy of this calculation to the remaining Parties; and 2. 75% of the estimated Phase 1 Project costs attributable to the Party as described in the attached Exhibit C-l, within 10 days of the date the Phase 1 Project Manager notifies the Parties that the construction contract for the Phase 1 Project is ready for execution; provided, that any party that does not make this payment by this date shall be deemed to have withdrawn from this Agreement, as the sole and exclusive remedy for such non-payment; and if any party so withdraws, the Phase 1 Engineer will calculate an adjustment to the cost sharing percentages in the attached Exhibit C-l to reflect the Party's withdrawal with respect to the Phase 1 Project costs, and the Phase 1 Project Manager will provide a copy of this calculation to the remaining Parties. The Phase 1 Project Manager will ensure that all funds escrowed by the Parties are deposited in accounts (collectively, the "Phase 1 Escrow Account") that are fully federally insured. B. The Parties agree that the Phase 1 Project Manager may make payments from the Phase 1 Escrow Account in the respective percentages shown on the attached Exhibit C-l, for each invoice of the Phase 1 Project Manager, Phase 1 Engineer or Phase 1 Contractor, or for each cost of easement acquisition under Paragraph 5 below, that is approved by the Phase 1 Project Manager and the City, within 15 days of the date of each invoice. If any funds remain in the Phase 1 Escrow Account after payment of all costs of the Phase 1 Project, the Phase 1 Project Manager will refund these amounts to the Parties, other than the City, on a prorata basis within 15 days of the final payment of Phase 1 Project costs. If the Phase 1 Project costs attributable to the Parties exceed the amount in the Phase 1 Escrow Account, the Phase 1 Parties agree to make payments to the Phase 1 Project Manager in the Parties' respective percentages shown on the attached Exhibit C-l, for each invoice ofthe Phase 1 Project Manager, Phase 1 Engineer or Phase 1 Contractor, or for each cost of easement acquisition under Paragraph 5 below, that is approved by the Phase 1 Project Manager and the City, within 15 days of the date of each invoice. C. The City agrees to make payments to the Phase 1 Project Manager in the City's respective percentage shown on the attached Exhibit C-l, for each invoice of the Phase 1 Project Manager, Phase 1 Engineer or Phase 1 Contractor, or for each cost of easement acquisition under Paragraph 5 below, that is approved by the Phase 1 Project Manager and the City, within 15 days of the date of each invoice. 1.7. Reservation of Wastewater Capacity in Phase 1 Project. The City agrees to reserve, for a 4