Res 1978-008 - Laserfiche WebLink

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20b 4. In the event that final actual project cost is more than the amount previously paid to City under this contract, then, upon completion and final acceptance by the City of the improvements specified in this contract and attach- ments hereto, Company shall pay to City the difference between the final project cost (actual construction costs, including change orders, testing, plus the City's costs in preparation of the construction documents, plans and speci- fications) and any amount previously paid to City under this contract. I 5. In the event that final actual project cost is less than the amount Company has previously paid to City under this contract, then, upon completion and final acceptance by the City of the improvements specified in this contract and attachments hereto, , City shall reimburse to Company the difference between said final project cost and such previous payments. 6. Company and City agree that funds paid by City for work performed shall be liquidated and not returnable to Company. V. City agrees to deposit all amounts received from Company under the provisions of this contract in a separate account designated for the Barnes Drive Improvements Project and to retain full and exclusive control over such funds for the purpose of payment of expenses incurred in the project as stipulated in this contract. Interest earned on funds remaining in the account, until said funds are disbursed by City in payment of project costs, shall be returned to Company by City upon project completion. VI. I The final settlement between Company and City as to final project costs shall be made within ten days of the final acceptance by City of the Barnes Drive Improvements specified under this agreement and as performed under separate construction contract. VII. This agreement may be terminated by either party prior to City's acceptance of a bid. Notice of such termination shall be made in writing and must be received by the other party seven days prior to the scheduled date for City's acceptance of bids for the Barnes Drive improvements. VIII. In the event that Company terminates this Agreement, City shall retain amounts on deposit from Company to the extent of costs and obligations incurred. Should sufficient amounts not have been paid to City then Company shall be liable for said additional amounts to the extent of costs and obligations incurred. In Witness Whereof, the parties to these presents have executed this agreement in the year and day first written above. I ~TIfST - L - 'J~ambrick ~ City Secretary THE CITY OF SAN MARCOS, "CITY" ~ .r:ra/~ ~ Arredondo, Mayor THERMON MANUFACTURING, co. By' VJ--; ~,Li ATTEST: