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City Of San Marcos Form CoSM- Bond -01 payment in an amount so that total payments will equal the amount found eligible for reimbursement based on a final review of the billings by a City Auditor or their representative. When requested by the Owner, the City will make intermediate payments based upon the progress of the work completed at not more than monthly intervals to Owner when properly billed, and such payments will not exceed eighty percent (80 %) of the eligible cost as shown in each such billing. Intermediate payments shall not be construed as final payment for any items included in the intermediate payment. If costs are developed under procedure (3) above, the City will, upon satisfactory completion of the adjustment, removal or relocation and upon receipt of a billing prepared in acceptable form and manner, make payment to Owner in the agreed amount. When requested by the Owner, the City will make intermediate payments based upon the progress of the work completed at not more than monthly intervals to Owner when properly billed, and such payments will not exceed eighty percent (80 %) of the eligible cost as shown in each such billing. Intermediate payments shall not be construed as final payment for any items included in the intermediate payment. The Owner shall submit the original and four (4) copies of all invoices to the City or its designee at the following address: HDR Engineering, Inc., 4401 Westgate Blvd., Suite 401 Austin, Texas 78749, Attention: Renee Maier Invoices should be submitted not later than one hundred twenty (120) days after completion of the work. The Owner shall maintain complete and accurate cost records for all work performed pursuant to this Agreement. The City and its representatives shall be allowed to inspect said records during the Owner's regular business hours. Unsupported charges will not be considered eligible for reimbursement. All records relating to its work under this Agreement shall be maintained by the Owner for four (4) years after receipt of final payment from the City. 3. The Owner will carry out said adjustment, removal or relocation, accurately record the costs, and retain such records in accordance with applicable rules, regulations and procedures. The costs paid by the City pursuant to this Agreement shall be full compensation to Owner for all costs incurred by Owner in making such adjustment, removal or relocation and City shall be released from all further obligations and liability to Owner upon acceptance by Owner of such payments from the City. 4. All costs charged the City shall be computed using rates and schedules not exceeding those applicable to the Owner's performance of similar work and shall be subject to pre - approval by the City. The City shall be credited for all salvageable materials removed from the facilities being relocated as reflected in Exhibit A. 5. Any upgrading of the Owner Utilities being relocated that is not attributable to the Project construction and is made solely for the benefit of and at the election of the Owner, including but not limited to an increase in the capacity of existing facilities or an expansion of the existing facilities, shall be deemed a "betterment ". Should the Owner determine that it wishes to change, modify, or enlarge any of the Owner Utilities to be adjusted under this Agreement that results in a betterment, it shall do so at its own expense and without causing any delay in the Project. The Owner shall provide such additional funding attributable to any betterment. 6. In order to account for betterment, the Owner shall provide comparative estimates for (i) all work to be performed, including work attributable to betterment, and (ii) non- CoSM-03 Enterprise.doc Page 3 of 7