Res 1997-195 - Laserfiche WebLink

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WHEREAS, both parties hereto wish to reach a full and final settlement of all matters and all causes of action arising out of the facts and claims as hereinabove set forth, NOW, THEREFORE, the parties hereto, in consideration of the mutual covenants, premises and agreements to be performed as hereinafter set forth, agree as follows: 1. Primary Terms: (a). CITY agrees to pay AYS the sum of $30,000.00 within three (3) days of the latter of the day of the execution of this agreement by AYS, CITY, William T. Peckham (AYS's attorney), and Mark B. Taylor (San Marcos City Attorney), and the approval of this compromise agreement by the San Marcos City Council, each of which events together with the $30,000.00 payment by the CITY to A YS, is a condition precedent to the validity and creation of this agreement. (b). The CITY and AYS are aware that Arcon, Inc., the provider of pavers and grout and the installer of same on the project, has asserted a claim against A YS for unpaid invoices. AYS admits and agrees that the CITY has no legal liability to Arcon, Inc., but both parties know that a major reason that A YS is receiving less than the full contract amount otherwise due is based on the CITY's claim of unacceptable work/materials provided by Arcon, Inc. Within seven (7) days of the execution hereof, the CITY will provide AYS's attorney with a letter detailing its objections to the paver, grout and other work performed by Arcon on the project, and if available, the dollar amount estimated necessary to correct the objected-to Arcon work/materials. 2. A YSIS attorney, William T. Peckham, by signing hereinbelow, agrees and represents that William T. Peckham is the attorney for AYS, that William T. Peckham has cja\c:\susan\sanmar\compset.agr 2