Agmt02 Interstate Grading - Laserfiche WebLink

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such matters (the "Dispute"). 8. On or about August 27,2003, IGP submitted a Request for Additional Compensation and Time Extension (the "Claim"). In its Claim, IGP sought damages from the City in the amount of$237,878.05 plus $10,000 for attorney's fees. 9. On or about December 9, 2003, the City denied IGP's Request. AGREEMENT For and in consideration of the promises and mutual covenants and agreements contained herein the parties agree as follows: 10. This Agreement is a compromise and settlement by and between the parties and a mutual release given by all parties relinquishing each party's claims against any other party. By executing this Agreement each party intends to, and hereby does, extinguish any and all of their respective obligations allegedly arising out of the Dispute. 11. Each party acknowledges that this Agreement is being entered into for the sole purpose of avoiding vexation, uncertainties and the expense of litigation or other legal proceedings. 12. As a full and final settlement of all issues between the parties related to the Dispute, the parties agrees to settle this matter for the sum of $139,176.00 which has been calculated as follows: a. Soil Disposal Cost at Ox Mountain: $189/load times 612 loads = $115,668 $17,350 b. Contractor Overhead: 15% c. 50% shared expense of the additional trucking costs, which was billed to the contractor at $70/hour $12,316 x .50 = $6.158 Total agreed amount due from the City to IGP $139,176 The City shall pay the amount set forth herein to IGP under the terms of this Agreement within 30 days after this Agreement has been fully executed by the parties. Settlement Agreement and Mutual Release Page 2