Agmt95 Vanir Construction Manag - Laserfiche WebLink

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2. Compensation. ( a) CITY and DISTRICT shall compensate Project Manager for services performed by Project Manager under this Agreement based on Project Manager's hourly rates as set forth in Exhibit "C", attached hereto and incorporated herein by this reference. Additionally, CITY and DISTRICT shall compensate Project Manager for such reimbursable costs and expenses as described in Exhibit '~."~ (b) Notwithstanding subparagraph (a) , the maximum amount which may be paid under this Agreement, including both compensation for services and for reimbursable costs and expenses, shall be Four Hundred Eighty Six Thousand Three Hundred Ninety Seven dollars ($486,397) . (c ) Payment shall be made monthly, in arrears, upon , submittal of a written billing statement to both CITY and DISTRICT, which billing shall include an itemized statement briefly describing the specific services performed, the dates of such ,services, and the amounts billed for such services. The CITY/DISTRICT shall make payment to the Project Manager of ~OO% of the approved invoiced amount within thirty (30) days of the CITY/DISTRICT's receipt 'of the invoice. Payments due to the Project Manager that are unpaid for more than sixty (60) days from the date receipt of the Project Manager's invoice shall bear interest at the prevailing rate. (d) Notwithstanding any provision of this Agreement to the contrary, CITY and DISTRICT shall each be responsible for paying to Project Manager only fifty percent (50t) of the amounts billed by Project Manager, and any remedies provided in this Agreement for breach of the obligation to pay such compensation may only be pursued against that party which has failed to pay its portion of the -4- ,-,-.... ~.-,._. I