Laserfiche WebLink
9-a� <br /> (c) NORESCO shall comply with and obtain at its expense all licenses and <br /> permits required by Federal, State and local law in connection with the <br /> installation, operation and maintenance of the energy conservation <br /> measures ("ECMs") of the System. <br /> (d) Any changes in laws, ordinances, rules or regulations, such as changes in <br /> taxes to be paid on the equipment, fees, or permits occurring after the <br /> Effective Date, which materially affect the Scope of Work, shall be . <br /> addressed by the Parties as a Change under Section 5. <br /> SECTION 2- Compensation and Payment <br /> (a) NORESCO shall provide Customer with a detailed invoice on the 10"' day <br /> of each month (the "Progress Period"). Upon review and approval of an <br /> invoice, City shall pay NORESCO an amount equal to 90% of the labor <br /> performed and 90% of the material actually installed by NORESCO during <br /> that Progress Period. The remaining 10% shall be held as retention and <br /> paid subject to Section 2(b) below. � <br /> (b) Upon receipt of NORESCO's Notice of Completion and Customer's <br /> receipt and approval of NORESCO's final invoice, the Scope of Work will <br /> be presented to the City Council for approval (the "Approval") in a diligent <br /> manner. Within 35 days from the Approval, City shall release the <br /> retention to NORESCO <br /> (c) Amounts not paid to NORESCO within thirty (30) days from the date of <br /> receipt of a detailed invoice, shall accrue interest at the lesser of (a) two <br /> and one-half (2 1/2), percentage Points greater than the prime rate <br /> established by Fleet Bank of Massachusetts or (b) the greatest rate of <br /> interest permitted by law, but in no event more than ten (10) percent per <br /> annum. � <br /> SECTION 3 - Term <br /> The Implementation Period of the Agreement shall begin on the Effective Date <br /> and conclude on the date of Acceptance. <br /> For the purposes of NORESCO's collection of rebate incentives from Pacific Gas <br /> & Electric (PG&E), the "Operation Period" of this Agreement shall begin <br /> immediately following completion of the Implementation Period and conclude two <br /> (2) years from PG&E's acceptance of the installation of the System. <br /> _ 2 _ 12/12/00 <br /> _. _ _�. _ _._... ___.___....__ _..___ . .._ __ <br />