Agmt05 On Broadway Redwood City - Laserfiche WebLink

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iii) Developer shall, in participation with the Consultants and Contractors, determine a schedule of values for the Cost of the Work. The schedule of values shall allocate the Not-to-Exceed Streetscape Improvement Cost to the activities shown on the Contractor's construction schedule. The sum of the schedule of values shall equal the Not-to-Exceed Streetscape Improvement Cost. Developer shall verify that the schedule of values is reasonable and is made in accordance with the Contract Documents. Progress payments to each Contractor and Consultant shall be based on the Schedule of Values, the Contractor's percentage of completion of the scheduled activities and Services as set out in the construction schedule, and the Contractor's compliance with the Contract Documents. Developer shall provide City and Agency with the schedule of values within ten days of the date City and Agency issue the Notice to Proceed. iv) No later than ten days after excavation for the Streetscape Improvements and Street Modifications begins, Developer shall provide City and Agency with a projected cash flow schedule for construction of the Streetscape Improvements and Street Modifications. Developer shall update the cash flow schedule as required to reflect change orders or other developments. v) Developer shall prepare and maintain daily reports on the progress of the work, and provide weekly summaries of the reports to the City and Agency. vi) Developer shall conduct weekly meetings at the Project Site with the Contractor and weekly coordination meetings with the Contractor, the City, the Agency and the Consultants during construction of the Streetscape Improvements and Street Modifications. Developer shall prepare and distribute minutes of these meetings to all attendees promptly, including the City and the Agency. vii) Each month, Developer shall review the progress of construction of each Contractor, shall evaluate the percentage complete of each construction activity as indicated in the Contractor's construction schedule and shall review such percentages with the Contractor. This analysis shall serve as the basis for the progress payments to the Contractor. Based on this information, Developer shall provide a written report to City and Agency, no less often than monthly, showing the actual progress compared to scheduled progress, payments made on account of construction, change orders requested and issued, changes to the projected cash flow schedule, and informing the City and Agency of any events that may affect the cost or schedule for construction of the Streetscape Improvements and Street Modifications and the Project. viii) The Developer shall prepare and distribute monthly progress payment reports. These reports shall state the total of the Cost of the Work, the value of all contracts for construction of the Streetscape Improvements and Street Modifications, payments made by Developer to date for Cost of the Works, current payments requested by Contractors and Consultants, retainage held on each contract, and actual amounts Developer proposes to pay to Contractors and Consultants in the current payment period. This report shall include a Certificate of Payment that shall be signed by the Developer and delivered to the City and Agency for use in making reimbursements to the Developer. 3 840847v1233786/0001