AgdaPkt 2003-10-13 - Laserfiche WebLink

Browse Search

i _ _ = _o� g B-13 � an it� the Services (inGuding the Cost of the = =Work)p ,Tormed by task and labor category or cost/expense, items billed and - '— �voices f� Developer's ConVactors and Consukants. �� of lien fortns as prescribed by Civil Code Section 3262 . — comple e�by every Contractor, subcontractor and rr, ateriai supplier for whose — = work Developer seeks payment. — =_c) �eveloper's verification and approval of the Contradc.rs and ConsultanYs — — billings as correct and in accordance with the requirements of this Agreement. -�) Each of the monthly repoRs described in Exhibit A. I 2. �and Agency will make payment of the approved amounts for within twentv (201 days of receipt a complete request for compensation and reimbursement from Developer including all documents required by the City and Agency. The monthly payment will include: a) Ninety percent (90%) of the Cost of the Work that City and Agency agree is completed and in place, plus b) One Hundred percent (100%) of the value of Parking Facility Costs other than Cost of the Work for Services City and Agency agree are completed; _ c ine ercent % of the value of materials_ delivered_ and_ stored at the ..•� '� D°1° F � ) `1�P. --- - ---(�--� ------- --- ---- -- - - - - - _��- --- --- o.uo.a:s Project Site in a manner acceptable to City and Agency and subiect to a SecuriN Aqreement and UCC-1 fiiinq if reauired bv Citv and Aqencv ; plus d) A oortion of Develooer's Fee in an amount equal to three percent (3%) of the Cost of the Work completed and in place and aonroved for �avment. 3. City and Agency will release the ten percent (10) of the Cost of the Work withheld during the course of construction no less than thirty five (35) days after the City and/or Agency record a Notice odeoed: uoasr�ou�a Puaw � of Completion for the �ublic Parki,ny Facilitv.,�, Provided that Developer. Contractors 8fld ..-' parkinq FacONy Consultants are makinq satisfactorv oroqress with the Services. Citv and Aaencv mav. in their sole discretion, apree to reduce retention withheld for individual subcontractors at an earlier time. � provided, however that Citv and Aaencv shall withhold an amount eaual to at least five oercent � I5°a) of the Cost of the Work completed and in place. As a condition to anv reduction in retention, I ! Developer shall provide Citv and Aqencv with written consent to the release of anv retained funds � bv the suretv or sureties of the Contrector and subcontractor to be naid. When the City. Aaency I and Developer have aqreed that the Services are substantiallv comolete the Citv and Aqencv may, �or+n.aw: w,c: 9 a � '. cabcaa:seem�oss�esr000� 9/26/03 11 � �EF7�y1033786i000t , . _ __.. __._.__. _____._. _�_____.._..__..._._._._.___._____________________-_-_-______�___ DBB100903/Agr.147 -