Agmt03 BHV Innisfree Ven... (3) - Laserfiche WebLink

Browse Search

Parking Facility is complete. At that time, City and Agency will apply Developer's share of any VEP savings first to offset amounts by which the Cost of the Work may exceed the amount set forth in Section 3(A), then to offset payments from the Construction Contingency. Developer's share of any remaining VEP savings will be paid to Developer after the City and Agency have accepted the Public Parking Facility. 5. In addition to any amounts to be paid in connection with the Services described in this Agreement, City and Agency shall pay Developer the sum not to exceed three percent (3%) of the Not-to-Exceed Cost for Services performed under the Culvert Relocation Agreement as the fee for Services performed under the Culvert Relocation Agreement. The Not-to-Exceed Cost in the Culvert Relocation Agreement is Three Million Six Hundred Thousand Dollars ($3,600,000). City and Agency will pay Developer this fee thirty five days following completion and acceptance of the work performed under the Culvert Relocation Agreement. Developer will accept this payment as full compensation for its fee for performance of the Culvert Relocation Agreement. E. Change Orders. 1. In consideration of the fact that Developer was responsible for the investigation of the Project Site and the design of the Public Parking Facility, Developer agrees, for itself and on behalf of its Consultants and Contractors, that the City and Agency will not pay more than the Not-to-Exceed Parking Facility Cost on account of Services or work that Developer or a Consultant or Contractor could otherwise claim as a change order, extra services or extra work unless Developer establishes, to the satisfaction of City and Agency, that the additional cost is the result of one of the following: (a) an affirmative change in the scope of Services initiated by the City or Agency; (b) a change in Services that is required by regulatory authorities (including inspections) that could not reasonably have been inferred from local practices or circumstances, or (c) unforeseen subsurface or latent physical conditions which differ materially from those indicated in the information provided by City and Agency to Developer and that Developer, its Consultants and Contractors could not have identified in the course of performing Atty/Agr/Agr.147 101403 Final L. Beck 10