Agmt03 San Mateo Co et al - Laserfiche WebLink

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- . - ' Exhibit B Method and Rate of Payment to Contractor '~ Overview The parties acknowledge that by separate agreement, the City is acting as fiscal agent for the District regarding the Project. In this capacity, the City shall be responsible for approving all payments in connection with authorized work related to the Project. To the extent possible, funds provided under this Agreement shall be placed into a Project escrow established and controlled by the City. City shall provide monthly draw statements detailing the status and use of these funds to the other two Parties, Should the funds under this Agreement not be placed into the escrow, the City shall make initial payments to third parties and then request reimbursement as needed from the District and/or County, either as the Project proceeds or upon Project completion. The City shall provide the other two Parties with a cumulative accounting of the sources and uses of funds with each InVOice, County funds may not be used for salary, fringe benefits or other compensation of employees of City or District or their affiliates, Countv Pavment Process Payment by County shall be made on a reimbursement basis upon claims for reimbursement being submitted by City to County Office of Housing. Requests for reimbursement shall include copies of invoices paid together with copies of canceled checks, or other proof that the invoices '-- have been paid. The request must include a brief narrative description of the progress of the project and the items being reimbursed, As noted above, the City shall provide an accounting of Project funds under this Agreement and their uses/expenditures to date. The City shall certify in writing that the specific services for which reimbursement or payment is being requested have been satisfactorily completed, that the payments are proper and that all funds to be expended are on behalf of and exclusively for the Project. The County reserves the right to verify such completion prior to payment to City. Requests for payment for construction activities shall have a portion of the payment withheld as retention, The percentage of retention shall be mutually approved by the parties to this Agreement, but shall be not be less than Ten Percent (10%) of each payment request. Said retention shall be held for at least 35 days after completion of the Project and shall be released after receipt from the construction contractor of all necessary executed lien releases in a form acceptable to the County. The County reserves the right to withhold payment if the County determines that the quantity or quality of the work performed is unacceptable, In no event shall the County's total fiscal obligation under this Agreement exceed Three Hundred Thousand ($300,000). '- Page 15 of 25 9/29/20039:35 AM