Laserfiche WebLink
Agreement No. PW 52-08-96 <br />CSAH 15; C.P. 9222 <br />After an award by the County to the successful bidder, the County shall <br />invoice the City and the City shall deposit with the Hennepin County <br />Treasurer, ninety five (95) percent of the estimated City share in the <br />contract construction and engineering costs for C.P. 9222. Payment shall be <br />made to the County by the City for the full amount due stated on the invoice <br />within forty five (45) days of the invoice date. Said estimated City share <br />shall be based on actual contract unit prices applied to the estimated <br />quantities shown in the plans. <br />In the event the County Engineer or his staff determines the need to <br />amend the contract with a supplemental agreement or change order which results <br />in an Increase in the contract amrunt, the City hereby agrees to remit within <br />forty five (45) days of notification by the County of said change an amount <br />equal to ninety five (95) percent of the estimated City share as documented in <br />the supplemental agreement or change order. <br />The remainder of the City’s shares in the engineering cost and contract <br />construction costs, including additional costs resulting from supplemental <br />agreements and change orders, will be due the County upon the completion of <br />the Project and submittal to the City of the County Engineers final estimate <br />for the Project. <br />Upon final payment to the Contractor by the County, any amount remaining <br />as a balance in the deposit account will be returned to the City; likewise, <br />any amount due the County from the City upon final payment by the County shall <br />be paid by the City as its final payment for the construction and engineering <br />costs of said Project within forty five (45) days of receipt of an invoice <br />from the County. <br />All payments to the County must be postmarked by the date due or a late <br />penalty of one (1) percent pe.' month, or fraction thereof, on the unpaid <br />balance will be charged to the City. The City shall pay the amount due as <br />stated on the statement, notwithstanding any dispute of such amount. Should a <br />disputed amount be resolved in favor of the City, the County shall reimburse <br />the disputed amount plus daily interest thereon calculated from the date such <br />disputed amount was received by the County. Daily interest shall be at the <br />rate of one (1%) percent per month on the disputed amount. <br />- 5 -