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The City shall authorize payments on a per site basis. The City may authorize
<br />payment(s) directly to Manufacturer(s) (to be determined). Contractor shall provide payment
<br />instructions and amounts for such payment(s). The initial payment due at contract signing must
<br />include a seven percent (7 %) payment to Bella Energy. Upon final acceptance of the Work set
<br />forth in the scope of Work by the City, the City shall make a final payment, no later than thirty
<br />(30) days from final acceptance, in an amount not to exceed the balance of the contract price set
<br />forth in Section 1, pursuant and subject to' the requirements of C.R.S. § 38 -26 -107. If Contractor
<br />completes the scope of Work for a lesser amount than the maximum amount, Contractor shall be
<br />paid the lesser amount, not the maximum amount.
<br />c. Contractor acknowledges and agrees that (i) City payment obligations under this
<br />Agreement are expressly contingent upon availability and procurement of funding for the Work
<br />and adoption by the City Council and effectiveness of such enactments as are required by law to
<br />effect such funding, including without limitation an ordinance approving an equipment lease
<br />pursuant to Section 12 -4 of the City Charter and budgetary enactments necessary for funding of
<br />the Work; and (ii) except for amounts currently appropriated for potential payment of the amount
<br />specified in Section 6.e, all payments obligations of the City hereunder are expressly subject to
<br />appropriation by the City Council and adoption by the City Council and effectiveness of the
<br />aforementioned enactments, and nothing contained herein shall constitute a mandatory liability,
<br />charge, or requirement of or against the City, nor create or constitute any multiple - fiscal year
<br />direct or indirect debt or financial obligation on the part of the City within the meaning of the
<br />Constitution or laws of the State of Colorado. If the City determines, in its sole discretion, that
<br />funding acceptable to the City or that such enactments will not be obtained, adopted and
<br />effective by January 31, 2011, then the City by written notice to Contractor may terminate this
<br />Agreement, in which case this Agreement shall terminate on the date of notice and no party shall
<br />have any further obligation to the other party, except the City shall pay to Contractor actual out -
<br />of- pocket expenses incurred for Work pursuant to Section 7.b. Such termination payment shall
<br />be net of restocking credits and other amounts recoverable by Contractor and in no event exceed
<br />$14,000.
<br />d. Progress Payments. Once a progress payment has been authorized by the City to
<br />be made, interest charges on the progress payments will commence. The Contractor will pay the
<br />monthly interest payments related to the progress payments, as calculated by the finance
<br />provider, up to a maximum of seven thousand five hundred dollars ($7,500).
<br />8. Scope of Payment. Contractor shall accept the compensation, as herein provided,
<br />in full payment for furnishing all materials, supplies, parts, equipment, labor, tools, services, and
<br />incidentals necessary to complete the Work and for performing all Work. The City's payment
<br />for the Work shall not relieve Contractor of any obligations to correct any defectiv ; Work. or
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<br />warehouse
<br />28%
<br />$124,133
<br />$372,400
<br />Substantial completion
<br />5%
<br />$22,167
<br />$66,500
<br />Retainage
<br />Total
<br />100%
<br />$443,333
<br />$1,330,000
<br />The City shall authorize payments on a per site basis. The City may authorize
<br />payment(s) directly to Manufacturer(s) (to be determined). Contractor shall provide payment
<br />instructions and amounts for such payment(s). The initial payment due at contract signing must
<br />include a seven percent (7 %) payment to Bella Energy. Upon final acceptance of the Work set
<br />forth in the scope of Work by the City, the City shall make a final payment, no later than thirty
<br />(30) days from final acceptance, in an amount not to exceed the balance of the contract price set
<br />forth in Section 1, pursuant and subject to' the requirements of C.R.S. § 38 -26 -107. If Contractor
<br />completes the scope of Work for a lesser amount than the maximum amount, Contractor shall be
<br />paid the lesser amount, not the maximum amount.
<br />c. Contractor acknowledges and agrees that (i) City payment obligations under this
<br />Agreement are expressly contingent upon availability and procurement of funding for the Work
<br />and adoption by the City Council and effectiveness of such enactments as are required by law to
<br />effect such funding, including without limitation an ordinance approving an equipment lease
<br />pursuant to Section 12 -4 of the City Charter and budgetary enactments necessary for funding of
<br />the Work; and (ii) except for amounts currently appropriated for potential payment of the amount
<br />specified in Section 6.e, all payments obligations of the City hereunder are expressly subject to
<br />appropriation by the City Council and adoption by the City Council and effectiveness of the
<br />aforementioned enactments, and nothing contained herein shall constitute a mandatory liability,
<br />charge, or requirement of or against the City, nor create or constitute any multiple - fiscal year
<br />direct or indirect debt or financial obligation on the part of the City within the meaning of the
<br />Constitution or laws of the State of Colorado. If the City determines, in its sole discretion, that
<br />funding acceptable to the City or that such enactments will not be obtained, adopted and
<br />effective by January 31, 2011, then the City by written notice to Contractor may terminate this
<br />Agreement, in which case this Agreement shall terminate on the date of notice and no party shall
<br />have any further obligation to the other party, except the City shall pay to Contractor actual out -
<br />of- pocket expenses incurred for Work pursuant to Section 7.b. Such termination payment shall
<br />be net of restocking credits and other amounts recoverable by Contractor and in no event exceed
<br />$14,000.
<br />d. Progress Payments. Once a progress payment has been authorized by the City to
<br />be made, interest charges on the progress payments will commence. The Contractor will pay the
<br />monthly interest payments related to the progress payments, as calculated by the finance
<br />provider, up to a maximum of seven thousand five hundred dollars ($7,500).
<br />8. Scope of Payment. Contractor shall accept the compensation, as herein provided,
<br />in full payment for furnishing all materials, supplies, parts, equipment, labor, tools, services, and
<br />incidentals necessary to complete the Work and for performing all Work. The City's payment
<br />for the Work shall not relieve Contractor of any obligations to correct any defectiv ; Work. or
<br />4
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