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IV. PROJECT FUNDING PROVIS!ONg <br /> <br /> A. The Local Agency has esl/mated the total cost the Work to be $156,000.00 which is to <br />be funded as follows: <br /> <br /> Local Agency funding (100%) $156,000.00 <br /> Total Funds: $156,000.00 <br /> <br />B. The total cost of the Work shall be borne by the Local Agency ar 100%. The performance <br />of the Work shall be at no cost to CDOT. <br /> <br /> C. The maximum amount payable to the State under this conwact shall be $156,000.00, <br />unless such amount is increased by an appropriate written modification to this contract executed <br />before fray increased cost is recurred. It is understood and agreed by the parties hen:to that the total <br />cost of the Work stated hereinbefore is the best estlrnate available, based on the design data as <br />approved at the time of execution of thi.~ contract, and that such cost is subject to xevisions (in accord <br />with the procedure in the previous sentence) agreeable to the parties prior to bid and award. <br /> <br /> D. The parties hereto agree that this contract is contingent upon all funds designated for the <br />project herein being made available from Local Agency sources, as applicable. Should these <br />sources, fail to provide necessary funds as agreed upon herein, the conu'act may be terminated by <br />either party, provided that any party terminating its interest and obligations herein shall not be <br />relieved of any obligations which existed prior to the effective date of such termination or which may <br />occur as a result of such termination. In the event that the project is to be bid, this contract may not <br />be terminated following the bid and award of any construction contract. <br /> <br />V. PROJECT PAYMENT PROVISIONS <br /> <br /> A. The Local Agency will reimburse the State for direct incurred costs relative to the project <br />following the Local Agency's review and approval of such charges, and accepumce of the Work for <br />which reimbursement is requested. Work performed in conformance with the final plans shall be <br />deemed acceptable, subject to the terms and conditions of this contract. <br /> <br /> B. If the Local Agency is to be billed for CDOT incun~ dire, ct costs, the billing procedme <br />shall be as follows: <br /> <br />-4- <br /> <br /> <br />