Resolution 2020-23 - Laserfiche WebLink

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DocuSign Envelope ID: 67A848F2-43D5-4DF5-8EF1-747972F4F304 o B. Matching Funds The matching ratio for this Work is 50.00% State funds to 50.00% Local Agency funds, it being understood that such ratio applies only to the $950,000.00 of total budgeted funds, it being further understood that all non -participating costs are borne by the Local Agency at 100%. If the total cost of performance of the Work is less than $950,000.00, then the amounts of Local Agency and State funds will be decreased in accordance with the funding ratio described herein. C. Maximum Amount Payable The maximum amount payable to the Local Agency under this Agreement shall be $475,000.00 (for CDOT accounting purposes, the State funds of $475,000.00 and the Local Agency matching funds of $475,000.00 will be encumbered for a total encumbrance of $950,000.00), unless such amount is increased by an appropriate written modification to this Agreement executed before any increased cost is incurred. It is understood and agreed by the parties hereto that the total cost of the Work stated hereinbefore is the best estimate available, based on the design data as approved at the time of execution of this Agreement, and that such cost is subject to revisions (in accord with the procedure in the previous sentence) agreeable to the parties prior to bid and award. The maximum amount payable shall be reduced without amendment when the actual amount of the Local Agency's awarded contract is less than the budgeted total of the State funds and the Local Agency matching funds. The maximum amount payable shall be reduced through the execution of an Option Letter as described in Section 6. of this contract. Exhibit C - Page 2 of 2