2010/12/08 Council Agenda Packet

the lesser of$100,000 or 10%of the Total Amount Authorized as shown in the heading of this AGREEMENT.The amount included for the Management Reserve Fund is 2 shown in the heading of this AGREEMENT.This fund may not be replenished.Any changes requiring additional costs in excess of the Management Reserve Fund shall be made in accordance with Section XIV,"Extra Work."6. Maximum Total Amount Payable:The Maximum Total Amount Payable by the AGENCY to the CONSULTANT under this AGREEMENT shall not exceed the amount shown in the heading of this AGREEMENT.The Maximum Total Amount Payable is comprised of the Total Amount Authorized,and the Management Reserve Fund. The Maximum Total Amount Payable does not include payment for Extra Work as stipulated in Section XIV,"Extra Work."No minimum amount payable is guaranteed under this AGREEMENT. B. Monthly Progress Payments:The CONSULTANT may submit billings to the AGENCY for reimbursement of Actual Costs plus the calculated overhead and fee on a monthly basis during the progress of the work. Such billings shall be in a format approved by the AGENCY and accompanied by the monthly progress reports required under Section III,"General Requirements" of this AGREEMENT.The billings will be supported by an itemized listing for each item including Direct Salary,Direct Non-Salary, and allowable Overhead Costs to which will be added the prorated Fixed Fee.To provide a means of verifying the billed salary costs for CONSULTANT employees,the AGENCY may conduct employee interviews.These interviews may consist of recording the names,titles, salary rates, and present duties of those employees performing work on the PROJECT at the time of the interview. C. Final Payment: Final Payment of any balance due the CONSULTANT of the gross amount earned will be made promptly upon its verification by the AGENCY after the completion of the work under this AGREEMENT,contingent upon receipt of all PS&E,plans,maps,notes,reports, electronic data and other related documents which are required to be furnished under this AGREEMENT.Acceptance of such Final Payment by the CONSULTANT shall constitute a release of all claims for payment,which the CONSULTANT may have against the AGENCY unless such claims are specifically reserved in writing and transmitted to the AGENCY by the CONSULTANT prior to its acceptance. Said Final Payment shall not,however,be a bar to any claims that the AGENCY may have against the CONSULTANT or to any remedies the AGENCY may pursue with respect to such claims. The payment of any billing will not constitute agreement as to the appropriateness of any item and at the time of final audit, all required adjustments will be made and reflected in a final payment. In the event that such final audit reveals an overpayment to the CONSULTANT,the CONSULTANT will refund such overpayment to the AGENCY within thirty(30)days of notice of the overpayment. Such refund shall not constitute a waiver by the CONSULTANT for any claims relating to the validity of a finding by the AGENCY of overpayment.The CONSULTANT has twenty(20)days after receipt of the final POST AUDIT to begin the appeal process to the AGENCY for audit findings. D. Inspection of Cost Records: The CONSULTANT and their sub-consultants shall keep available for inspection by representatives of the AGENCY, STATE and the United States, for a period of three (3)years after receipt of final payment,the cost records and accounts pertaining to this AGREEMENT and all items related to or bearing upon these records with the following exception: if any litigation, claim or audit arising out of, in connection with, or related to this contract is initiated before the expiration of the three(3)year period,the cost records and accounts shall be retained until such litigation, claim,or audit involving the records is completed. 35