pf_03632 - Laserfiche WebLink

Home

1.3. Construction. Promptly after approval of the design and plans and specification for the Transit Hub Improvements, Equitable shall cause the Transit Hub Improvements to be constructed. The parties anticipate that construction shall occur as part of other construction activities at Rosedale, .and specifically agree that construction of the Transit Hub Improvements sha 11 commence not later than Apri 11, 1992, and shall be substantially completed according 10 the material provisions of the approved plans and specifications, as changed by written change orders, by not later than June 1, 1992. The above commencement and substantial completion dales are subject, however, to the provisions of paragraph 6.9(a) hereof. 1.4: Pavment to Equitable. (a) It is understood and agreed that the design of, preparation of the plans and specifications for, and construction of the Transit Hub Improvements shall be managed and done by Equitable. The City agrees to pay to Equitable (i) 50% of all costs incurred by Equitable in connection with the design of and preparation of the plans and specifications for, and the preparation of bidding documents for, and the bidding itself for, the Transit Hub Improvements, and (Ii) 100% of all costs incurred by Equitable in connection with the construction ofthe Transit Hub Improvements. However, the total amount to be paid by the City for such costs at to and (ii) above shall not exceed the sum of four hundred thousand dollars ($400,000). Equitable shall give to City each month a statement for all such costs incurred during the then prior month, and City shall pay such statement within thirty (30) days after it is given to City; provided, however, that the first statement given by Equitable after signing this Agreement may be for all costs incurred, by Equitable up through the month prior to the month in which such statement is given. If any statement is not paid in full within said thirty (30) day period, then the unpaid portion of the statement shall bear interest at 12% per annum from the date of the statement until paid, and any partial payment of a statement shall be applied first to accrued interest and then to principal The costs to be paid by City shall include all costs and fees paid or incurred by Equitable to architects, attorneys, engineers, contractors, subcontractors, material suppliers, laborers, and its own employees, agents and representatives. due to or arising in connection with the design of, the preparation of plans and specifications and bidding documents for, the taking of bids for, and the construction of, the Transit Hub Improvements, including, without limitation. additional Insurance premiums due to construction of the Transit Hub Improvement, and overtime costs of employees of Equitable or its agents due to such construction. (b) Equitable, once the plans and specifications for the Transit Hub Improvement have been approved or deemed approved, by RTB as above provided, shall obtain bids for the construction ofthe Transit Hub Improvements. If the bid of the lowest responsible bidder, as determined by Equitable, is in excess of the maximum amount to be paid by City for construction costs, as set out in paragraph 1.4{a}(ii) hereof, then Equitable shall