Agenda - 02-19-2008-4j3 - Laserfiche WebLink

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Records for the Cost of the Work, the CMAR's personnel expenses, independent engineer's fees, other consultant's fees and direct expenses pertaining to the Project shall be maintained on the basis of generally accepted accounting practices and shall be available for inspection by the Owner and the Designer at mutually convenient times throughout the duration of the Project and for a period of three years after completion of the CMAR's Services. 7.4.4 Payments Payments to the CMAR shall be made monthly. The CMAR shall submit an Application for Payment, acceptable to the Owner and the Designer, no later than the twenty fifth of each month. The Owner shall make payment as required by the accepted application no later than the twentieth of the following month as follows: 7.4.4.1 Seventy five percent (75%) of the Fixed Fee shall be paid monthly in amounts prorated equally over the duration of the CMAR's Services. The duration shall be as set out in Article 4. The remaining twenty five percent (25%) of the Fixed Fee shall be payable in full upon final completion of the Project. 7.4.4.2 Payment of General Conditions costs shall be based on the cash flow schedule of payments prepared by the CMAR and submitted with the General Conditions cost proposal, which shall be converted to a fixed schedule of payments when the Guaranteed Maximum Price is fixed. 7.4.4.3 Payment of the actual verifiable Cost of the Work completed to date and not previously invoiced and paid, less retainage withheld from the' Contractors. Except with the Owner's prior approval, payments allocated to the CMAR and the Contractors shall be subject to a retention of ten (10%). Whenever any Contractor completes its Work on or before a target date mutually agreed upon by the Owner, Designer and the CMAR, and the Designer and Owner agree the Work is satisfactorily completed, the Owner may reduce the amount of retainage on that Contractor by fifty percent (50%) for the remainder of the Project. 7.4.4.4 Payments due to the CMAR that remain unpaid for more than thirty (30) days from the date of receipt by the Owner and the Designer of the CMAR's acceptable invoice shall bear interest at the statutory rate. ARTICLE 8 INSURANCE AND INDEMNITY 8.1 CMAR Liability Insurance The CMAR shall purchase and maintain insurance that shall protect the CMAR from the claims set forth below that may arise out of or result from the CMAR's performance of services pursuant to this Agreement: Claims under Workers' Compensation, disability benefits and other similar employee benefits acts that are applicable to the Work performed; Claims for damages because of bodily injury, occupational sickness or disease or death of CMAR's employees under applicable employer's liability law; Claims for damages because of bodily injury or death of any person other than CMAR's employees; Claims for damages insured by usual personal injury liability coverage that are sustained by any person as a result of an offense directly related to the employment of such person by the CMAR or by any other person; Claims for damages, other than to the Work itself, because of injury to or destruction of tangible property, including loss or use therefrom; Claims for damages because of bodily injury or death of any person or property damage arising out of ownership, maintenance or use of any motor vehicle; and Claims for professional liability against any design professional engaged by the CMAR or the Contractors as required by the Contract Documents for fabrication or installation of components of the Project. The CMAR shall include similar requirements in all Contracts for Contractors, with limits and coverage terms acceptable to the Owner. 8.1.1 Coverage Limits Worker's Compensation shall be maintained with at least the minimum statutory limits. The CMAR's commercial general 25