Agenda - 01-03-1989 - Laserfiche WebLink

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Page 4 of 13 excess of FIFTY-EIGHT THOUSAND, FIVE HUNDRED NINETY DOLLARS ($58,590). (d) Payment. Progress payments based upon actual allowable net costs may be made upon receipt of an itemized invoice, supported by documentation of costs from the Contractor. Any partial invoices and the Project's final invoice shall be approved by the Public Transportation Division and the Department's Fiscal Section prior to payment in accordance with Departmental procedures. Any costs in excess of the Project Budget, or any cost deemed ineligible for reimbursement by the Department in accordance with the terms of this Agreement, shall be borne in full by the Contractor. A retainage of five percent (5%) of the approved payment may be withheld until the approved Project is completed, accepted, and the final audit has been made. The Department may waive the retainage requirement on capital expenditures in excess of $10,000 if so requested by the Contractor. Section 6. Records and Reports. (a) Establishment and Maintenance of Accounting Records. The Contractor shall establish and maintain, in accordance with requirements established by the Department, separate accounts for the Project, to be known as the Project Account, either independently or within its existing accounting system. The, Department shall have the right to inspect the Project Account as necessary. (b) Documentation of Project Costs. All charges to the Project Account shall be supported by properly executed invoices, contracts, or vouchers evidencing in detail the nature and the propriety of the charges and shall adhere to the cost principles established by the Office of Management and Budget Circular A-87, and subsequent amendments or revisions thereto. (c) Checks, Orders, and Vouchers. Any check or order drawn by the Contractor with respect to any item which is or will be chargeable against