Agenda - 05-01-1989 - Laserfiche WebLink

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Page 4 of 15 (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 private nonprofit organization. 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 the 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. Any cost deemed ineligible for reimbursement by the Department shall be deducted from the invoice payment or from the retainage before the final payment is made. Any rejected or unaccepted costs shall be borne by the Contractor. The Contractor agrees that in the event the UMTA or the Department determines, due to rules and/or regulations of the UMTA or the Department, that grant funds must be refunded, the Contractor shall reimburse and pay to the Department a sum of money equal to the total amount of grant funds to be refunded to the UMTA in addition to the corresponding amount of Department match if so required by the Department. Section 6. Accounts, 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