2008 035 Ordinance - Laserfiche WebLink

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EXHIBIT B Compensation and Method of Payment I. Compensation: The total cost of the Project is $52,750. NOACA compensation to the Subgrantee will not exceed 80 percent of the actual costs incurred up to a maximum of $42,200. A breakdown of this compensation is shown in Exhibit C, "Budget Estimate", which is attached to and made part of this contract for financial reporting, monitoring and audit purposes. Changes in Exhibit C shall be made in accord with the paragraph in the main body of the contract concerning "Changes" or "Amendments". II. Method of Pa_~it: The Village and/or Subgrantee inay bill NOACA for deliverables. The bill must contain documentation of deliverable, milestone or percentage of work completed for acceptance by the NO,ACA TLCI Project Manager. A. Payments: The Village and/or Subgrantee may bill NOACA for deliverables. The bill must contain documentation of the deliverable, milestone or percentage of work completed for acceptance by the NOACA TLCI Project Manager. Subgrantee shall be entitled to receive progress payments on the following basis: Upon completion of the described Deliverables set out in Exhibit C during the existence of this contract, Subgrantee shall prepare an invoice for payment documenting work completed and costs incurred during the invoice period. This invoice shall be submitted to NOACA along with the monthly report by i:he l Ot" of the following month. Any work for which reimbursement is requested maybe disallowed at NOACA's discretion if not properly documented, as determined by NOACA, in the required monthly narrative progress report. Upon the basis of NOACA audit and review of such invoice and its review and approval of the monthly invoice. NOACA, at request of the Subgrantee, will make payments to the Subgrantee as work progresses but not more often than once a month. Invoices shall reflect 100% of allowable actual costs incurred, be numbered consecutively and submitted each month until the project is completed. Reimbursement payments from NOACA shall be at 80% of the approved invoiced costs. Two copies of the subgrantee's monthly invoices are to be submitted to NOACA. One copy will be sent to the TLCI project manager and one to NOACA's Director of Transportation Planning_ Two copies of the subgrantee's monthly narrative progress reports (see "Exhibit E") are to be submitted to NOACA. One copy will be sent to the TLCI project manager and one to NOACA's Director of Transportation Planning. Invoices and monthly narrative progress reports must be received not later than the 10th day of the following month. B. Final Payment: Final payment shall only be made upon determination by NOACA that all requirements have beers completed. Upon such determination and upon submittal of a final invoice, NOACA shall pay all compensation due to the Subgrantee, less the total of all previous progress payments made. 4