AG 2002 07 22 (Regular) - Laserfiche WebLink

Home Browse Search

PAGE 4 OF 12 (3) be reasonable in amount for the goods or services purchased; (4) be actual net costs to the Contractor (i.e., the price paid minus any refunds, rebates, or other items of value received by the Contractor which have the effect of reducing the cost actually incurred); (5) be incurred (and be for work performed) on or after the date of this Agreement, unless specific authorization from the Department to the contrary is received; (6) be in conformance with the standards for allowability of costs set forth in Office of Management and Budget Circular A-87, Principles for Determining Costs Applicable to Grants and Contracts with State, Local and Federally Recognized Indian Tribal Governments,; (7) be satisfactorily documented; and (8) be t~:eated uniformly and consistently under accounting principles and procedures approved or prescribed by the Department. (d) Payment. All projects shall submit requests for reimbursement and project activity reports based upon actual allowable net costs for not less than one'month nor more than qUarterly. Progress payments may be made upon receipt of an itemized invoice, supported by documentation of costs if the project is not reporting under the requirements of the Single Audit Act as amended. All grantees must report on project activity regardless of whether any costs were incurred. These reports will be due within thirty (30) days following the end of the quarter. 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. A retainage of ten (10%) percent of the approved payment may be withheld until the Project is completed, accepted, and the final audit has been made. 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.