AG 1992 07 06 - Laserfiche WebLink

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Page 4 of 15 (c) Capital Expenditures. In order to assist the Contractor in financing the capital costs of the Project, the Department will reimburse the Contractor for eighty-five (85%) percent of all~able capital costs not in excess of TWO HUNDRED ~ENTY-FOUR THOUSAh~, EIGHTY-O~q~ DO~ARS ($224,081). (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 public body. Any partial invoices and rJ~e Project's final invoice shall be approved by the Public Transportation and Rail 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 Depart~nent 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. %he Department may waive the retaipmge 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 FTA or the Depar~nent determines, due to rules and/or regulations of the FrA or the Department, that grant funds must be refunded, the Contractor shall reimburse and pay to the Deparnnent a sum of money equal to the total amount of grant funds to be refunded to the F!A in addition to the corresponding amount of Department match if so required by the Department. Section 6. Records and Reports.