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m Page 4 of i5 m ffnancing the capital costs of the Project, the Department will reimburse i the Contractor for eighty (80%) percent of allowable capital costs not in excess of SIXTY-FOUR THOUSAND, FIVE HUNDRED FIFTY-THREE DDLLARS ($64,553). m (d) Payment. Progress payments based upon actual allowable net costs may be made upon receipt of an itemized invoice, supported by documentation m of costs from the public body. Any partial invoices and the Project's final invoice shall be approved by the Public Transportation and Rail Division and m the Department's Fiscal Section prior to payment in accordance with m Departmental procedures. Any costs in excess of the Project Budget, or any cost deemed ineligible for reimbursement by the Department in accordance I 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 m until the approved the Project is completed, accepted, and the final audit m has been made. The Department may waive the retainage requirement on capital expanditures in excess of $10,ODO if so requested by the Contractor. m Any cost deemed ineligible for reimbursement by the Department shall be deducted from the invoice payment or from the retainage before the final I payment is made. Any rejected or unaccepted costs shall be borne by the m 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 mDepartment, 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 m funds to be refunded to the UMTA in addition to the corresponding amount of m Department match if so required by the Department. Section 6. Records and Reports. m (al Establishment and Maintenance of Accountinq Records. The Contractor shall establish and maintain, in accordance with requirements I m