O-2007-3053 - Laserfiche WebLink

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Completion of Work: Retainage Upon the completion and City issuance ofa Certificate of Occupancy, the home shall become the sole property of the City of La Porte. The final payment to the contractor and release of all retainage will be contingent upon the release of all liens by subcontractors, and a Bills Paid Affidavit. Compensation and Retainage Compensation for all the work described in this Agreement shall not exceed $98,000.00. Biweekly invoices shall be submitted based upon work completed and the approved schedule of values. In addition, a status report shall be submitted monthly. Retainage often percent (10%) will be withheld from biweekly payments as determined by a draw schedule. Dispute Resolution The parties will attempt in good faith to resolve any controversy or claim arising out of or relating to this agreement promptly by negotiation between senior executives of the parties who have authority to settle the controversy. The disputing party shall give the other party written notice of the dispute. Within ten days after receipt of said notice, the receiving party shall submit to the other a written response. The notice and response shall include (a) a statement of each party's position and a summary of the evidence and arguments supporting its position, and (b) the name and title of the executive who will represent that party. The executive shall meet at a mutually acceptable time and place within twenty days of the date of the disputing party's notice and thereafter as often as they reasonably deem necessary to exchange relevant information and to attempt to resolve the dispute. If the controversy or claim has not been resolved within thirty days of the meeting of the senior executives, the parties shall endeavor to settle the dispute by mediation under the Center for Public Resources Model Procedure for Mediation of Business Disputes or pursue amicable termination. If the matter has not been resolved pursuant to the aforesaid mediation procedure within sixty days of the commencement of such procedure, (which period may be extended by mutual agreement), or if either party will not participate in such procedure, the parties shall pursue amicable termination. Contractual obligation Executing this agreement signifies that all parties agree and understand the terms and responsibilities expressed in this document, the scope of services, and the program description. This also means that Bayway Homes, Inc. will participate in the construction of homes for the City's Single-Family New Construction program and Down payment assistance/Closing Costs program in accordance with all applicable rules and regulations of the Department of Housing and Urban Development (HUD), the County, and the City. Entire Agreement This instrument contains the entire Agreement between the parties related to the rights herein granted and obligations herein assumed. Any oral or written representations or notifications concerning this instrument shall be of no force or effect excepting a subsequent modification in writing signed by both parties hereto. The headings herein are for convenience only and shall have no significance in the interpretation hereof. 3