1983-01-05 Regular Meeting - Laserfiche WebLink

Browse Search

• • specified in statements submitted. The Authority will pay 100 percent of all statements submitted, less all amounts previously paid by the Authority upon delivery of the Final Report. If, within 30 days of the date of any such statement, Authority should fail to pay Engineer the full sum specified in any such statement, subject to the limitations described, then the Authority shall pay to Engineer, in addition to the sum shown as due by such statement, interest on any unpaid portion thereof at the rate of 12 percent per annum from the date of such statement until fully paid, which shall liquidate any injury to Engineer arising from such delay in payments. • B. Limit of Authorization The Engineer acknowledges that the Authority has authorized a maximum of 590,000 as payment to the Engineer for services per- formed in connection with the Study, as defined in Exhibit A, Scope of Services. Engineer will provide Authority with a fee summary report when approximately 60 percent of the authoriza- tion has been spent, detailing the expenditures of funds to that point, the funds remaining in the initial authorization, and the expected need for additional authorization, if any. The Engineer will not exceed the maximum fee of 590,000 unless authorized in writing by the Authority. • C. Engineer's Standard of Care and Liability All services to be performed under this Agreement shall be per- formed in a professional manner, using that degree of care and skill ordinarily exercised by and consistent with the standards of competent professional engineers engaged in the same or simi- lar projects. The Authority agrees that the Engineer's liability for the negligence, error, omission, or breach of warranty in the preparation of designs and drawings, the designation of • C 4-