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Exhibit B-1 <br />Payment Schedules <br />Article 1: Payment for Exhibit A-1 -Scope of Woek -Design /Build <br />1.1 Price: <br />As full consideration of the Work as described in Exhibit A-1: Scope of Wank- Design / <br />Build, the City shall pay to Siemens the total Contract Sum of $ 3,28'~,1~~~!~. <br />1.2 Escrow: <br />The City shall deposit the Contract Surn in an Escrow Account at a financial institutian <br />satisfactory to both the City and Siemens. All expenses to establish the Escrow Account <br />shall be the complete responsibility of the City and the City will receive all interest earnings <br />from the Escrow Account. Siemens will submit periodic invoices to the City based on the <br />Payment Schedule in Table B.l .The City shall be responsiblE for submitting the necessary <br />documentation to the Escrow Agent for timely withdraws from the Escrow Account. The <br />funding of the Escrow Account in an amount equal to or greater than the Price stated in <br />Article I.1 above shall be a condition precedEnt to Siemens' obligation to perform or to <br />continue the performance of the Work. If the Escrow Account is not funded within 60 days <br />from the execution of this Agreement, this Agreement shall be null and void. This funding <br />period maybe extEnded as mutually agreed upon in writing by both Parties. In the event that <br />the Agreement becomes null and void as described in this Section and City has authorized <br />Siemens to proceed with Work, City shall be obligated to reimburse Siemens: (i) for the <br />Work performed to date; or (ii) as specified in City's authorization to proceed with Work. <br />1.3 Payments: <br />The City agrees to pay invoices submitted by Siemens that meet the requirements of this <br />Agreement in accordance with Table B.1: <br />WPCP Cogeneration 090808 -Page 44 of 60 <br />