Authorizing and Approving the Execution Traffice Signals - LED

Home Browse Search

Schedule 4A PRICE AND PAYMENT TERMS SCHEDULE 1. South Bend shall make payments to JCI for Work performed, as well as payments for Services rendered pursuant to the Services Schedule. 4 (a) The price to be paid by South Bend for the Work shall be $1,458,109. Progress payments (including payment for materials delivered to JCI and work performed on and off-site) shall be made to JCI as follows: First payment due: $364,527 on July 1, 2007 Second payment due: $247,880 on August 1, 2007 Third payment due: $247,880 on September 1, 2007 Fourth payment due: $247,880 on October 1, 2007 Fifth payment due: $247,880 on November 1, 2007 Final payment due: $102,062 on December 1, 2007 Final payment, constituting the entire unpaid balance for the Work, shall be made to JCI within 30 days after the Substantial Completion Date. Payments maybe withheld on account of any breach of this Agreement by JCI and claims by third parties (including JCI subcontractors and material suppliers), but only to the extent that written notice has been provided to JCI and JCI has failed, within ten days of the date of receipt of such notice, to provide adequate security to protect South Bend from any loss, cost, or expense related to such claims. 4 (b) The total price to be paid by South Bend for JCI's Services ~Juring the Term of this Agreement is $51,446. This amount will be paid to JCI in annual installments as shown below or on the attached chart. These payments will be due and payable when South Bend receives JCI's invoice and in advance of the services JCI is to provide and shall be made throughout the Service Term. Year 1 $4,285 Year 2 $4,456 Year 3 $4,635 Year 4 $4,820 Year 5 $5,013 Year 6 $5,213 Year 7 $5,422 Year 8 $5,639 Year 9 $5,864 Year 10 $6,099 Total $51,446 Z. SOUTH BEND PURCHASE ORDERS. South Bend acknowledges and agrees that any purchase order issued by South Bend, in accordance with this Agreement, is intended only to establish payment authority for South Bend's internal accounting purposes. No purchase order shall be considered to be a counteroffer, amendment, modification, or other revision to the terms of this Agreement. No term or condition included in South Bend's purchase order will have any force or effect. [SIGNATURE PAGE FOLLOWS] Page 19 of 20 Performance Contract (Rev 14) SB LED Contract_15June 2007_FINAL(ver7)