Common use of Accounting and Payment Clause in Contracts

Accounting and Payment. The parties’ relative cost shares for the project shall be determined as provided above. The County’s share shall be reduced by the amount of the value of the City Property, which shall be determined by applying a value of $15 per square foot to the land area of the City Property as shown in the attached Exhibit “B”. The County’s share shall be further reduced by the value of the Parking Easement. The value of the Parking Easement shall be determined by subsequent agreement of the parties. Costs incurred by the parties for architectural and engineering design shall be accounted for and paid as follows. City shall be responsible for managing the design contract and shall receive and pay invoices in accordance with the terms of the design contract. The City may submit written requests to the County for reimbursement of the County’s share of design costs with the same frequency that the City receives invoices from SAA. The County shall remit the amounts due within thirty (30) days of receipt of the reimbursement request. In the event any funds are refunded to City by SAA for any reason, City shall pay County its proportionate share of the refund within thirty (30) days.