Common use of Design and Construction Costs Clause in Contracts

Design and Construction Costs. 9.1.1. Each Party shall pay its share of the Design and Construction Costs on the basis set forth in Exhibit B. 9.1.2. Within thirty (30) days of the Effective Date of this Agreement, each Party (other than MDWID) shall establish an escrow capital account (each, an “Escrow Capital Account”) to address payment of each Party’s share of the Design and Construction Costs. MDWID shall be a signatory on each Escrow Capital Account with authority to withdraw funds at its discretion. During design, each Escrow Capital Account shall maintain a balance sufficient to cover each Party’s share of the design costs. 9.1.3. At least thirty (30) days prior to the commencement of a new construction or expansion phase for which a budget is provided and approved as set forth in Section 5.2.1.10, each Party shall establish a balance in its Escrow Capital Account at least equal to its estimated share of the Design and Construction Costs for the next construction or expansion phase and also sufficient to pay for all administrative fees of the Operating Agent for processing invoices and payments. 9.1.4. The Operating Agent shall pay Design and Construction Costs as they become due and shall draw from each Party's Escrow Capital Account funds to reimburse the Operating Agent for the Party's share of the Design and Construction Costs and Operating Agent’s administrative fees. 9.1.5. The Operating Agent shall provide a monthly statement to each Party specifying expenditures for the prior month for that Party, and the distribution of these expenditures to each participating Party's. 9.1.6. If a Party’s Escrow Capital Account balance is insufficient to reimburse the Operating Agent for that Party's appropriate share of the Design and Construction Costs, the Operating Agent shall, in writing, notify the Party, and the Party shall, within three (3) calendar days, directly reimburse the Operating Agent any amount paid by the Operating Agent that exceeded the available funds in that Party's Escrow Capital Account. Amounts that are owed shall accrue interest at the statutory interest rate set forth in A.R.S. § 44- 1201. 9.1.7. Each participating party shall pay one-third of the cost of software, software maintenance and support, staff time for accounts payable processing, accounts receivable invoicing, project accounting, tracking and recording, payment withdrawals, reporting, and ACH or Wire transfer.

Appears in 1 contract

Sources: Intergovernmental Agreement

Design and Construction Costs. 9.1.1. Each Party shall pay its share of the Design and Construction Costs on the basis set forth in Exhibit B. 9.1.2. Within thirty (30) days of the Effective Date of this Agreement, each Party (other than MDWID) shall establish an escrow capital account (each, an “Escrow Capital Account”) to address payment of each Party’s share of the Design and Construction Costs. MDWID shall be a signatory on each Escrow Capital Account with authority to withdraw funds at its discretion. During design, each Escrow Capital Account shall maintain a balance sufficient to cover each Party’s share of the design costs. 9.1.3. At least thirty (30) days prior to the commencement of a new construction or expansion phase for which a budget is provided and approved as set forth in Section 5.2.1.10, each Party shall establish a balance in its Escrow Capital Account at least equal to its estimated share of the Design and Construction Costs for the next construction or expansion phase and also sufficient to pay for all administrative fees of the Operating Agent for processing invoices and payments. 9.1.4. The Operating Agent shall pay Design and Construction Costs as they become due and shall draw from each Party's Escrow Capital Account funds to reimburse the Operating Agent for the Party's share of the Design and Construction Costs and Operating Agent’s administrative fees. 9.1.5. The Operating Agent shall provide a monthly statement to each Party specifying expenditures for the prior month for that Party, and the distribution of these expenditures to each participating Party's. 9.1.6. If a Party’s Escrow Capital Account balance is insufficient to reimburse the Operating Agent for that Party's appropriate share of the Design and Construction Costs, the Operating Agent shall, in writing, notify the Party, and the Party shall, within three (3) calendar days, directly reimburse the Operating Agent any amount paid by the Operating Agent that exceeded the available funds in that Party's Escrow Capital Account. Amounts that are owed shall accrue interest at the statutory interest rate set forth in A.R.S. § 44- 44-1201. 9.1.7. Each participating party Party shall pay one-third of the cost of software, software maintenance and support, staff time for accounts payable processing, accounts receivable invoicing, project accounting, tracking and recording, payment withdrawals, reporting, and ACH or Wire transfer.

Appears in 1 contract

Sources: Intergovernmental Agreement