Common use of SUMMARY OF DEPOSITS AND CHARGES Clause in Contracts

SUMMARY OF DEPOSITS AND CHARGES. The following is a description of the deposits and charges, and the payment terms thereof attributable to this Agreement, and/or necessary for provision of service by the District. The deposits and charges summarized below are provided as an opinion of probable District costs for water main extension services. This is not a guarantee but based on similar projects of comparable size. The actual costs may be higher or lower than the figures given here. It is the intent of this Agreement that the Developer make payment(s) to the District for all the District’s actual costs associated with this extension including, but not limited to, the District’s engineering, legal, permitting, laboratory analysis, direct staff time and administrative costs. All direct costs will be invoiced with a 20% overhead fee. The Developer will be invoiced monthly for costs incurred, and balances are due within 30 days of receipt of the District’s invoice. Failure to pay outstanding invoices within 30 days will result in a delay or work stoppage of the extension services by the District. In addition, completed payment is a prerequisite for acceptance by the District of the extension. In the event any invoice authorized by this Agreement is not paid within 60 days, it shall be considered delinquent. Simple interest of 6% (but no more than the prime lending rate of the District's bank plus four percentage points) per year shall be added thereto until paid. After 90 days from the date of invoice, the District may stop all work by it, and the District Engineer required under this Agreement. After 120 days from the date of the invoice, the District may record liens against the property for the original invoice amount, plus the recording fee, and enforce such liens in accordance with RCW 57.08.081(4).