2015-03-18_PERMIT FILE - M2015010

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7. The Contractor's Proposal, Exhibit A 8. The Contract Exhibits and Attachments in descending order Section 3. Performance Period The Contract shall be effective upon approval by the State Controller, or designee, or on f b� whichever is later ( "Effective Date "). The Contract shall terminate upon the date of final payment for the work or final audit of the work, whichever is pertinent to this Contract, unless earlier terminated by the State. The Contractor understands and agrees that any contract work performed or costs incurred prior to the Effective Date shall not be compensated under the terms of this Contract. The parties agree that "time is of the essence" and that work shall begin under this Contract and that ail work must be completed as set forth in the project special provisions. Section 4. Price — Payment Terms Subject to the Encumbrance Amount (as defined below), the State shall pay the Contractor, according to the requirements of the specifications and subject to the following paragraph, the amounts required for the completed work at the unit prices set forth in the Contractor's Proposal, and such further amounts as may be required for extra work or materials, all according to the provisions and subject to the conditions as set forth in the specifications above referred to. Payment pursuant to this Contract will be made, as described in the specifications, from available funds for this Contract in a maximum amount not to exceed $22,277,181.22. This is an "Incremental Encumbrance" project, as authorized by CRS §24 -91 -103.6 (7)(a). Pursuant to subsection (2) of CRS §24- 91- 103.6, not all of the funds needed to pay for the performance of the entire project authorized by this Contract will be encumbered, in advance, when the Contract is executed. Prior to execution of this Contract, Contractor shall provide to State an Initial Payment Schedule (the Payment Schedule ") specifying funding of the Contract and timing of payments by State to Contractor. The Payment Schedule shall be submitted in the format provided by the State and comply with CDOT Special Provisions 108.04 and 109.06. The Initial Payment Schedule shall be signed by a representative of the Contractor listed on Exhibit H, who is authorized to contractually bind the Contractor and shall constitute a firm offer to provide the Work under the Contract pursuant to the payment schedule. The Initial Payment Schedule is attached as Exhibit F. Pursuant to the Initial Payment Schedule, CDOT shall encumber $lNp),.433.9►1 for the current fiscal year (the "Encumbrance Amount "), which is the maximum amount of CDOT's financial obligation under this Contract as of the Effective Date of this Contract. The Encumbrance Amount and the resulting maximum amount of CDOT's financial obligation under this Contract may be modified by submission of a Payment Schedule Update by the Contractor and acceptance by Option Letter (see Exhibit G) by the State, as described in Section 5. Proposed Payment Schedule Update approved by the State and incorporated into the Contract constitute the State's acceptance of the Payment Schedule for the current fiscal year. Contractor's compensation beyond the State's current fiscal year is contingent upon the continuing availability of State appropriations as provided in the Colorado Special Provisions. If federal funds are used to fund this Contract, in whole or in part, the State's performance hereunder is contingent upon the continuing availability of such funds. If State or federal funds are not appropriated, or otherwise become unavailable to fund this Contract, the State may terminate this Contract immediately, in whole or in part, without further liability in accordance with the provisions hereof. Section S. Funding and Changes — Option Letter Annually, Contractor shall submit Payment Schedule Updates by April 1. CDOT may unilaterally modify the Encumbrance Amount for future fiscal years using a form substantially equivalent to Exhibit G (Sample Option Letter) under this Contract, based on the Contractor's updated and approved Payment Schedule, The Payment Schedule that CDOT has approved as of April 1 is what will be used for the current fiscal year encumbrance and for fixture fiscal years' encumbrances only if a new Payment Schedule Update is not submitted by April 1. The Option Letter shall not be deemed valid until the State Controller or his designee has approved it. If exercised, the provisions of the Option Letter shall become part of and be incorporated into this Contract.