2024-06-10_PERMIT FILE - M2024027

Home Browse Search

LJUL.UJIIyI I CI IVCIUI.a IL' 0101 rOP1-OLr -'foo I-/1DOJ-4 I 140J000C4U PO#: 461002243 Routing#: 24-HA4-ZG-00107 for the performance of the entire Project authorized by this Contract will be encumbered, in advance, when the Contract is executed. i. 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 Payment Schedule shall be signed by a representative of the Contractor 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. ii. Pursuant to the Payment Schedule, CDOT shall encumber the amount shown on the Signature Cover Page of this Contract 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 §6.C. iii. 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. iii. Annually, Contractor shall submit Payment Schedule updates by April 1. CDOT may unilaterally modify the Encumbrance Amount for future fiscal years using an Option Letter 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 future fiscal years' encumbrances only if a new Payment Schedule update is not submitted by April 1. A Payment Schedule update shall not be required if construction will conclude in the subsequent fiscal year, as CDOT shall automatically encumber the balance of the Contract Maximum amount for the Project. 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. iv. The Contractor shall not perform Work that creates a financial obligation for the State exceeding the amount of the Encumbrance Amount. During a current fiscal year, if Contractor anticipates exceeding the Encumbrance Amount that was contained in the Payment Schedule or Payment Schedule Update that was approved on or before April 1, Contractor shall notify the Resident Engineer in writing and comply with CDOT Special Provision 108.04. Page 8 of 63