Contract Breakdown. Prior to the submission of its first application for a progress payment, the Contractor shall present to the Fund and the Consultant for their approval a detailed schedule showing the breakdown of the Contract consideration. The Contract Breakdown Summary shall be further broken down on separate Fund provided forms as required by the Consultant and the Fund. Contract Breakdown Summary and supporting forms shall be able to interface with the Fund’s electronic payment system. Such schedule must contain the amount estimated for each part of the work and quantity survey for each part of the work. It shall also list the estimated value of the Contractor's guarantee obligations under the provisions of the Contract Documents, which is hereby fixed at $5,000 or one-half of one percent (1/2%) of the Contract award amount, whichever is the lesser sum. Such schedule shall be revised by the Contractor until the same shall be satisfactory to the Fund and the Consultant and shall not be changed after the Fund and the Consultant have approved the same. The amounts set forth in the schedule will not be considered as fixing the basis for additions to or deductions from the Contract consideration.
Appears in 4 contracts
Samples: University Construction Fund Agreement, University Construction Fund Agreement, University Construction Fund Agreement
