Common use of Funding and Payment Clause in Contracts

Funding and Payment. 3.1 The total cost for the PROJECT is estimated to be $ . ODOT shall provide to the GRANTEE 100-percent of the eligible costs, up to a maximum of $ in Federal funds. This maximum amount reflects the funding limit for the PROJECT set by the applicable Program Manager. 3.2 The GRANTEE shall provide all other financial resources necessary to fully complete the PROJECT, including all cost overruns. 3.3 The Agreement operates on a reimbursement basis only. The costs must first be incurred by the GRANTEE. Costs claimed for reimbursement are to be true costs incurred in executing the PROJECT and to be eligible, allowable, allocable, reasonable, necessary, and consistent. Final determination of cost eligibility shall rest with ODOT. 3.4 Invoices for reimbursement may be submitted on a quarterly basis, unless other arrangements have been agreed upon by the parties. All invoices must include detailed expenditures and documentation as required by ODOT. 3.5 All invoices shall be paid within thirty (30) days following receipt. If any invoice is not acceptable, the time for prompt payment is suspended. ODOT will either promptly provide the GRANTEE with a clear statement regarding any specific cost in eligibility or inform the GRANTEE of any invoice deficiencies that must be eliminated prior to acceptance, processing, or payment by ODOT. If notification is sent, the required payment date shall by thirty (30) days after receipt of the corrected invoice. 3.6 Within thirty (30) days after completion of all work under this Agreement, the GRANTEE shall submit to ODOT a detailed final xxxx, based on work order accounting covering the actual costs of work performed, and showing were accounts may be audited. 3.7 Payment or reimbursement to the GRANTEE shall be submitted to: GRANTEE Name XXXXXXX Xxxxxxx XXXXXXX Xxxx, Xxxxx XXX

Funding and Payment. 3.1 The total cost for the PROJECT is estimated to be $ $16,900,000 as set forth in Attachment 1. ODOT shall provide to the GRANTEE 100-LPA 50 percent of the eligible preliminary engineering preliminary development costs, up to a maximum of $ $1,520,000 in State (4BD7) funds. ODOT shall provide to the LPA 50 percent of the eligible preliminary engineering detailed design costs, up to a maximum of $380,000 in Federal (4BK7) funds and 50 percent of the eligible right of way costs, up to a maximum of $550,000 in Federal (4BK7) funds. This These maximum amount reflects amounts reflect the funding limit for the PROJECT set by the applicable Program ManagerManager and costs beyond the stated maximums will be the responsibility of the LPA. Unless otherwise provided, funds through ODOT shall be applied only to the eligible costs associated with development of the PROJECT. 3.2 The GRANTEE LPA shall provide all other financial resources necessary to fully complete the PROJECT, including all 100 percent Locally-funded work, and all cost overrunsoverruns and contractor claims in excess of the maximum(s) indicated in 3.1 above. 3.3 The All funding from ODOT under this Agreement operates on a reimbursement basis onlybasis. The costs must first be incurred by LPA shall review and/or approve all contractor invoices for materials, equipment and labor prior to payment and prior to requesting reimbursement from ODOT for work performed on the GRANTEE. Costs claimed for reimbursement are to be true costs incurred in executing the PROJECT and to be eligible, allowable, allocable, reasonable, necessary, and consistent. Final determination of cost eligibility shall rest with ODOTPROJECT. 3.4 Invoices The LPA shall ensure the accuracy of any invoice in both amount and in relation to the progress made on the PROJECT. The City of Brecksville must submit to ODOT a written request for reimbursement may of the state share of the expenses involved, attaching copies of all source documentation associated with pending invoices or paid costs. To assure prompt payment, the measurement of quantities and the recording for payment should be submitted performed on a quarterly basis, unless other arrangements have been agreed upon by daily basis as the parties. All invoices must include detailed expenditures items of work are completed and documentation as required by ODOTaccepted. 3.5 All invoices ODOT shall pay, or reimburse, the LPA or, at the request of the LPA and with concurrence of ODOT, pay directly to the LPA’s construction contractor (“Contractor”), the eligible items of expense in accordance with the cost-sharing provisions of this Agreement. If the LPA requests to have the Contractor paid directly, Attachment 2 to this Agreement shall be paid completed and submitted with the project bid tabulations, and the Contractor shall be required to establish Electronic Funds Transfer with the State of Ohio. ODOT shall pay the Contractor or reimburse the LPA within thirty (30) days following receipt. If any invoice is not acceptable, the time for prompt payment is suspended. ODOT will either promptly provide the GRANTEE with a clear statement regarding any specific cost in eligibility or inform the GRANTEE of any invoice deficiencies that must be eliminated prior to acceptance, processing, or payment by ODOT. If notification is sent, the required payment date shall by thirty (30) days after receipt of the corrected invoiceapproved Contractor’s invoice from the LPA. 3.6 Within thirty (30) days after The LPA shall certify in writing that the PROJECT was developed and delivered in compliance with the terms, conditions and requirements of the PROJECT Agreement with his/her Professional Engineer’s seal and signature. The LPA shall then provide the final report to the ODOT District within 6 months of the physical completion date of all work under this Agreement, the GRANTEE shall submit to ODOT a detailed final xxxx, based on work order accounting covering PROJECT so that the actual costs of work performed, and showing were accounts report may be auditedaudited and approved for payment. If the deadline cannot be met, a written explanation must be provided to the District prior to the end of the 6 months documenting the reason and the new anticipated date of completion. If the extended deadline is not met, then this process must be repeated until the PROJECT is completed. Failure to follow this process may result in the immediate close-out of the PROJECT and loss of further funding. 3.7 Payment or reimbursement to the GRANTEE LPA shall be submitted to: GRANTEE Name XXXXXXX Xxxxxxx XXXXXXX Xxxx, Xxxxx XXX:

Funding and Payment. 3.1 The total cost for the PROJECT is estimated to be $ 20,000.00. ODOT shall provide to the GRANTEE SUBRECIPIENT 100-percent of the eligible costs, up to a maximum of $ 20,000.00 in Federal funds. This maximum amount reflects the funding limit for the PROJECT set by the applicable Program Manager. 3.2 The GRANTEE SUBRECIPIENT shall provide all other financial resources necessary to fully complete the PROJECT, including all cost overruns. 3.3 The Agreement operates on a reimbursement basis only. The costs must first be incurred by the GRANTEESUBRECIPIENT. Costs claimed for reimbursement are to be true costs incurred in executing the PROJECT and to be eligible, allowable, allocable, reasonable, necessary, and consistent. Final determination of cost eligibility shall rest with ODOT. 3.4 Invoices for reimbursement may be submitted on a quarterly basis, unless other arrangements have been agreed upon by the parties. All invoices must include detailed expenditures and documentation as required by ODOT. 3.5 All invoices shall be paid within thirty (30) days following receipt. If any invoice is not acceptable, the time for prompt payment is suspended. ODOT will either promptly provide the GRANTEE SUBRECIPIENT with a clear statement regarding any specific cost in eligibility or inform the GRANTEE SUBRECIPIENT of any invoice deficiencies that must be eliminated prior to acceptance, processing, or payment by ODOT. If notification is sent, the required payment date shall by thirty (30) days after receipt of the corrected invoice. 3.6 Within thirty (30) days after completion of all work under this Agreement, the GRANTEE SUBRECIPIENT shall submit to ODOT a detailed final xxxxbill, based on work order accounting covering the actual costs of work performed, and showing were accounts may be audited. 3.7 Payment or reimbursement to the GRANTEE SUBRECIPIENT shall be submitted to: GRANTEE Name XXXXXXX Xxxxxxx XXXXXXX Xxxx0000 XXXXXX XXXXX ROAD ELYRIA, Xxxxx XXXOH 44035

Funding and Payment. 3.1 The total cost for the PROJECT is estimated to be $ . ODOT shall provide to the GRANTEE SUBRECIPIENT 100-percent of the eligible costs, up to a maximum of $ in Federal funds. This maximum amount reflects the funding limit for the PROJECT set by the applicable Program Manager. 3.2 The GRANTEE SUBRECIPIENT shall provide all other financial resources necessary to fully complete the PROJECT, including all cost overruns. 3.3 The Agreement operates on a reimbursement basis only. The costs must first be incurred by the GRANTEESUBRECIPIENT. Costs claimed for reimbursement are to be true costs incurred in executing the PROJECT and to be eligible, allowable, allocable, reasonable, necessary, and consistent. Final determination of cost eligibility shall rest with ODOT. 3.4 Invoices for reimbursement may be submitted on a quarterly basis, unless other arrangements have been agreed upon by the parties. All invoices must include detailed expenditures and documentation as required by ODOT. 3.5 All invoices shall be paid within thirty (30) days following receipt. If any invoice is not acceptable, the time for prompt payment is suspended. ODOT will either promptly provide the GRANTEE SUBRECIPIENT with a clear statement regarding any specific cost in eligibility or inform the GRANTEE SUBRECIPIENT of any invoice deficiencies that must be eliminated prior to acceptance, processing, or payment by ODOT. If notification is sent, the required payment date shall by thirty (30) days after receipt of the corrected invoice. 3.6 Within thirty (30) days after completion of all work under this Agreement, the GRANTEE SUBRECIPIENT shall submit to ODOT a detailed final xxxx, based on work order accounting covering the actual costs of work performed, and showing were accounts may be audited. 3.7 Payment or reimbursement to the GRANTEE SUBRECIPIENT shall be submitted to: GRANTEE SUBRECIPIENT Name XXXXXXX Xxxxxxx XXXXXXX XxxxSUBRECIPIENT Address SUBRECIPIENT City, Xxxxx XXXState ZIP