Payment of Contract Sum. Owner shall make full payment of the Contract Sum to Developer upon full execution of this Agreement by deposit in Developer’s parking deck construction account (the “Account”) held by State Bank and Trust Company. Draws from the Account shall be administered by State Bank and Trust Company pursuant to standard draw procedures established by Developer and State Bank. Except as expressly set forth herein, (i) if the cost of the Work exceeds the Contract Sum, Developer shall be responsible for such excess cost, and (ii) if the Contract Sum exceeds the cost of the Work, Developer shall retain all such excess. Notwithstanding the foregoing, in the event there are funds remaining in the “Contingency” line item of Developer’s budget for the Project after Final Completion, Developer agrees that Owner shall be entitled to seventy-five percent (75%) of such remaining funds in the “Contingency” line item; provided, however, that if the Project is complete to the extent that it can be used on April 10, 2018, in connection with “opening day” of the GreenJackets Stadium, Owner shall be entitled to only fifty percent (50%) of such remaining funds in the “Contingency” line item. Owner and Developer acknowledge that the “Contingency” line item in Developer’s budget totals $198,190.
Appears in 4 contracts
Samples: Parking Operating Agreement, Stadium License Agreement, Parking Operating Agreement
