Agenda - Council - 03/22/2005 - Laserfiche WebLink

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2. The AGENCIES will approve the locatiOn of the signals and signal bungalow prior to installation by RAILROAD. 3. Actual costs for engineering,, materials i and labor (including third party charges for the installation of electrical service) associated with the` hastallatio~ Of the Crossing Signal Equipment and the new crossing surface must be paid by the AGENCIES. 4. In the event the services of a consultant are needed after execution of this Agreement due to any exigency of the RAILROAD and the Project, thee AGENCIES and ihe RAILROAD will mutually agree, in writing, as to the selection of a consultant and the app!ieable scOpe!of work to be performed by such consultant. All work performed hereunder by any consultant and any resulting ¢'osts must be paid by AGENCIES as a part of the costs- for the Project. 5. During the installation of the~ Crossing ~ignal Equipment and the new crossing surface of, RAILROAD will send AGENCIES progressive invoices detailing :the costs of the work performed by RAILROAD under this Agreement. AGENCIES must reimb~.~e RAILROAD for completed force-account work within thirty (30) days of the date of the invoice for such work, Upon completion o~the Project, RAILROAD will send AGENCIES a detailed invoice of f'mal costs, segregated as to:labOr and materinls for each item in the recapitulation shown on Exhibit C. Pursuant to this section, AGENCIESi must pay the fm~[ invoice within ninety (90) days of the date of the final invoice. RAILROAD will assess a finance charge; of .033% per day (12% per annum) on any unpaid sums or other charges due under this Agreement widish are pas..t Our m'edit terms. The fmance charge continues to accrue daily until the date payment is received by RAILROA~D, not the date payment is made or the date postmarked on the payment. Finance charges will be asSesSed on d¢linquefit sums and other charges as of,the end of the month and will be reduced by amounts in dispute!and any unl~oSte~l!Payments received by the month's end. Finance charges will be noted on invoices sent to AGENCIES under this section. 6. AGENCIES agrees to provide RAILROAD with one of the following credit enhancements guaranteeing the total amount of AGENCIES'Si finaneial:°bligafi°ns (including, without limitation, liquidated damages, indemnity obligations and other expenSes) Under this Agreement: (a) Irrevocable Bank Leper of Credit drawn upon a bank satisfactory to RAILROAD; (b) Surety Bond underv~itten by aa insurance company listed in the Department of Treasury Federal Register with terms acceptable to RAILROAD, in RAILROAD'S sole discretion; or (c) A posted cash deposi~ via wire transfer tO a RAILROAD deposit account. Any irrevocable letter of credit or sttrety bond provided to RAILROAD pursuant to this provision shall have a mlnunum term of e~ghteen (18) montl~. '. The bank ~ssumg the letter of credit and the insurance company issuing the surety bond shall notify RAILROAD: thirty (30) days Pflo, r to the expiration date of the letter of credit or the surety bond. Upon expiration of any surety bond or letter of qr~dit, AGENCIES must immediately provide RAILROAD with a substitute letter of credit, sut. e~y bond or cash deposit as set forth above until AGENCIES's fmancial obligations to RAILROAD are fully arid finally satisfied. Any cash deposit provided under thks~ provision: wil1 b° held in a non-interest bearing account in the name of RAILROAD. If AGENCIES financial obligatiOns at the end of the Project are less than the amount of the cash deposit, RAILROAD shall refund any !remaining sUm to AGENCIES. AGENCIES should forward the letter of credit or:the surety bond to Ted Johnson, Manager of Credit, BNSF, 2400 Western Center Boulevard, Fort Wortl~ Texas 76131 (phone: 817-352-4194). If posting a cash deposit pursuant to this provision, contact Ted Johnson to obtain the RAILROAD account information. 7. The AGENCIES must have advanced raih'°ad crOssing warning signs and standard pavement markings in place at the crossing shown on Exhibi~"A" (ifthelsame are required by the MUTCD) prior to the acceptance of this ?roject by the AGENCIES. Ihe AGENCIES assume full responsibility for the maintenance of advanced warning 3 Form 0104 Rev. 10/04