Agenda - Council - 10/24/2006 - Laserfiche WebLink

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the date of the invoice for such work. Upon completion of the Project, RAILROAD will send AGENCIES a detailed invoice of final costs, segregated as to labor and materials for each item in the recapitulation shown on Exhibit. C. Pursuant to this section, AGENCIES must pay the final invoice within ninety (90) days of the date of the fmal 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 which . are past our credit terms. The finance charge continues to accrue daily until the date payment is received by RAILROAD, not the date payment is made or the date postmarked on the payment. Finance charges will be assessed on delinquent sums and other charges as of the end of the month and will be reduced by amounts in dispute and any unposted payments received by the month's end. Finance charges will be noted on invoices sent to AGENCIES under this section. 7. AGENCIES agree to provide RAILROAD with one of the following credit enhancements guaranteeing the total amount of AGENCIES'S financial obligations (including, without limitation, liquidated damages, indemnity obligations and other expenses) under this Agreement: (a) Irrevocable Bank Letter of Credit drawn upon a bank satisfactory to RAILROAD; (b) Surety Bond underwritten by an 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 deposit via wire transfer to a RAILROAD deposit account. Any irrevocable letter of credit or surety bond provided to RAILROAD pursuant to this provision shall have a minimum term of eighteen (18) months. The bank issuing the letter of credit and the insurance company issuing the surety bond shall notify RAILROAD thirty (30) days prior to the expiration date of the letter of credit or the surety bond. Upon expiration of any surety bond or letter of credit, AGENCIES must immediately provide RAILROAD with a substitute letter of credit, surety bond or cash deposit as set forth above until AGENCIES's financial obligations to RAILROAD are fully and finally satisfied. Any cash deposit provided under this provision will be 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 to Ted Johnson, Manager of Credit, BNSF, 2400 Western Center Boulevard, Fort Worth, Texas 76131 (phone: 817- 352- 4194). If posting a cash deposit pursuant to this provision, contact Ted Johnson to obtain the RAILROAD account information. 8. The AGENCIES must have advanced railroad crossing warning signs and standard pavement markings in place at the crossing shown on Exhibit "A" (if the same are required by the MUTCD) prior to the acceptance of this Project by the AGENCIES. The AGENCIES assume full responsibility for the maintenance of advanced warning signs and pavement markings and agrees to hold harmless and indemnify the RAILROAD for any claims, damages or losses, in whole or in part, caused by or due to the AGENCIES'S failure to maintain the advanced warning signs and markings or other requirements of the MUTCD. 9. The AGENCIES must give RAILROAD's Manager of Public Projects written notice to proceed with the railroad portion of the work after receipt of necessary funds for the Project. BNSF will not begin the railroad work (including, without limitation, procurement of supplies, equipment or materials) until written notice to proceed is received from AGENCIES. ARTICLE IV- JOINT OBLIGATIONS In consideration of the mutual covenants of the parties contained herein and the premises, the parties mutually agree as follows: Form 0104 Rev. 10/04 -223-