20 & 21- Pickleball Construction at Sports Complex

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d. Accept the Improvements subject to the passing of all required inspections as sole property of the City; and e. From the date of acceptance of the Improvements, assume all maintenance obligations with respect thereto. VI. Eyndinq Provisions 6.1 Within five (5) business days of the execution of this Agreement, PTP will remit to City the Initial Payment in the amount of THREE HUNDRED EIGHTY-THREE FOUR HUNDRED EIGHTY-SEVEN AND 97/100 DOLLARS ($383,487.97). The Initial Payment represents seventy percent (70%) of the Total Cost of the Construction Contract, which amount will become due and owing by the City to the Contractor upon completion and inspection of the post -tension slab. The City and will deposit the Initial Payment in the Project Account pending payment to Contractor as set forth in the Construction Contract and in this paragraph. 6.2 Within five (5) business days written notice (which notice may be made by email) from the City, PTP will remit the Final Payment to the City in the approximate amount of ONE HUNDRED SIXTY-FOUR THREE HUNDRED FIFTY-ONE AND 99/100 DOLLARS ($164,351.99). The Final Payment represents the remaining thirty percent (30%) of the Total Cost of the Construction Contract, which amount will become due and owing by the City to the Contractor upon completion of the Improvements and the passing of any inspections required thereon. In the unlikely event that the second and last payment to the Contractor should be more or less than $164,351.99, the City will notify PTP and adjust the amount of the Final Payment upwards or downwards accordingly. The City will deposit the Final Payment in the Project Account pending payment of the last payment to the Contractor. 6.3 The City will be the named party on the Construction Contract and will be responsible for all aspects thereof including the forwarding payment due to Contractor thereunder. PTP will not be a named party in the Construction Contract, but will be responsible for the funding obligations set forth in this Section VI and for providing guidance and technical assistance as needed during the construction of the Improvements. VII. Conditions 7.1 The terms and conditions of this Agreement are binding upon and enforceable against and with respect to the successors and assigns of all parties hereto. 7.2 It is understood and agreed between the parties that PTP, in performing its obligations hereunder, is acting independently; the City assumes no responsibility or liability in connection therewith to third parties; and PTP agrees to indemnify and hold the City harmless therefrom. It is further understood and agreed among the parties that the City, in performing its obligations hereunder, is acting independently; PTP assumes no responsibility or liability in connection therewith to third parties.