Supplemental Agenda Items - FGUA
Supplemental Agenda Items - FGUA
Supplemental Agenda Items - FGUA
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ARTICLE 5<br />
PAYMENT PROCEDURES<br />
5.1 Payment terms will be net forty-five (45) days. Terms not consistent with this<br />
provision are not acceptable and may be caused for rejection. <strong>FGUA</strong> will pay the<br />
Contractor within forty-five (45) days after the receipt of a correct invoice for<br />
reasonable work allocable to the contract requirements, whichever event occurs<br />
later. Payment(s) are considered effective on the date payment is mailed.<br />
5.2 The cost of all materials and/or equipment provided in the performance of the<br />
work is to be reimbursed to the Contractor in the following manner:<br />
5.2.1 The <strong>FGUA</strong> shall reimburse the Contractor, on completion and acceptance<br />
of each assigned job, only for those materials and/or equipment actually<br />
used in the performance of the work that are supported by invoices issued<br />
by the suppliers of the Contractor describing the quantity of the materials<br />
purchased and/or equipment rented.<br />
ARTICLE 6<br />
TERMINATION OF AGREEMENT<br />
6.1 <strong>FGUA</strong> may terminate or cancel this Agreement at its discretion and said<br />
termination shall be effective, with or without cause, after written notice has<br />
been provided to the Contractor.<br />
6.2 Following termination, <strong>FGUA</strong> shall make a settlement with the Contractor upon a<br />
pro rata basis as determined by <strong>FGUA</strong>, which shall fix the value of the Goods<br />
and/or Services performed by the Contractor prior to the termination or<br />
cancellation of this Agreement.<br />
ARTICLE 7<br />
CONTRACTOR’S REPRESENTATIONS<br />
In order to induce <strong>FGUA</strong> to enter into the Agreement, Contractor makes the following<br />
representations:<br />
7.1 Contractor has familiarized itself with the nature and extent of the Contract<br />
Documents, Work, site, locality and all local conditions, laws and regulations that<br />
in any manner may affect cost, progress, performance, or furnishing of the<br />
Work.<br />
7.2 Contractor understands the estimate of quantities of the various items of work<br />
and materials, if set forth in information provided by <strong>FGUA</strong>, is approximate only.<br />
The quantities actually required to complete the work may be less or more than<br />
estimates. The <strong>FGUA</strong> further serves the rights to vary the quantities in any<br />
amount.