My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
4.10 SR 04-15-2024
ElkRiver
>
City Government
>
City Council
>
Council Agenda Packets
>
2021 - 2030
>
2024
>
04-15-2024
>
4.10 SR 04-15-2024
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
11/15/2024 1:01:24 PM
Creation date
11/15/2024 1:01:24 PM
Metadata
Fields
Template:
City Government
type
SR
date
4/15/2024
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
19
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
• Exhibit D — Consideration for SBI (executed solely by SBI) <br />B. Confidentiality of Consideration. All Parties acknowledge the sufficiency of the <br />consideration for this Agreement, but further agree that such consideration shall be kept <br />confidential in accordance with the following terms: (1) each of the exhibits shall be <br />held in escrow by the Mediator and shall not be disclosed to any non -signatory unless <br />and until the Mediator determines, in his sole discretion, that it is necessary to disclose <br />the contents of one or more of said exhibits in order to effectuate and enforce the terms <br />of this Agreement; (2) this agreement regarding confidentiality shall not abridge any <br />disclosure requirement the City might have regarding information the City has, e.g., <br />the consideration paid by the City. <br />C. Timeliness of Consideration. Within 30 days of the date of the last signature to this <br />Agreement, each Party shall send the following to John M. Harens of Harens Mediation <br />Center, LLC (Tax ID. No. 46-0795573): (i) any required settlement contribution; (ii) <br />its executed confidential exhibit; and (iii) its executed signature page to this Agreement. <br />D. Escrow and Disbursement of Cash Contributions. <br />(1) Escrow of Cash Contributions. All cash contributions of the Parties shall be <br />deposited into the Harens Mediation Center Trust Account. The total cash <br />contributions by the Parties shall be equal to the sum of the following: (i) the sum <br />due BMI under the Design Build Agreement (including the Waste Removal and <br />Disposal Work, the equipment supply contract, and the sum due RLC for its work <br />on the Repair Project); and (ii) the $7,500.00 for fees due HMC for managing the <br />payments described below. <br />(2) Disbursements for the Repair Work. HMC shall make disbursements out of its <br />trust account for payments agreed upon as due between the parties to the following <br />contracts (i) the design build contract between BMI and the City (which will include <br />payments due to centrifuge supplier); and (ii) the subcontract for construction <br />between BMI and RLC. HMC will reduce any such payments by any agreed upon <br />retention. HMC shall have no liability for determining if agreed -upon payments are <br />due under the relevant contracts or if the status of construction warrants the <br />requested or agreed -upon payment. HMC shall have none of the obligations of a <br />title company or other construction payment disbursing agent, including but not <br />limited to obtaining bond release, lien waivers, etc. HMC shall have no obligation <br />to make a disbursement unless and until the parties to the relevant agreement have <br />agreed in writing that such a payment may be made. HMC may pay itself out of the <br />$7,500 referred to above for services rendered in connection with managing the <br />escrow and disbursement of the settlement funds. <br />City of Elk River / BMI /PLC/ Vessco/SBI 5 <br />Settlement Agreement <br />Page 112 of 201 <br />
The URL can be used to link to this page
Your browser does not support the video tag.