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INDIAN RIVER COUNTY PUBLIC WORKS UTILITY WORK BY HIGHWAY CONTRACTOR AGREEMENT (AT UTILITY EXPENSE) the Allowances); plus 10% of the official estimate for a contingency fund to be used as hereinafter provided for changes to the Utility Work during the construction of the Project (the Contingency Fund). Payment of the funds pursuant to this paragraph will be made (choose one): X directly to the IRC -PW for deposit into Indian River County Finance Division Account. none e. If the portion of the contractor's bid selected by the IRC -PW for performance of the Utility Work exceeds the amount of the deposit made pursuant to Subparagraph c. above, then subject to and in accordance with the limitations and conditions establ-shed by Subparagraph 2.c hereof regarding IRC -PW participation in the cost of the Utility Work and the CITY's election to remove the Utility Work from the Project, the CITY shall, within fourteen (14) calendar days from notification from the IRC -PW or prior to posting of the accepted bid, whichever is earlier, pay an additional amount to the IRC -PW to bring the total amount paid to the total obligation of the CITY for the cost of the Utility Work, plus Allowances and 10% Contingency Fund. The IRC -PW will notify the CITY as soon as it becomes apparent the accepted bid amount plus allowances and contingency is in excess of the advance deposit amount, however, failure of the IRC -PW to so notify the CITY shall not relieve the CITY from its obligat,on to pay for its full share of project costs on final accounting as provided herein below. In the event that the CITY is obligated under this Subparagraph 3.e. to pay an additional amount and the additional amount that the CITY is obligated to pay does not exceed the Contingency Fund already on deposit, the CITY shall have sixty (60) calendar days from notification from the IRC -PW to pay the additional amount, regardless of when the accepted bid is posted. f. If the accepted bid amount plus allowances and contingency is less than the advance deposit amount, the IRC -PW will refund the amount that the advance deposit exceeds the bid amount, plus allowances and contingency if such refund is requested by the CITY in writing and approved by the Comptroller of the IRC -PW or his designee. g. Should contract modifications occur that increase the CITY's share of total project costs, the CITY will be notified by the IRC -PW accordingly. The CITY agrees to provide, in advance of the additional work being performed, adequate funds to ensure that cash on deposit with the IRC -PW is sufficient to fully fund its share of the project costs. The IRC -PW shall notify the CITY as soon as it becomes apparent the actual costs will overrun the award amount; however, failure of the IRC -PW to so notify the CITY shall not relieve the CITY from its obligation to pay for its full share of project costs on final accounting as provided herein below. The IRC -PW may use the funds paid by the CITY for payment of the cost of the Utility Work. The Contingency Fund may be used for increases in the cost of the Utility Work which occur because of quantity overruns or because of adjustments or changes in the Utility Work made pursuant to Subparagraph 2. h Prior to using any of the Contingency Fund, the IRC -PW will obtain the written concurrence of the City Council or the City Manager or his designee, as applicable. The City shall respond immediately to all requests for written concurrence. If the City refuses to provide written concurrence promptly and the IRC -PW determines that the work is necessary, the IRC -PW may proceed to perform the work and recover the cost thereof pursuant to the provisions of Section 337.403(3), Florida Statutes. In the event that the Contingency Fund is depleted, the CITY shall, within fourteen (14) calendar days from notification from the IRC -PW, pay to the IRC -PW an additional 10% of the total obligation of the CITY for the cost of the Ut!lity Work established under Subparagraph 3. e. for future use as the Contingency Fund. Upon final payment to the Contractor, the IRC -PW intends to have its final and complete accounting of all costs incurred in connection with the work performed hereunder within three hundred sixty (360) days. All project cost records and accounts shall be subject to audit by a representative of the CITY for a period of three (3) years after final close out of the Project. The CITY wil. be notified of the final cost. Both parties agree that in the event the final accounting of total project costs Page 4 of 10