Common use of Funding Agent Clause in Contracts

Funding Agent. The City shall act as agent (the “Funding Agent”) for purposes of administering payment to the Architect, the Contractors, if any, and the General Contractor of Progress Payments or any other invoices it receives for Project Costs. The Funding Agent, upon receiving an invoice from a Consultant, Contractor, General Contractor, Architect or other vendor including but not limited to utilities, municipal departments, or authorities having jurisdiction, the City shall pay the invoice in accordance with the Construction Act. The City shall prepare and submit to the Region the City’s invoice, together with any other supporting documentation that the Region may reasonably require, the Region’s share being determined in accordance with the Region’s Project Cost Share as set out in Section 1.1 and as provided in Section 6.3 which may be delivered to the Region either electronically or by facsimile transmission. The City’s invoice will include a break down of all costs being charged to the Region, including the non-recoverable 1.76% HST (if applicable). The Region will pay to the City within thirty (30) Calendar Days following the date of receipt of the City’s invoice, the amount required to be paid by the Region on account of the Region’s Project Cost Share, and where applicable, any Party Mandatory Changes or Optional Changes for which the Region is responsible, as determined in accordance with this Agreement, unless the Region gives written notice that it disputes the City's invoice together with the reasons for the Region's dispute within five