RES 97108 - Laserfiche WebLink

Charges incurred, if an>', plus any applicable late payment charges (Actual Charges). The invoice will also identify the prior balance, any payments since the previous invoice, cumulative Invoiced Amounts cumulative Actual Charges, and credit balances as calculated pursuant to Paragraph . Contingency Reserve Surcharges and Credit Reserve Surcharges will either be separately invoiced or included in one invoice based on ABAG's decision regarding the timing of such surcharges and its agreement with the billing agent. 16. Payment: Invoices will be directed to and payment is to be made by Public Agency directly to the escrow account designated pursuant to Paragraph __ of this Agreement. Payment of the Invoiced Amount is due imn~ediately upon receipt of the invoice. Late payment charges at the rate of one and a half percent (1.5%) per month calculated daily on the outstanding balance will be imposed comnlencing on the thirty-first (31st) day atier th.e mailing date of tile invoice. Late payment charges may, at ABAG's sole discretion, be debited against Public Agency's Credit Account as defined in Paragraph 17. Credit Account: For each invoice, ABAG will calculate (a) the difference between the Invoiced Amount and the Actual Charges for the meter cycle, and (b) the difference between the cumulative total of the Invoiced Amounts and the cumulative total of Actual Charges (Credit Account). Public Agency recognizes that the Credit Account is a calculation of payments, credits, debits and charges made pursuant to this Agreement and that ABAG will not be required to establish actual separate fund accounts with monies on behalf of, or in the name of Public Agency. Unless the panics otherwise agree, ABAG will refund to Public Agency an amount equal to the Credit Account plus a portion of interest earned on all Credit Accounts in the Electric Program, said portion to be determined by tile Electric Program Comnlittee of ABAG POWER, within ninety (90) calendar days after termination or cancellation of this Agreement. 18. Contin,2encv Reserve Fund: Public Agesicy acknowledges that during the term of this Agreement ABAG has the right to use monies in the Contingency Reserve Fund to ' pay Ac~tual Charges incurred by Participants in the Electric Program as such Actual Charges become due. ABAG will deposit into tile Contingency Reserve Fund any invoiced Anlottnt payment, or portion thereof, which would, absent draw on the Contingency Reserve Fund described in the preceding sentence. have been applied towards payment of the Actual Charges described in tile preceding sentence. Within tile Contingency Reserve Fund, ABAG will maintain a separate accounting of Public Agency's cumulative Contingency Reserve Surcharge payments, less any draws on the Contingency Reserve Fund to pay any Actual Charges inct, rred by Public Agency, plus any Invoiced Amount(s), or portion thereof, made by Public Agency and deposited into the Contingency Reserve Fund as provided for in this Paragraph (Contingency Reserve Fund Credit). Unless the parties otherwise agree, ABAG will refund to Public Agency an amount equal to the Contingency Reserve Fund Credit plus a portion of interest earned on the Contingency Reserve Fund, said portion to be determined by tile Electric Prograrn Committee of ABAG POWER, withi,i ninety (90) calendar days after terminatio,~ or cancel lat ion of this Agreement. 19. Credit Reserve Fund: ABAG does not anticipate any draws on the Credit Reserve Fund. Unless the parties otherwise agree, ABAG will refund to Public Agency its cun~t, lative Credit Reserve Surcharge payments plus a portion of interest earned on the Contingency Reserve Fund, said portion to be determined by the Electric Program