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! ~ : ~.i Additional Project Cost Budget, the Project Coordinators shall approve or disapprove ' ' the same. If the Project Coordinators shall disapprove of any of the foregoing, they ~~ shall prompdy take such action as may be necessary or appropriate in order to revise the disapproved item so as to eliminate the reason(s) for such disapproval. i ~ (3) Upon approval by the Project Coordinators of the Final Construction Plans and I~ Specifications, the preliminary General Construction Budget or the preliminary Additional Project Cost Budget, or any amendments or modifications'thereto as , - provided herein, the same shall not be modified or amended thereafter without the ~ ~ approval of the Project Coordinators . , (iii) Approval of General Conshvction Contract; Finalization of General Constrnction ~J Budget and Additional Project Cost Budge~ The Project Coordinatars shall review and - approve the General Const~uction Contract prior to the public invitation for sealed bids. Upon determination that the contingencies described in Section 2.1(i) and (ii) have been satisfied or waived, the Ceneral Construction Contract shall be awarded to the lowest respansive and responsible bidder, and the General Constrnction Contract shall be executed , by the Gen~eral Contractor and by the Parties. Thereafter, the Project Coordinators shall: - (1) cause to be prepared the fmal General Construction Budget based on the ~ ~ Guaranteed Construction Price; and (2) cause to be prepared the fmal Additiomal Project Cost Budget. , (iv) Change Orders. The Project Coordinators shall review and appmve or disapprove any change to the General Construction Contract. The Project Manager sha~l be required to submit change orders to the Project Coordinators together with a written explanation of the amount, if any, by which such change orders will affect (increase or decrease) the Project Budget (including, if applicable, the extent to which such change order will affect the Guaranteed Constrnction Price). Within five (S) business days of submittal, the Project Coordinators shall approve or disapprove in writing change orders and any change (increase or decrease) in Guaranteed Construction Price resulting from snch change orders. If the Project Coordinators determines that any change in the Guaranteed Construction Price resulting from an approved change order is not appropriately chazged (in the case of an increase) or credited (in the case of a decrease) to a Party in accordance with its Respective Shares, then snch change shall be charged or credited to the Party or Parties the Project Coordinators determine shonld appropriately be charged or credited therewith. The Projer~ Coordinators shall provide that the amount of such change shall be charged or credited to the appropriate Farty or Parties in one of the following ways: (A) by causing the amount of such change (in the case of an increase) to be directly billed to such Party or Parties in connection with a demand for funding of the Disbursement Account; (B) by causing the amount of such change (in the case of a decrease) to be credited against such Party's or Parties' obligation to fund the Disbursement Account together with a corresponding increase in the other Party's or Parties' obligation to fund the Disbursement Account; or (C) in such other manner as is determined to be appropriate by the Review Committee. The Project Coordinators shall notify all Patties in writing of any action taken pursuant to this paragraph. (v) Disbursement Accoan~ The Project Coordinators shall establish and hold for administration a disbursement account ("Disbursement Account"). The Disbursement Account shall be established under an appropriate fund account, as described in OAR 150- ~ 294.352(2), by the Transit District as paying agent. The Disbursement Account shall be established so that checks drawn against such account and any other withdrawals must be ~ Courthouse Square Development Agreement -' Page - 11