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on and after June l, 1997 aze subject to the follo~ving: (I ) The Contractor shall submit to M1VIDC monthly statements detailing services and s m accor e following rate schedule: Principal $1;Q.00/hr Senior PM $ 75.00/hr Project Manager $ 65.00/hr Superintendent $ 65.00/hr Project Engineer $ 55.00/hr Estitnator $ 50.00/f~r Controller $ 75.00/hr Office Staff $ 35.00/hr, (2) In the ev ~not sign a final eonsm2ction contract with Contractor, the Owner agrees to pay Contractor t$e amounts due, not ta exceed $70,000, for pre-construction services rendered between June l, and December 3I, 1997. (3) If the proposed GMP, reqnired by this agreement, is acceptabie to the owner and included in a final construction contract reta.iaing Contractor as the general contractor, the amount due under garagraph 2 above, shali be waived It is understood that the GNIl' includes building constniction costs and Cornractar's fee @ 4.75% w~ich includes preconstruction services) b• In the event the GMP is not acceptahle to the orvner, the Owner shall aegotiate first with Contractor i~eefore soliciring pubIic bids for a repiacement Contractor. For the peirposes of this para.graph, a comparison of the Contractor's G11iIP shall not include precoustruction service fees. If the parties cannot reach mutually acceptable terms, Owner may proceed to solicit other general contractors after ten (10} days' prior written notice to Contractor. During the ten (IQ) day notiee period, Contractor may submit a finai offer, which Owner sha11 accept or reject before proceeding to solicit other genera.l contractors. The project is funded in part by a grant from the FTA. It is understood that the finai construction agreement is subject to FTA contract requiremeats unposed upon Owner, and wi11 be incorporated by this reference in the final contract, if executed. In consideration of the above recitals, the terms and covenants of this a~rreement, and other valuable consideratioq the receipt of which is acknowledged, the parkies agree as follows: 2