- 62 -
whatsoever arising out of or in
connection with such termination.
44.5 If the sum of all previous payments and
credits made by Owner exceeds the sum
payable under Section 44.1, such excess
shall be refunded by Contractor to Owner
immediately upon determination of such
excess by the Parties.[66]
According to an actual cost report, as of December 31, 1985,
the total amount expended on the SJRPP was $703,407,644.67
According to that report, as of December 31, 1985, FPL’s
obligation was $140,681,529. Apparently a retention account was
created,68 which totaled $31,259,567 as of December 31, 1985.
66 Mr. Reid testified that, as of Dec. 31, 1985, it was 100
percent likely that FPL and the JEA would continue with the
existing contractors, and that there was a zero percent
likelihood that the JEA or FPL would terminate these contracts.
Furthermore, Mr. Reid testified that neither the JEA nor FPL
exercised the termination clause.
67 Mr. Reid testified that, as of Dec. 31, 1985, the SJRPP
was between 60- and 65-percent complete. According to Mr. Reid’s
testimony and the stipulated summary of the SJRPP contracts, as
of Dec. 31, 1985, FPL and the JEA were “committed” to spend
$810,902,712. Mr. Reid testified that this sum “represents cash
out the door.”
68 As Mr. Reid testified:
Retention is monies withheld from the contractors
invoice pending overall completion, successful
completion of the contract of work and/or performance
testing acceptance, monies withheld from the
contractors invoice on a monthly basis.
However, Mr. Reid also testified that the retained amounts were
owed to the contractors.
Page: Previous 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 NextLast modified: May 25, 2011