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ARTICLE 6 6. PROJECT BUDGET 6.1 The Project Budget for the Project, subject to additions and deductions as provided herein, including any change orders so requested and authorized by the City, is $259,424. The final cost of the Project may be less than the Project Budget, but under no circumstances shall it exceed the guaranteed maximum price. Program Manager is responsible for assuring that the Project Budget is not exceeded and under no circumstances will the City be obligated to expend an amount for the Project in excess of the Budget. In the event the cost of Project, after accounting for all soft and hard costs (as such hard costs are bid by Contractors), exceeds the Project Budget, Program Manager shall either cause the Project or components thereof be re -designed in a manner satisfactory to the City and within the Budget, or proceed with the Project as approved and pay with its own funds for the costs in excess of the Project Budget. 6.2 The parties acknowledge that the Project Budget includes a fixed program management fee equal to six percent (6%) of the Program Budget, to compensate Program Manager for its services hereunder. The parties also acknowledge that the Program Budget shall include a construction manager's fee for the services of the Construction Manager not to exceed six percent (6%) of the direct construction costs for the Project based upon the construction budget for the Project (Construction Manager fee included under "General Conditions - Supervision" line item in Exhibit A, Project Budget). Program Manager shall have the responsibility of paying its Construction Manager. 6.3 Pursuant to California Labor Code Section 1861, Program Manager gives the following certifications: Program Manager is aware of the provisions of Section 3700 of the California Labor Code which require every employer to be insured against liability for Worker's Compensation or to undertake self-insurance in accordance with the provisions of that code, and Program Manager will comply with such provisions (to the extent applicable) and cause the Construction Manger and all Contractors to comply with such provisions before commencing the performance of their respective Project work. ARTICLE 7 7. PROGRESS PAYMENTS 7.1 Payments shall be made by the City to the Program Manager for disbursement to its Construction Manager and to Contractors according to the following procedure: 7.2 The City shall make progress payments monthly as the work proceeds. The Program Manager or its Construction Manager shall furnish a summary breakdown invoice of the total Project Budget, in a format acceptable to the City, showing the amount included therein for each principal category of the work, in such detail as requested, to provide a basis for determining progress payments.