CC PACKET 11121996 - Laserfiche WebLink

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5. Shared costs. • 5.1 Payments. Assessments for. Shared Costs shall be approved by the .Group. All assessments shall be due and payable within forty-five (45) days of receipt of demand therefor from the Group. Such payments shall not constitute admission of or be evidence of any liability regarding the Site. All payments made shall be credited towards the Member's final allocated cost or settlement. 5.2 Future Contributions. Contributions for.Shared Costs may be . assessed by the Group as needed to carry out the purposes of this Agreement. Future contributions shall be assessed in accordance with such fund-raising mechanisms as are approved by the Group. Any assessment not expended by the Group after complete and final satisfaction of any and all obligations of the Group shall .be distributed to the Members in proportion to the assessment paid by each Member. 5.3 Accounting for Funds. The Steering Committee shall keep an accounting of all funds received by or on behalf of the Members and shall provide to the Members quarterly and annually, • informal accountings of monies received, spent and obligated, and a final accounting upon the termination of this Agreement. Such accountings need not be prepared, audited or certified by a certified public accountant; but any Member may, at that Member's expense, request an independent audit of such accountings. 5.4 Purl2ose of Funds. All monies provided by Members pursuant to this Agreement shall be used solely for the purposes of this Agreement and shall not be considered as payment for any fines, penalties or monetary sanction. 5.5 Trust or Escrow Account. All payments shall be placed into an interest-bearing trust or escrow account by the Steering . Committee. .6. Withdrawal and Removal 6.1 Withdrawal. Any Member may withdraw from all participation . in this Agreement upon written notice as'of the date the notice is postmarked, except that such Member shall remain liable for -6- •