Title
Dept/ Agency: Law
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Settlement of Demand for Payment
Docket No.: Pre-Suit
Claimant: ParenteBeard, LLC and Ted Felix
Claimant's Attorney: None
Attorney's Address: 65 Madison Ave., Morristown, NJ 07960
Settlement Amount: $250,000.00
Funding Source: City of Newark/Office of the City Clerk/2011 Budget
Additional Comments:
Invitation: Corporation Counsel, June 19, 2012
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WHEREAS, the City of Newark was in need of Special Tax Abatement Accounting Services and engaged ParenteBeard, LLC, by Resolution 7R9-k (A.S.), dated August 4, 2010, for a term of one year, commencing June 1, 2010 and terminating on May 31, 2011, for an amount not to exceed $250,000.00; and
WHEREAS, ParenteBeard, LLC and/or Ted Felix, continued to provide accounting services following termination of the contract, for an additional sum of $372,385.00; without a new contract or contract amendment; and
WHEREAS, ParenteBeard, LLC and Ted Felix claim and the City Clerk acknowledges that they provided the services; and
WHEREAS, ParenteBeard, LLC and Ted Felix have claimed that the total cost of the additional services provided is $372,385.00; and
WHEREAS, the parties have agreed to settle the matter for the payment by the City of Newark of the sum of $250,000.00 (Two Hundred Fifty Thousand Dollars), in one lump sum, in exchange for the execution of a Settlement Agreement and General Release as a full and complete settlement of all of ParenteBeard, LLC’s and Ted Felix’s claims, including any claims for attorney’s fees; and
WHEREAS, the within settlement and release does not admit nor should it be construed as an admission of liability or violation of any law, statute or regulation or a breach of any duty by the City of Newark, its agents, officers and/or employees whatsoever and is entered into to resolve this matter and ...
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