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City of Sunny Isles Beach 18070 Collins Avenue, Sunny Isles Beach, Florida 33160 (305) 947-0606 phone (305) 9493113 Fax will require its employees to perform their work in a manner befitting the type and scope of work to be performed. in the event that the Contractor fails to complete the Services pursuant to the terms of this contract and City must undertake the completion of performance of Services, Contractor agrees to indemnify tho City for all costs incurred with respect to the completion of those Services and any damages the City may suffer as a result of the Contractor's failure to perform the Services. 3. TERM. Subject to the provisions relating to the termination of this Agreement as set forth hereunder, the term of this Agreement shall begin upon full execution of this Agreement, and shall remain in effect for an initial three (3) year term. The City shall have the option at its sole discretion to renew the Agreement for an additional two (2) one (1) year renewal terms. Payment will be made only for work completed to the satisfaction of the City. Contractor is to commence performance ofwork from the date of this agreement and continue in a diligent manner until completion of the Services. Conttactor acknowledges that compliance with the commencement and completion schedule is the essence of this Agreement. The terms of Sections 18 and 19 entitled "Indemnification and Waiver of Liability," and "Compliance with Law," respectively, shall survive termination of this Agreement. 4. COMPENSATION During the term of this Agreement, in whatever capacity rendered, the City shall pay Contractor for Services performed under this Agreemen Hundred Fifty Seven Thoasand Dollars t in an amount not to exceed Four Hundred Seven Thousand Dollars ($407,000.00), which amount includes One ($157,000.00) as compensation for the Services in year one ("Year One Compensation"), One Hundred Twenty Five Thousand Dollars ($125,000.00) as compensation for the Services in year two ("Year Two Compensation"),and One I'undred Twenty Five Thousand Dollars ($125,000.00) as compensation for the Services in year three ("Year Three Compensation"), Payment to Contractor for all charges and tasks under this Agreement shall be in accordance with the Contract Doomnents and the schedule of charges as reflected in Attachment "A", under the followittg conditions; a. Disbur_ s_em6nts. 'There are no reimbursable expenses associated with this contract except for expenses approved by the City Manager. a. Payment Schedule Invoices received from the Contractor pursuant to this Agreement wil l be reviewed by the initiating City Department. Upon full execution of this Agreement, payment of a deposit shall be made by the City to the Contractor in the amount of Fifty Percent (501/o) of Year One Compensation. upon successful installation of the Services by the Contractor, the City shall pay Contractor Twenty Five Percent (25%) of Year One Compensation. The remainder Twenty Five Percent (251/4) balance shall be paid by the City following the removal and fu11 satisfaction of the Services by the Contractor. For years two and three of the initial term, the payment schedule shall be as follows: Twenty Five Percent (25%) ofthatyear's compensation upon on the anniversary of the execution date of the Agreement, Fifty (50%) ofthat year's compensation upon successful installation of the Services, and the remaining Twenty Five Percent Light'&r Up LLC 2 72