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<br />EXHIBIT B <br /> <br />COMPENSATION AND SCHEDULE OF PAYMENTS <br /> <br />ARTIST will be paid the specified installment, upon submitting invoice and documentation substantiating <br />satisfactory completion of each phase of Work and upon the CITY's acceptance of said portion of the Work as <br />detailed in the installment invoice. CITY shall pay ARTIST the total sum of ONE HUNDRED AND NINETY <br />THOUSAND Dollars ($190,000,00) for Work that shall include all costs associated with design development <br />and fabrication of the artwork, materials, labor by sub-consultants and subcontractors, delivery and <br />installation. <br /> <br />Payments to ARTIST shall be made for Work satisfactorily completed according to the following schedule: <br /> <br />1. Fifty Seven Thousand Dollars ($57, 000.00), which is approximately 30% of the fixed fee, to be paid <br />upon execution of this Agreement. <br /> <br />2. Forty- Seven Thousand and Five Hundred Dollars ($47, 500.00), which is approximately 25% of the <br />fixed fee, to be paid upon submission to and acceptance by the CONTRACT ADMINISTRATOR of all <br />conceptual design deliverables as written in the scope of work and obtaining approval of the artwork <br />conceptual design proposal from the City Commission, <br /> <br />3. Forty- Seven Thousand and Five Hundred Dollars ($47, 500.00), which is approximately 25% of the <br />fixed fee, to be paid upon submission to and approval by the CONTRACT ADMINISTRATOR of <br />photographic documentation demonstrating that the artwork is 100% fabricated. At Contract <br />Administrator's sole option, Contract Administrator may deem that a physical inspection of the artwork <br />is warranted prior to acceptance and payment, and ARTIST shall make the artwork available to <br />Contract Administrator. <br /> <br />4. Thirty-Eight Thousand Dollars ($38, 000.00), which is approximately 20% of the fixed fee, to be paid <br />upon delivery, installation, and acceptance of the artwork. <br /> <br />UNFORESEEN COSTS: For purposes of this Section, unforeseen costs shall not include expenses that the <br />Contract Administrator: reasonably determines should have been contemplated by ARTIST when developing <br />the Project budget, including the original design and related artwork budget. <br />