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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 <br />substantiating satisfactory completion of each phase of Work and upon the CITY'S acceptance of <br />said portion of the Work as detailed in the installment invoice. CITY shall pay ARTIST the total <br />sum of ONE HUNDRED AND SIXTY THOUSAND Dollars ($160, 000.00) for Work that shall <br />include all costs associated with design development and fabrication ofthe artwork, materials, labor <br />by sub-consultants and subcontractors, delivery and installation. <br /> <br />Payments to ARTIST shall be made for Work satisfactorily completed according to the follO\ving <br />schedule: <br /> <br />I. Forty Eight Thousand Dollars ($48, 000.00), which is approximately 30% of the fixed fee, to <br />be paid upon execution of this Agreement. <br /> <br />2. Fotty Thousand Dollars ($40, 000.00), which is approximately 25% of the fixed fee, to be paid <br />upon submission to and acceptance by the CONTRACT ADMINISTRATOR of all conceptual <br />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 Thousand Dollars ($40,000.00), which is approximately 25% of the fixed fee, to be paid <br />upon submission to and approval by the CONTRACT ADMINISTRATOR of photographic <br />documentation demonstrating that the att\,york is 100% fabricated. At Contract <br />Administrator's sole option, Contract Administrator may deem that a physical inspection of the <br />artwork is warranted prior to acceptance and payment, and ARTIST shall make the at1work <br />available to Contract Administrator. <br /> <br />4. Thit1y-Two Thousand Dollars ($32, 000.00), which is approximately 20% of the fixed fee, to <br />be paid upon delivery, installation, and acceptance of the artwork. <br /> <br />UNFORESEEN COSTS: For purposes of this Section, unforeseen costs shall not include expenses <br />that the Contract Administrator reasonably determines should have been contemplated by ARTIST <br />when developing the Project budget, including the original design and related at1work budget. <br /> <br />SJB <br />