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<br />COMPENSATION AND SCHEDULE OF PA YMENTS <br /> <br />ARTIST will be paid the specified installment, upon submitting invoice and documentation <br />substantiating satisfactory complction 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 FIFTY FIVE THOUSAND Dollars ($55,000.00) for Work that shall include all costs <br />associated with design development and fabrication of the artwork, materials, labor by sub- <br />consultants and subcontractors, delivery and installation. <br /> <br />Payment to ARTIST shall be made for Work satisfactorily completed according to the following <br />schedule: <br /> <br />1. Sixteen Thousand Five Hundred Dollars ($16,500.00), which is approximately 30% of <br />the fixed fee, to be paid upon execution of this Agreement. <br /> <br />2. Thirteen Thousand Seven Hundred and Fifty Dollars ($13,750.00), which is <br />approximately 25% of the fixed fee, to be paid upon submission to and acceptance by <br />the Contract Administrator of all conceptual design deliverables as written in the scope <br />of work and obtaining approval of the artwork conceptual design proposal from thc City <br />Commission. <br /> <br />3. Thirteen Thousand Seven Hundred and Fifty Dollars ($13,750.00), which is <br />approximately 25% of thc fixcd fec, to be paid upon submission to and approval by the <br />Contract Administrator of photographic documcntation demonstrating that thc artwork <br />is 100% fabricated. At Contract Administrator's sole option, Contract Administrator <br />may deem that a physical inspection of the artwork is warranted prior to acceptance and <br />payment, and ARTIST shall make the artwork available to Contract Administrator. <br /> <br />4. Eleven Thousand Dollars ($11,000.00), which is approximately 20% of the fixed fee, to <br />bc paid upon delivery, installation, and acceptance of the artwork. <br /> <br />UNFORESEEN COSTS: For purposes of this Section, unforeseen costs shall not include expenses that <br />the Contract Administrator reasonably determines should have been contemplated by ARTIST when <br />developing the Project budget, including the original design and relatcd artwork budget. <br /> <br />Attachment "13" <br /> <br />, \' <br />\, <br />, <br />