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<br />The Management Company shall be entitled to a flat management fee as per approved <br />budget and signed contract that shall be paid to the Management Company upon <br />successful completion of the event. The management company shall invoice the City for <br />direct costs only (these costs shall not include any additional mark up on behalf of the <br />management company.) <br /> <br />The NTE price will be reimbursed for actual costs, not based on submitted budget. As in, <br />the "Management Fee" is a set price however items such as sound, stage, lighting, <br />security, etc. will be reimbursed for actual costs as invoiced, not as per quote however <br />the entire reimbursement could be less than the NTE estimate but not greater than. For <br />example "Handling fees" or "percentage increases" for coordination of these items will <br />not be reimbursed even if discounts for such items are realized by the contractor and <br />these savings may not be added to the "Management Fee". <br /> <br />3.7.2 MANAGEMENT FEE <br /> <br />The management company shall provide a flat management fee that shall be paid to the <br />management company upon successful completion of the event. The management <br />company shall show proof that all vendor, service providers and performers have been <br />paid and invoices closed out prior to final payout. <br /> <br />3.7.2 PAYMENT SCHEDULE <br /> <br />PAGE 17 OF 26 <br />BID No. 11-01-01 <br /> <br />Upon Signing of the Contract 20% <br />Confirmation of Bookings 30% <br />Finalization of logistic Management 30% <br />Event Completion Close Out 20% <br /> <br />END OF SEeTON <br />