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be deemed responsible for delays caused solely by any person or entity other than <br /> Consultant or subcontractors to Consultant. <br /> Consultant acknowledges the importance to City of City's project schedule and agrees <br /> to use its best professional efforts to meet the schedule . City understands that <br /> Consultant's performance must be governed by sound practices . <br /> 5. Time is of the Essence. Time is of the essence for each and every provision of <br /> this Agreement. <br /> 6. Compensation . The total fee payable for the Services to be performed during the <br /> initial term of this Agreement will be Forty Thousand Dollars ($40,000) including <br /> expenses. Payment shall be entirely contingent and shall be due and payable upon the <br /> delivery of bonds or other securities ("Bonds") sold by the City and shall be payable <br /> solely from the proceeds of the Bonds and from no other funds of the City. No other <br /> compensation for the Services will be allowed except for items covered by subsequent <br /> amendments to this Agreement. <br /> 6 . 1 An application for payment form must be submitted to City which shall <br /> include the following: a clear, detailed invoice reflecting work being billed for, a <br /> summary sheet showing hourly rates, hours worked, percentage of work completed to <br /> date, amount/percent billed to date and current status of all tasks within a project; <br /> any/all backup documentation supporting the above items. Work schedule updates must <br /> also be included with the payment requests. <br /> 6.2 Consultant shall maintain adequate records and shall permit inspection <br /> and audit by City of Consultant's charges under this Contract. Consultant shall make <br /> such records available to City during normal business hours upon reasonable notice. <br /> Nothing herein shall convert such records into public records, and they will be available <br /> only to City and any specified public agencies. Such records shall be maintained by <br /> Consultant for one (1 ) year following completion of the work under this Contract unless <br /> a longer period of time is required by state or federal law, in which event Consultant <br /> shall retain its records for the time required by such laws. <br /> 6.3. The payment made to Consultant pursuant to the Agreement will be the <br /> full and complete compensation to which Consultant is entitled . City will not make any <br /> federal or state tax withholdings on behalf of Consultant or its agents, employees or <br /> subcontractors. City will not be required to pay any workers' compensation insurance or <br /> unemployment contributions on behalf of Consultant or its employees or subcontractors. <br /> Consultant agrees to reimburse City within thirty (30) days for any tax, retirement <br /> contribution, social security, overtime payment, unemployment payment or workers' <br /> compensation payment which City makes on behalf of Consultant or any agent, <br /> employee, or subcontractor of Consultant for work done under this Agreement. At the <br /> City's election , City may deduct the reimbursable amount from any balance owing to <br /> Consultant. <br /> REV: 04-19-16 JS <br /> Page 2 of 14 <br /> ATTY/AGR.2016.079/W.Euphrat-FinanceAdvisorySvcs <br />