Agmt04 MBIA Muniservices - Laserfiche WebLink

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Audit Services MMC's Compensation for providing Audit Services shall be a contingency fee of 45% of the additional revenue realized by Redwood City from the services. The 45% contingency fee shall apply to the deficiency identified and recovered together with all applicable penalties, interest, and fees. Said 45% only applies to applicable penalties and interest if those are collected by the City. REDWOOD CITY OBLlGA liONS Redwood City agrees to use diligent efforts, or to assist MMC, in the collection of identified deficiencies identified by MMC. Redwood City agrees to notify MMC within 10 days following receipt by Redwood City of any payments resulting from MMC's discovery service. MMC shall invoice Redwood City for the above fee on no less frequently than a quarterly basis, based on recoveries actually received by Redwood City. Because MMC's Tax Compliance Service may result in collection of deficiencies after termination of the Agreement, Redwood City's obligation to collect fees and notify MMC, and MMC's right to continue to receive payment, shall survive termination of the Agreement for any reason. Redwood City shall have the right, at Redwood City's option, to elect not to proceed with recovery of any identified deficiencies. Such election shall not include deficiencies that are uncollectable due to insolvency or dissolution of the entity liable, or for deficiencies which are otherwise incapable of collection (e.g. statute of limitations expiration). For deficiencies otherwise collectable but for which Redwood City elects not to collect, Redwood City shall notify MMC of its intention not to pursue collection of said deficiencies. In such instances where MMC has provided discovery and/or audit services and the City waives collection of finding(s), MMC shall be entitled to compensation at the rate of one-half ('~) of the fee otherwise applicable to the deficiency.