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lockouts, work stoppages, or other labor disturbances conducted by, or on behalf of, Principal Investigator's research team. Principal Investigator acknowledges the importance to City of City's project schedule and agrees to use its best professional efforts to meet the schedule. City understands that Principal Investigator's performance must be governed by sound practices. 5. Time is of the Essence. Time is of the essence for each and every provision of this Agreement. 6. Compensation. City shall pay to Stanford an amount not to exceed Fifty One Thousand Dollars ($51,000) for the completion of all the work and services described herein, which sum shall include all costs or expenses incurred by Stanford, payable as set forth in Exhibit B, attached hereto and made a part hereof by reference. 6.1 An application for payment form must be submitted to City which shall include the following: a clear, detailed invoice reflecting work being billed for, a summary sheet showing hourly rates, hours worked, percentage of work completed to date, amount/percent billed to date and current status of all tasks within a project; any/all backup documentation supporting the above items. Work schedule updates must also be included with the payment requests. 6.2 Stanford shall maintain adequate records and shall permit inspection and audit by City of Stanford's charges under this Contract. Stanford shall make such records available to City during normal business hours upon reasonable notice. Nothing herein shall convert such records into public records, and they will be available only to City and any specified public agencies. Such records shall be maintained by Stanford for one (1) year following completion of the work under this Contract unless a longer period of time is required by state or federal law, in which event Stanford shall retain its records for the time required by such laws. 6.3. The payment made to Stanford pursuant to the Agreement will be the full and complete compensation to which Stanford is entitled. City will not make any federal or state tax withholdings on behalf of Stanford or its agents, employees or subcontractors. City will not be required to pay any workers' compensation insurance or unemployment contributions on behalf of Stanford or its employees or subcontractors. Stanford agrees to reimburse City within thirty (30) days for any tax, retirement contribution, social security, overtime payment, unemployment payment or workers' compensation payment which City makes on behalf of Stanford or any agent, employee, or subcontractor of Stanford for work done under this Agreement. At the City's election, City may deduct the reimbursable amount from any balance owing to Stanford. 7. Status of Principal Investigator. Principal Investigator will perform the Services as an independent contractor and not as an employee of City. The persons used by Principal Investigator to provide services under this Agreement shall not be considered employees of City for any purposes. REV:OS-11-16 FF Page 2 of 15 ATTY/AGR2016.099/The Stanford Graduate School of Business