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<br />3D.~ <br /> <br />2. COMPENSATION. Supplier shall be compensated for the basic services to be <br /> <br />performed pursuant to this agreement in the sum of One Thousand Two Hundred <br /> <br />Ninety and No/100 Dollars ($1,290.00) per month as specified in Supplier's bid dated <br /> <br />February 22, 2000 aforementioned. Periodic services shall be performed at the request <br /> <br />of the City and shall be compensated in the sums specified for said periodic services in <br /> <br />the Supplier's bid. <br /> <br />Payments of amounts due hereunder shall be made by City within thirty (30) <br /> <br />days following acceptance by the City of supplier's services and receipt by City of <br /> <br />Supplier's invoice or statement therefore. <br /> <br />3. <br /> <br />TERM. The term of this Agreement shall commence upon the date first <br /> <br />hereinabove written and shall expire March 30, 2001; provided however that upon <br /> <br />written agreement of the parties hereto, approved and executed by the Director of Parks <br /> <br />and Recreation on behalf of the City, the terms of this agreement may be extended for <br /> <br />additional periods of one year each (commencing April 1, 2001) up to four (4) <br /> <br />extensions. <br /> <br />At the commencement of each extension, Supplier and City will, in good faith, <br /> <br />negotiate the adjustment to the Agreement price based on the percentage increase or <br /> <br />decrease in the straight time hourly labor cost for elevator examiners in San Mateo <br /> <br />County. For the purpose of this Agreement, straight time hourly cost shall mean the <br /> <br />straight time hourly rate paid to elevator examiners plus fringe benefits and union <br /> <br />welfare granted in lieu of, or in addition to hourly rate increases. Fringe benefits <br /> <br />2 <br /> <br />Agmt-330 <br />FXS:djk <br />F: SharediRedwoodiCounci I <br />03/09/00 <br /> <br />"'T"^'~' <br />