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<br />(c) <br /> <br />(d) <br /> <br />NORESCO shall comply with and obtain at its expense all licenses and <br />permits required by Federal, State and local law in connection with the <br />installation, operation and maintenance of the energy conservation <br />measures (IECMs") of the System. <br /> <br />Any changes in laws, ordinances, rules or regulations, such as changes in <br />taxes to be paid on the equipment, fees, or permits occurring after the <br />Effective Date, which materially affect the Scope of Work, shall be <br />addressed by the Parties as a Change under Section 5. <br /> <br />SECTION 2 - Compensation and Payment <br /> <br />(a) <br /> <br />(b) <br /> <br />(c) <br /> <br />NORESCO shall provide Customer with a detailed invoice on the 10th day <br />of each month (the "Progress Period"). Upon review and approval of an <br />invoice, City shall pay NORESCO an amount equal to 90% of the labor <br />performed and 90% of the material actually installed by NORESCO during <br />that Progress Period. The remaining 10% shall be held as retention and <br />paid subject to Section 2 (b) below. <br /> <br />Upon receipt of NORESCO's Notice of Completion and Customer's <br />receipt and approval of NORESCO's final invoice, the Scope of Work will <br />be presented to the City Council for approval (the "Approval") in a diligent <br />manner. Within 35 days from the Approval, City shall release the <br />retention to NORESCO <br /> <br />Amounts not paid to NORESCO within thirty (30) days from the date of <br />receipt of a detailed invoice, shall accrue interest at the lesser of (a) two <br />and one-half (2 1/2), percentage points greater than the prime rate <br />established by Fleet Bank of Massachusetts or (b) the greatest rate of <br />interest permitted by law, but in no event more than ten (10) percent per <br />annum. <br /> <br />SECTION 3 - Term <br /> <br />The Implementation Period of the Agreement shall begin on the Effective Date <br />and conclude on the date of Acceptance. <br /> <br />For the purposes of NORESCO's collection of rebate incentives from Pacific Gas <br />& Electric (PG&E), the "Operation Period" of this Agreement shall begin <br />immediately following completion of the Implementation Period and conclude two <br />(2) years from PG&E's acceptance of the installation of the System. <br /> <br />-2- <br /> <br />12/12/00 <br />