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the index published by June 30th of the current year, prior to the commencement of each subsequent Extension Year. To calculate the annual compensation for each subsequent year, the Extension Index shall be divided by the Beginning Index, and the resulting factor, not to exceed 5%, shall be multiplied by the annual compensation of the expiring period. (c) City shall notify Contractor of each CPI increase by mailing a written statement setting forth the calculation of the compensation. If the format or components of the Index change materially, or if the Index is discontinued, then City shall substitute an index published by the U.S. Department of Labor, Bureau of Labor Statistics or similar agency which is most nearly equivalent to the Index in effect on the commencement date of the Second Extension. (d) City shall notify Contractor of the substituted index and shall use the substituted index in the calculation of the City's compensation unless Contractor objects in writing within fifteen (15) days after its receipt of City's notice. If Contractor objects, then the substitute index shall be determined in accordance with the rules and regulations of the American Arbitration Association. The cost of such arbitration shall be borne as determined by the American Arbitration association. (e) Until the compensation for the next Extension Period is agreed upon or set by arbitration, the compensation payable during the preceding Extension Period shall remain in effect. Once compensation for the next Extension Period is agreed upon or set by arbitration, City shall pay Contractor the difference between the amount of compensation paid at the preceding Period and the amount of compensation due for the subsequent Extension Period. In no case shall the compensation during the Extension Period be less than the compensation in effect immediately prior to the commencement of the Extension Period. IV. CITY'S ENGINEER AND REPRESENTATIVES Reserved V. CONTRACTOR'S REPRESENTATIONS AND WARRANTIES In order to induce City to enter into this Agreement, Contractor makes the following representations and warranties: A. Contractor has visited the Site and has examined thoroughly and understood the nature and extent of the Work, Site, locality, actual conditions, as built conditions, and all local conditions and federal, state and local laws and regulations that in any manner may affect cost, progress, performance or furnishing of Work or which relate to any aspect of the design and the means, methods, techniques, sequences or procedures of construction to be employed by Contractor and safety precautions and programs incident thereto. B. Contractor has examined thoroughly and understood all reports of exploration and tests of subsurface conditions, drawings or reports, available for design and construction purposes, of physical conditions, or which may be apparent at the Site and accepts the determination set forth in these documents and Document 00210 (General Conditions) of the limited extent of the information contained in these documents upon which the Contractor may be entitled to rely. Contractor agrees that except for the information so identified, Contractor does not and shall not rely on any other information contained in these documents. AGREEMENT 00200-3