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3. Term. Unless terminated earlier pursuant to Section 6, the term of this Master Purchase Agreement will be for a period of one (1) year from the Effective Date. The City Manager may amend the Master Purchase Agreement to extend it for up to three (3) additional consecutive one-year terms in an amount not to exceed the preceding year's total annual compensation adjusted by the percentage increase in the Consumer Price Index ("CPI"), up to five (5) percent, per extension term. The Vendor shall submit to the City a revised unit price schedule and supporting CPI information for any extension term. Any extension will require a written amendment executed by both parties indicating the effective date and length of the extended Master Purchase Agreement. 4. Delivery Date. The Goods must be shipped and must arrive at the destination specified in Section 18 of this Master Purchase Agreement or as otherwise specified by City by the request date specified by City ("Required Delivery Date"). Any failure by Vendor to meet the Required Delivery Date will constitute a material default of this Master Purchase Agreement and City may cancel any Goods not delivered in a timely manner without liability. Vendor must notify City immediately if Vendor reasonably believes Vendor will not be able to meet the Required Delivery Date for any reason and provide City with a schedule that Vendor reasonably believes it will be able to meet. It is within City's discretion whether it will accept the revised schedule. 5. Purchase Price. The aggregate purchase price for the Goods and Services provided under this Master Purchase Agreement will not exceed Five Hundred Thirty -Two Thousand Four Hundred Seventy -Four Dollars and Seventy Cents ($532,474.70). The purchase price for the Goods and Services shall be on a cost per material basis, as delineated in Exhibit A, which is attached hereto and incorporated herein by reference. Payment will be due thirty (30) days from City's receipt of an invoice for the Goods, provided that Vendor will not invoice City until all Goods have been received and accepted in accordance with the terms of this Master Purchase Agreement. Vendor represents that the prices quoted to or paid by City will not exceed current prices charged to any other customer by Vendor on the Effective Date for items that are the same or substantially similar to the Goods, taking into consideration the quantity under consideration. Vendor will immediately refund any amounts paid by City in excess of such current prices. The prices in Exhibit A will remain firm for one year following the Effective Date of this Master Purchase Agreement. 6. Cancellation and Termination. City may terminate or cancel this Master Purchase Agreement or Order, or any portion thereof, at any time, with or without cause, by giving Vendor written notice. Cancellation or termination will become effective immediately upon the giving of notice by personal delivery or mail. If Vendor breaches the terms of this Master Purchase Agreement or an Order, City may terminate the Master Purchase Agreement or Order immediately without notice, may reduce payment to Vendor in the amount necessary to offset City's resulting damages, may procure substitute goods or services at Vendor's expense, and/or may pursue any other available recourse against Vendor. Upon termination of this Master Purchase Agreement or any Order by City for any reason, City may require Vendor to provide all finished or unfinished goods, documents, data, diagrams, drawings, materials or other matter prepared or built by REV: 04-27-2021 MI ATTY/AGR.2021.090/Pace Supply Corp. (Page 2 of 27)