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(3) Contractor's proposal, attached as Exhibit B. <br /> 2. COMPENSATION <br /> a. City agrees to pay, and Contractor agrees to accept as total payment for its services, <br /> the rates and charges identified in Exhibit B, for services actually performed at <br /> events mutually agreed upon by the parties in a signed writing. The total amount of <br /> this Agreement shall not exceed Two Hundred Thousand Dollars and 00/100 <br /> ($200,000). <br /> b. Payment of deposit of half of the proper invoice for a mutually agreed upon event, <br /> shall be processed and paid to Contractor prior to such mutually agreed upon event, <br /> following City's receipt of the proper invoice for such mutually agreed upon event. <br /> In the event Contractor fails to provide a proper invoice for a mutually agreed upon <br /> event at least one (1) week prior to the mutually agreed upon event, then payment <br /> shall be paid in full, subject to City's accounting procedures, within forty-five(45) <br /> days following City's receipt of the proper invoice for a mutually agreed upon <br /> event. <br /> C. Remaining balance for a mutually agreed upon event shall be paid within forty-five <br /> (45) days following the date of the mutually agreed upon event, subject to City <br /> accounting procedures. <br /> d. City and Contractor agree that all payments due and owing under this Agreement <br /> shall be made through Automated Clearing House (ACH) transfers. Contractor <br /> agrees to execute the City's standard ACH Vendor Payment Authorization and <br /> provide required documentation. Upon verification of the data provided, the City <br /> will be authorized to deposit payments directly into Contractor's account(s) with <br /> financial institutions. <br /> e. Payment need not be made for work that fails to meet the standards of performance <br /> set forth in the Recitals which may reasonably be expected by City. <br /> 3. TERM <br /> This Agreement shall commence on June 1, 2024 and expire on May 31, 2026, with the <br /> option for the City to grant up to three (3) one (1) year renewals, exercisable by a writing by the <br /> City Manager and the City Attorney, unless terminated earlier in accordance with Section 16, <br /> below. <br /> 4. INDEPENDENT CONTRACTOR <br /> Contractor shall, during the entire term of this Agreement, be construed to be an <br /> independent contractor and not an employee of the City. This Agreement is not intended nor shall <br /> it be construed to create an employer-employee relationship, a joint venture relationship, or to <br /> allow the City to exercise discretion or control over the professional manner in which Contractor <br /> City Council 18 — 4 5/ =4f 11 <br />