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TOTAL {Maximum Obligation) $12,000.00 <br />IV. PAYMENTSICOST RI~PORT <br />A. Project Sl~onsot~ shall pay Contractor for the actual casts of providing the <br />administration of services hereiuldez•, provided, however, the total of all payments <br />to Contractor shall not exceed the Maximum Obligation as specified in Section III <br />of the Agreement. <br />B. Contractor shall invoice Project Sponsor zxzonthly in arrears, based on the <br />actual cost of providing and cozztracting for the services hereunder. Project <br />Sponsor shall pay Coc~iractoz- no later than thirty (30} days following receipt of <br />such invoice. Monthly payments arc ini:erizn payments only, and are <br />subject to 1-final settlement azad reconciliation to the final Cost Report submitted <br />by Contractor. <br />C. All billi~~gs by Contractoz• shall be accompanied by copies of source <br />documentation. including, but not limited to, journals, time sheets, canceled <br />checks, and records of cost iz~cun-ed by Contractor in the performance of this <br />Agreement. <br />D. At such tines and in such a forz3~at as the Contract Officers rrzutually agree in <br />writing, Contractor shall prepare and submit to Project Sponsor reports of cost <br />incurred by Co~7tractor in the performance of this Agreement. <br />>/. 7'he Cost Report(s) shall be financial and statistical reports(s) submitted by <br />Contractor to Project Sponsor, and shall sezve as the basis for final Settlement of <br />this Agreeme~~t. The Cost Reports(s) shall detail all costs incurred by Contractor <br />to provide services hereunder. <br />F. Final Settlement shall be based upon t17e actual costs incurred by Contractor <br />to provide services he~•eunder. If the Cast Reports} indicates the total <br />of Project Sponsor's payments to Contractor are less than Contractor's cost to <br />provide the services hereunder, Project Sponsor shall pay Contractor the <br />difference; provided, however, the total payz7~ent shall not exceed the Maximuzxz <br />Obligation. if the Cost Reports} indicates the total of Project Sponsor's <br />payments to Contractor are higher than Contractor's cost of providing the services <br />hereru~der, Cot~iractor shall pay l'rojcct Sponsor the difference. Payment due <br />pursuant to the Cost Reports} shall be made within thirty (30) days of the Final <br />Settlenle~lt detcrn~ination. <br />G. Any funds not expended by fiscal year end, June 30, 2013 shall be returned io <br />Project Sponsor. Said unexpended fiu~ds shall be reallocated by City through the <br />I:IOPWA Prograzz~. <br />3 <br />Exhibit 2 <br />x <br />