CENTRAL PARKING SYSTEM, INC. (PARKING GARAGES -2013)

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D. Operator agrees and acknowledges that it is an independent contractor and not an employee of the City. Operator shall maintain complete control over all of its employees and any subcontractors. This Agreement is not intended nor shall it be construed to create an employer- employee relationship, a joint venture relationship, or to allow the City to exercise discretion or control over the professional manner in which Operator performs the services which are the subject matter of this Agreement; however, the services to be provided by Operator shall be provided in a manner consistent with all applicable standards and regulations governing such services and the terms of this Agreement. Operator shall pay all salaries and wages, employer's social security taxes, unemployment insurance and similar taxes relating to employees and shall be responsible for all applicable withholding taxes. Neither Operator nor City is granted any right or authority to assume or create any obligation on behalf of the other. 7. COLLECTION OF REVENUES AND OPERATOR'S PAYMENT OF EXPENSES The Operator shall deposit daily in a separate interest bearing account in a chartered bank approved by City all Gross Revenue received by the Operator in the performances of this Agreement. The Operator shall promptly pay when due all operating expenses. All such expenses shall be promptly paid by the Operator from the Gross Revenues deposited as set forth herein. If at the end of a given month Gross Revenues previously collected are insufficient to pay all expenses, the Operator will carry -over that amount, up to Ten Thousand Dollars ($10,000), to the subsequent month(s) where future revenues can be used to reimburse these expenses. For the amount exceeding Ten Thousand Dollars ($10,000) of unreimbursed expenses for a given month the City shall promptly pay the Operator upon submission of the monthly statement. On or before the fifteenth (15 'h) day of each month, Operator shall remit to City the funds remaining after deducting from Gross Revenues the Operating Expenses and Management Fee for the preceding month. RECORDS AND ACCOUNTS A. Records. The Operator shall, at all times during the term of this Agreement, keep or cause to be kept true and complete books, records, and accounts of all gross receipts from the operation of the Parking Facilities within each of the Parking Facilities. The books, records, and accounts shall be supported by source documents such as computer records and printouts, cash register tapes, and/or other pertinent documents. Computer and/or cash register totals shall be read and recorded by the Operator at the beginning and end of each business day for each exit lane.