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3. COMPENSATION <br />a. City agrees to pay, and Consultant agrees to accept as total payment for its services for <br />City, the rates and charges identified in Exhibits B-1 and B-2, attached hereto and incorporated <br />by reference. The total sum to be expended by City for services pursuant to this Agreement shall <br />not exceed <br />• $200,000 for FF&E appraisal services $200,000.00; and <br />• $300,000 for business goodwill appraisal services <br />b. Invoices <br />i. The Consultant shall submit a monthly invoice by the fifteenth of the month to the <br />City for the services rendered in the prior month. <br />H. All invoices for work performed under this Agreement shall be submitted in a format <br />approved by the City. Invoices shall include the following information at a <br />minimum: <br />a. Consultant's invoice number <br />b. Beginning and ending dates for services <br />c. City project number and/or name (if applicable) <br />d. Work site address/location (if applicable) <br />e. Tasks or deliverables completed, and percent of total services completed <br />c. City shall, within 45 days of receiving such statement, review the statement and pay <br />all approved charges thereon. <br />4. TERM <br />This Agreement shall commence on the date first written above and terminate on June 30, <br />2015, unless terminated earlier in accordance with Section 14, below. The term of this <br />Agreement may be extended by a writing executed by the Executive Director of ,Public Works. <br />5. INDEPENDENT CONTRACTOR <br />Consultant 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 <br />shall it be construed to create an employer-employee relationship, a joint venture relationship, or <br />to allow the City to exercise discretion or control over the professional manner in which <br />Consultant performs the services which are the subject matter of this Agreement; however, the <br />services to be provided by Consultant shall be provided in a manner consistent with all applicable <br />standards and regulations governing such services. Consultant shall pay all salaries and wages, <br />employer's social security taxes, unemployment insurance and similar taxes relating to employees <br />and shall be responsible for all applicable withholding taxes. <br />6. INSURANCE <br />Prior to undertaking performance of work under this Agreement, Consultant shall <br />maintain and shall require its subcontractors, if any, to obtain and maintain insurance as described <br />below: <br />