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2 <br />copies of the insurance policies required by this Agreement. Watts shall complete Services <br />within the time period allotted in this Agreement. The project commencement date is <br />scheduled for April 23, 2020, with a project completion date of August 14, 2020. <br />3.Term of Agreement. The term of this Agreement (the “Term”) will commence on theEffective Date first written above and terminate on December 31, 2020, subject to earlier <br />termination as provided in this Agreement. Pursuant to Section 14 of this Agreement and upon <br />expiration of the initial term of this Agreement, this contract may be renewed by mutualagreement of the Parties. <br />4.Compensation and Payment. The Authority agrees to compensate Watts for completion of <br />the Services as provided in Exhibit A – with Phase I to be billed on a lump sum basis and <br />Phase II to be on a time and materials basis, to be billed at an hourly rate not exceeding aspecific amount. <br />In the event the Authority directs Watts to perform Additional Services pursuant to Section 1 hereof, the Authority agrees to compensate Watts accordingly for those additional Services. <br />5.Invoicing. <br />A. Watts shall deliver invoices to the Authority on the thirtieth (30th) day of each month for all Services provided, unless the Executive Director of the Authority is notified in <br />writing by the twenty-fifth (25th) of each month that the invoice will be late and the Authority approves an extension. Invoices receive after the thirtieth (30th) of the month without a prior approved extension will not be considered or paid. Furthermore, the Authority will not consider invoices submitted for work that was performed more than sixty (60) days prior to the date of the invoice. Watts must review each invoice before <br />it is sent to the Authority to determine its accuracy and to ensure the invoice complies with the requirements in this Agreement. Each invoice will be entered into the Aconex system and processed by the Authority for the following month. <br />B. Watts must submit each original invoice to: <br />Metro Flood Diversion Authority c/o Joel Paulsen PaulsenJ@fmdiversion.gov <br />and <br />APInvoicesFMDiv@ch2m.com <br />C. Watts invoices must be detailed and precise. Watts invoices must clearly indicate fees <br />and expenses for the current billing period month and include at least the following information: <br />a.Watts name and address; <br />b.Watts federal employer identification number;