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<br />.8 expense of additional coverage or limits, including professional liability insurance, requested by the <br />Owner in excess of that normally carried by the Architect and the Architect's consultants; and <br />.9 Expense of computer-aided design and drafting equipment time when used in connection with the <br />Project <br /> <br />~ 7.3 PAYMENTS ON ACCOUNT OF THE ARCHITECrS SERVICES <br />~ 7.3.1 Payments on account of the Architect's services and for Reimbursable Expenses shall be made monthly upon <br />presentation of the Architect's statement of services rendered or as otherwise provided in this Agreement. <br /> <br />~ 7.3.2 An initial payment as set forth in Section 8.1 is the minimum payment under this Agreement. <br /> <br />~ 7.4 ARCHITECT'S ACCOUNTING RECORDS <br />~ 7.4.1 Records of Reimbursable Expenses and expenses pertaining to services performed on the basis of a multiple <br />of Direct Personnel Expense shall be available to the Owner or the Owner's authorized representative at mutually <br />convenient times. <br /> <br />ARTIClE 8 BASIS OF COMPENSATION <br />The Owner shall compensate the Architect as follows: <br /> <br />~ 8.1 AN INmAL PAYMENT OF Zero Dollars and Zero Cents ($ 0.00 ) shall be made upon execution of this <br />Agreement and credited to the Owner's account at final payment. <br /> <br />~ 8.2 COMPENSATION FOR THE ARCHITECT'S SERVICES, as described in Article 1, Architect's Services, <br />shall be computed as follows: <br />(Insert basis of compensation, including stipulated sums multiples or percentages, and identify the services to which <br />particular methods of compensation apply, if necessary.) <br /> <br />Fixed Fee of Twenty-Five Thousand Dollars and 001100 ($25,OOOJJO) <br />A portion of this pay will be applied to the A&E fee if the building continues on to completion of the design and <br />constmction documents for the intent of constmcting the building. <br /> <br />~ 8.3 FOR REIMBURSABLE EXPENSES, as described in Article 7, and any other items included in Article 9 as <br />Reimbursable Expenses, a multiple of ( ) times the expenses incurred by the Architect, the Architect's <br />employees and consultants in the interest of the Project. There will be no reimbursable expenses for this portion of <br />the project. <br /> <br />~ 8.4 Payments are due and payable Fifteen ( 15 ) days from the date of the Architect's invoice. Amounts unpaid <br />Thirty-one ( 31 ) days after the invoice date shall bear interest at the rate entered below, or in the absence thereof, <br />at the legal rate prevailing from time to time at the principal place of business of the Architect <br />(Insert rate of interest agreed upon.) <br /> <br />per annum <br /> <br />(Usury laws and requirements under the Federal Truth in Lending Act, similar state and local consumer credit laws <br />and other regulations at the Owner's and Architect's principal places of business, the location of the Project and <br />elsewhere may affect the validity of this provision. SpecifIC legal advice should be obtained with respect to deletions <br />or modifications, and also regarding other requirements such as wriuen disclosures or waivers.) <br /> <br />~ 8.5 IF THE SCOPE of the Project or of the Architect's services is changed materially, the amounts of <br />compensation shall be equitably adjusted. <br /> <br />ARTICLE 9 OTHER CONDITIONS <br /> <br />Inlt. <br /> <br />AlA Document 8727111 - 1988. Copyright iClI972. 1979 and 1988 by The American Inslifute 01 Archi\eds. All rights -.d. WARNING: ThIs AlA- <br />Document Is protedlld by U.s. Copyright lAw lnet InIemIIIoneI TrIatIes. UnlUIhortzed reproduction 01' cIIstrlbuIIon of this AlA- Document, or my <br />portion of It, may rlSUl In severe cIvlIlIId crInllnel penIIIIes, llId w" be proucUled to .... ___ extent possible under tM.... This document <br />was produced by AlA soIIware at 16:10:21 on 01/22/2009 under Order No.1 000380279_1 which expires on 12/512009. and is not for resale. <br />User Notes: (1127168518) <br /> <br />4 <br />