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<br />7.02 Maximum Contract Amount. The maximum amount to be paid the Contractor <br />under the agreement shall not exceed the sum of $ ("Maximum Contract <br />Amount") during the term of the agreement. The Contractor acknowledges that: <br />· the Maximum Contract Amount in this section is calculated based on Rate #3 in <br />paragraph (b) of section 7.01 and a maximum Deadhead Index as provided for in the <br />table in paragraph (c) of section 7.01; <br />· the actual amounts to be paid Contractor shall be based solely on the payment provisions <br />of section 7.01; and <br />· the total amount to be paid the Contractor under the agreement may, and in all likelihood <br />will, be less than the Maximum Contract Amount. <br /> <br />7.03 Requests for Payment. For the transit service provided under the agreement, the <br />City shall pay the Contractor upon submission of requests for payment in accordance with the <br />following provisions: <br /> <br />a. Monthly and Final Payment Requests. The Contractor shall submit requests for <br />payment on a calendar month basis using City software provided to the Contractor. Each request <br />for payment shall be submitted not later than thirty (30) calendar days after the end of the month <br />in which the services were provided except that the final request for funds under the agreement <br />must be submitted within sixty (60) calendar days of the last day services are provided. Requests <br />for payment shall be sent to the following address: <br /> <br />City of Ramsey <br />Attn.: Public Works Department <br />7550 Sunwood Drive <br />Ramsey, Minnesota 55303 <br /> <br />or such other person or address as may be designated in writing by the City to the Contractor. <br /> <br />b. Form of Payment Requests. The information required by sections 6.01, 6.02, and <br />6.03 must accompany each request for payment. The payment request and reports shall be <br />prepared in a form developed by the City and provided to the Contractor and shall be supported <br />by such copies of invoices, payrolls, driver trip sheets, dispatch logs, and other documents as <br />may be requested by the City. <br /> <br />c. City Review and Approval. The City will review the Contractor's monthly request <br />for payment and issue a check in payment within thirty (30) calendar days from receipt of a <br />properly completed request for payment in accordance with the previous paragraph, if the City <br />finds the Contractor's services have been satisfactorily completed for that month. <br /> <br />d. Interest on Late Payments. If, after sixty (60) days from receipt of a properly <br />completed request for payment, the City does not make payment from available funds, the City <br />will pay a late fee of 1.5% per month ofthe net invoiced amount for each full month payment is <br />delayed, unless the delay in payment is due to a good faith dispute with the Contractor regarding <br />the payment request. <br /> <br />19 <br />