Agenda - Council - 09/23/1997 - Laserfiche WebLink

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September 18, 1997 Ryan Schroeder Page Three COMPENSATION Based on the Scope of Work we forecast that time devoted to each objective may be allocated in the following manner: 1. Industrial Prospecting - 60% 2. Financial Services - 40% By approving this engagement letter the City of Ramsey agrees to compensate AEC in the amount of $2,000 per month for an average of 20 hours of work per month. This amount shall be due and payable upon execution of this agreement and on the first day of each month thereafter. Standard out of pocket expenses such as travel etc. would be in addition to this amount and would be billed according to normal AEC expense reimbursement policies. The city may contract for additional time at the rate of $100/hour on an as needed basis. In addition to the monthly retainer, the city agrees to compensate AEC with a commission based on the value of the project locating in the city. The commission amount will equate to 1% of the construction value of the project as documented by the project's sworn construction statement. The commission will be due and payable following commencement of construction for the project. TERM OF THE AGREEMENT The term of this agreement is for the period from October 1, 1997 to December 31, 1997. Thereafter, the term will be on a month to month basis. TERMINATION This agreement may be terminated by either party with or without cause. Notification of termination shall be provided by one party to the other through written notice of termination. Such notice shall be provided 30 days prior tO the date of termination. If the agreement is terminated while a project is in process, the city agrees to compensate AEC under the terms an conditions stated in the preceding compensation clause of this agreement.