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-110- <br /> <br />Mr. James E. Norman <br />January 6, 2003 <br />Page 5 <br /> <br />BUDGET <br /> <br />The budget for the work program.and work products described in this proposal is shown below. <br /> <br />Professional Services <br /> <br />Site Evaluation <br />Customer Survey <br />Competitive Shopping Areas <br />Business Interviews <br />Trade Al:ea Analysis <br />Commercial Area Remerchandising <br />Report Preparation <br />Meetings <br /> Total Professional Services <br /> <br /> Budget <br /> <br />$ 1,400 <br /> 2,200 <br /> 1,500 <br /> 1,000 <br /> 3,600 <br /> 2,400 <br /> 1,3.00 <br /> 4;800 <br />$18,200 <br /> <br />Expenses (Estimated) <br />Travel $ 150 <br />Demographics 350 <br />Computer 300 <br />Survey Costs 350 <br />Report Production 1,250 <br />Miscellaneous 100 <br /> Total Expenses <br /> <br />$ 2~500 <br /> <br />TOTAL BUDGET <br /> <br />$ 20,700 <br /> <br />The professional fees for the services outlined in this proposal total $18,200 and will be <br />performed at a price not-to-exceed that amount. Expenses estimated at $2,500 are to be <br />reimbursed based on actual cost. The budget is based' on the amount of time required to perform <br />the work tasks and our normal hourly billing rates of $220' for principals, $t60 for executive <br />associates, $110 for associates, and $75-$85 for consultants. <br /> <br />Company policy requ/res a retainer of approximately one half the estimated budget for the <br />project or $10,000. The retainer will be applied to the final invoice as a credit for billing of <br />professional services 'and expenses. Invoices for professional services and expenses will. be <br />rendered at mid-month and month-end as our work progresses. <br /> <br />Standard billing terms are net ten days..A finance charge of 1.5 percent will be charged on all <br />unpaid balances outstanding more than 30 days. <br /> <br /> <br />