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for the development and/or provision of tangible personal property. <br />4.04 If products and services are purchased on behalf of Client, <br />and Client has approved the purchase of any such product and service, <br />then Client will be billed at Agency's cost with a 15% mark-up or <br />commissions. These include: media space and time, purchase of <br />printing services, custom and stock photography, free-lance <br />illustration, stats, color separations, broadcast/audio/video <br />production, laboratory and processing services. Agency shall be paid <br />at cost for travel and other out-of-pocket expenses directly related <br />to the Account Management and to individual jobs with prior approval <br />from client. <br />4.05 Any media wherein Agency is liable for the payment of same <br />for Client's account shall be paid for by the Client in full prior to <br />the closing date for such media provided that the media purchase was <br />approved by Client in advance of Agency incurring costs for any such <br />media. <br />4.06 Agency bills by invoice. Payment is due within 30 days from <br />date of invoice and past .due after 31 days. A service charge of 1.5% <br />per month (18% per annum) will be charged on amounts outstanding past <br />30 days. <br />4.07 Agency shall not receive any commissions for the placement <br />or purchase of media that has <br />been purchased by Client prior to the term of this Agreement and in <br />accordance with previous commitments made by client. <br />4.08 The amount expended in pursuant to this Agreement shall not <br />exceed the planned budget of $310,000. <br />ARTICLE V <br />TERM AND TERMINATION <br />5.01 This Agreement shall be effective for a period of twelve <br />(12) months from the date first appearing above. This Agreement may be <br />renewed for two (2) successive one (1) year terms if such renewal is <br />agreed upon by the parties in writing prior to the expiration of the <br />initial one (1) year term. This Agreement may be amended, modified <br />and extended by the mutual written consent of the Client and Agency. <br />5.02 During the initial or any renewal Term, both Client and <br />Agency shall be entitled to terminate this agreement upon sixty (60) <br />days prior written notice to the other. <br />5.03 Upon termination of this Agreement for any reason Client's <br />files and property held by Agency shall be returned to Client. <br />5.04 Client may suspend or cancel any advertising space or time, <br />mechanicals, sales promotions or merchandising job after preparation <br />of same has begun by Agency, provided, however, that Client shall <br />reimburse Agency for all completed stages of production and all <br />cancellation charges which may be assessed Agency by the Media, such <br />as short rate reflecting frequency discounts or printing preparation <br />charges. However, Client may suspend or cancel any advertising space <br />