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4. Payment and Documentation: Contract amount not to exceed$175,000, unless Town <br /> occupancy receipts exceed$950,000 (See paragraph 1). Payments of$43,750 each will be made <br /> on or after the following dates: July 1, 2012; October 1, 2012; January 1, 2013; and April 1, <br /> 2013. The Town's obligation to make each payment is contingent upon receiving satisfactory <br /> documentation and accounting of expenditures as detailed in the attached Work Statement. <br /> 5. Insurance Provisions: The Town requires evidence of Contractor's current valid insurance <br /> (if applicable) during the duration of the named project and further requires that the Town be <br /> named as an additional insured. <br /> 6. Financial Records: Contractor agrees to allow the Town to inspect its financial books and <br /> records upon reasonable notice during normal working hours. <br /> 7. Work Statement: Contractor agrees to provide those services described in the Work <br /> Statement attached hereto and incorporated herein by reference, to residents and visitors of <br /> Chapel Hill and to maintain a high level of professionalism in the provision of these services. <br /> 8. Termination for Cause: In the event that Contractor shall cease to exist as an organization or <br /> shall enter bankruptcy proceedings, or be declared insolvent, or liquidate all or substantially all of <br /> its assets,or shall significantly reduce its services or accessibility to Chapel Hill residents during <br /> the term of this Agreement; or in the event that Contractor shall fail to render a satisfactory <br /> accounting as provided herein,then and in that event the Town may terminate this Agreement <br /> and Contractor will return all payments already made to it by the Town for services which have <br /> not been provided or for which no satisfactory accounting has been rendered. <br /> 9. Billing and Payment: The Contractor shall submit a bill to the Town for work performed <br /> under the terms of this Agreement. The Contractor shall bill the Town and the Town shall pay <br /> the rates set forth therein. Payment will be made by the Town within thirty (30)days of the <br /> receipt of an accurate invoice approved by the contact person or his/her designee. <br /> 10. Federal and State Legal Compliance: The Contractor must be in full compliance with all <br /> federal and state laws, including those on immigration. <br /> 11. Amendment: This Agreement may be amended in writing by mutual agreement of the Town <br /> and Contractor. <br /> 12. Interpretation: This Agreement shall be construed and enforced under the laws of the State <br /> of North Carolina. In the event of any dispute between the parties, venue is proper in Orange <br /> County,North Carolina. <br /> 13. Severability: The parties intend and agree that if any provision of this contract or any portion <br /> thereof shall be held to be void or otherwise unenforceable,all other portions of this contract <br /> shall remain in full force and effect. <br /> 14. Assignment: This Agreement shall not be assigned without the prior written consent of the <br />