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r <br /> 3 <br /> On January 14, 1988, the CONSULTANT shall make a <br /> presentation of the final report to the Economic Development <br /> Commission. <br /> III. COMPENSATION <br /> The total contract price is five thousand dollars ($5,000). <br /> Payment shall be made on the following basis: <br /> $500 (10%) at contract inception to be paid no later <br /> than October 1, 1987. <br /> $1,000 (20%) following acceptance of discussion <br /> paper on the definition of economic development, to be paid no later <br /> than November 10, 1987 . <br /> $3,000 (60%) following acceptance of draft final <br /> report; to be paid no later than January 5, 1988 . <br /> $500 (10%) following presentation of final report <br /> to the Economic Development Commission; to be paid no later than <br /> January 16, 1988 . <br /> CONSULTANT will submit invoices for completed work at each of the <br /> four benchmarks listed above. Payment will not be made without <br /> invoice. <br />