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Letter of Understanding Rice Street Project March 29, 1995 Page 2 The Project will be completed for total compensation not to exceed $46,000. Timeline To insure the completion of the Project within specified time limits, the City has the right to retain from each invoice an amount equal to five percent (5 %) of requested compensation for staff time expense. Requested compensation for eligible direct expenses shall not be subject to retainage. All amounts retained by the City will be paid upon timely completion of the Project as described below. The Project will be completed on or before September 8, 1995. For the purpose of this provision, completion of the Project means submission of the final report to the City Councl for its consideration. The City will grant an extnesion of the completion date if the Project Team, due to events beyond its control, cannot schedule the workshops and town meetings in a timetable similar to the chart shown in Exhibit C. If the project completion date is extended in this mannter, the Project Team will receive the amount retained in the same manner as if the Project was completed on or before September 8, 1995. If the project is not compelted by September 8, 1995 or the amended completion date, retainage shall be forfeited to the City. Termination The project may be terminated by the City at any point in the process for any reason at which time consultants shall be compensated for all work done to date, including expenses. No retainage will be withhold by the City. Notice of termination shall be in writing. Amendment This letter of understanding can be amended by the written approval of the City and Ehlers and Associates. EHLERS AND ASSOCIATES, INC. CITY OF LITTLE CANADA Its: Its: Date Date PAGE 2