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the Metropolitan Council will be paid by the CITY and shall not exceed fifty thousand and no/100 dollars ($50,000.00). Within 30 days after this contract is put into effect, the CONTRACTOR shall provide to the CITY a chart and/or table showing estimated monthly billing invoice amounts. The CITY may then apply payment percentages herein to ensure that adequate funds are available to meet invoice requirements. B. Terms of payment. The CONTRACTOR shall submit monthly invoices based on services rendered and rates as referenced in Attachment B. Monthly invoices shall be submitted in conjunction with the required progress reports. Payments shall be made by the CITY based on the following schedule. Upon approval of each invoice, 40% of the invoice amount owed by the CITY will be paid by the CITY. Upon approval by the CITY's authorized agent of a draft report, 30% of the total amount invoiced by CONTRACTOR to the date of draft report submittal that is owed by the CITY will be paid by the CITY. Upon approval by the CITY's authorized agent of a final report, 25010 of the total amount invoiced by CONTRACTOR to the date of final report submittal that is owed by the CITY will be paid by the CITY. Upon completion of the project, including public testimony, the remainder of the amount due from the CITY based on total invoices submitted will be paid by the CITY. The CITY will make invoice payments no later than 45 days following receipt of the invoice. Invoices eligible for reimbursement by the Metropolitan Council will be submitted, upon receipt by the CITY, to the Metropolitan Council. Funds reimbursed to the CITY from the Metropolitan Council will be forwarded immediately to the CONTRACTOR. III. CONDITIONS OF PAYMENT. All services provided by CONTRACTOR pursuant to this contract shall be performed to the satisfaction of the CITY, as determined to the sole discretion of its authorized agent, and in accord with all applicable federal, state and local laws, ordinances, rules and regulations. CONTRACTOR shall not receive payment for work found by the CITY to be unsatisfactory, or performed in violation of federal, state or local law, ordinance, rule or regulation. IV. TERMS OF CONTRACT. This contract shall be effective on the date fully executed and shall remain in effect until June 30, 1991 or until all obligations set forth in this contract have been satisfactorily fulfilled, whichever occurs first. V.• CANCELLATION. This contract may be cancelled by the CITY or the CONTRACTOR at any time, with or without cause, upon thirty (30) days written notice to the other party. In the event of such a cancellation, CONTRACTOR shall be entitled to payment for work or services satisfactorily performed. VI. AUTHORIZED AGENTS. The CITY's authorized agent for the purposes of administration of this contract is Todd Williams. The alternate authorized agent for the CITY shall be the Mayor of Lake Elmo. Such agent shall have final authority for acceptance of CONTRACTOR's services and if such services are accepted as satisfactory, shall so certify on each invoice submitted pursuant to Clause II, paragraph B. The CONTRACTOR'S project manager shall be Chris Lough of DPRA Incorporated. 2