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3. Term. Time is of the essence. The term of this Agreement shall commence on the 15th day of April, 2008, and shall terminate on June 30th, 2011, unless terminated earlier as set forth herein. 4. Compensation to Consultant. For the services to be rendered, City shall pay Consultant for construction management services for the Fire House Art Center, as described more particularly in Exhibit "B," which is attached and incorporated herein. Payment shall be made on a monthly basis and within 30 days of City's approval of Consultant's invoice. Total compensation for services and reimbursement for costs shall not exceed $472,660 (Four Hundred Seventy-Two Thousand, Six Hundred and Sixty Dollars) unless agreed to by the parties in writing. a. Invoices submitted to the City must contain a brief description of the work performed, and an accounting of the percentage of work completed under the Agreement. b. Upon completion of work and acceptance by City, Consultant shall have sixty (60) days in which to submit final invoicing for payment. An extension maybe granted by City upon receiving a written request thirty (30) days in advance of said time limitation. The City shall have no obligation or liability to pay any invoice for work performed, which the Consultant fails or neglects to submit within sixty (60) days, or any extension thereof granted by the City, after the work is accepted by the City. c. Total compensation for identified work scope is $448,700 including selected alternates of $18,960 and reimbursable expenses of $5,000 resulting in a total not-to-exceed contract price of $472.660. Use of contingency shall require prior written authorization by the City. d. Payment shall be made for 95% of the value of the work. The City shall retain 5% of the value of the work as partial security for the completion of the work by Consultant. Retained amounts shall be paid to Consultant within thirty days of acceptance by the City of the various phases of work. Payment shall not be construed as acceptance of defective work. No interest will be paid to Consultant on retained funds. e. Consultant will update the City on a monthly basis, as to the status of the CM's budget. Notify the City of Pleasanton when 50% and 75% of its budget have been expended and shall provide a budget for completion. f. Consultant is responsible for all incidental costs, i.e., travel expenses, telephone, administrative costs, etc. 2