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Additionally,the parties may choose to extend the term of this Agreement by two (2)—three-year <br /> extension terms. If the parties so agree, each extension term will be formalized in an amendment <br /> to this Agreement. <br /> 4. Compensation. <br /> A. Management Fee Is Complete Compensation. The City will pay Service Provider: the <br /> Management Fee, as defined in Section 4.B below. The Management Fee is full payment and <br /> complete compensation to Service Provider for all labor, materials, services, costs, expenses, <br /> equipment and all other items or actions necessary for the Work and for completion of all Service <br /> Provider's obligations under this Agreement. No other payments or reimbursements to Service <br /> Provider are allowed under this Agreement. <br /> B. Definition of Management Fee. The"Management Fee" is as follows: <br /> }"'# �.£h ki }�� �g.€s! :.mm++f�iF ,: �F.t'� jT� (k'A �Yi*14• 3 3 r' # .. <br /> Contract },k Ys 4£ <br /> Contract Year One $18,274.30 per month until <br /> July 1, 2020 to June 30, 2021 automation occurs. As set <br /> forth in the RFP, the City <br /> intends to automate the <br /> Everpark Garage, which is <br /> anticipated to occur during <br /> Contract Year One. <br /> Effective on automation, <br /> Management Fee becomes <br /> $12,289 per month. If <br /> automation occurs mid- <br /> month, that month will be <br /> prorated. <br /> Contract Year Two $12,658 per month <br /> July 1, 2021 to June 30, 2022 <br /> Contract Year Three $13,038 per month <br /> July 1, 2022 to June 30, 2023 <br /> C. Failure to Correct Work. If Service Provider fails or refuses to correct its work when <br /> so directed by the City, the City may withhold from any payment otherwise due an amount that <br /> the City in good faith believes is equal to the cost to the City of correcting, re-procuring, or <br /> remedying any damage caused by Service Provider's conduct. <br /> 5. Method of Payment. <br /> A. To obtain payment, the Service Provider shall (a) file its request for payment for the <br /> Management Fee and (b) comply with all applicable provisions of this Agreement. Service <br /> Provider shall be paid no more often than once every thirty days. <br /> Page 2 <br /> PARKING MANAGEMENT SERVICES AGREEMENT <br />