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<br /> <br />B. During each contract year, the Supplier must pay Everett Transit the greater of the Minimum Annual <br />Guarantee (MAG) or a percentage of Gross Billings earned by the Supplier from the sale of advertising <br />on Everett Transit vehicles or a combination of both. <br />i. The Supplier agrees that it will pay Everett Transit no less than the MAG stated in Form 3.02 <br />Monetary Proposal. <br />C. Everett Transit prefers to receive the full MAG at the beginning of the contract year. If proposed as <br />such, the first-year MAG payment will be made fifteen (15) days following contract execution. <br />Payment of the MAG for subsequent years will be made within thirty (30) days of the contract year <br />commencement. <br />D. If thirty percent (30%) or more of Everett’s peak hour transit service ceases to operate in excess of <br />seven (7) consecutive days due to strike, labor dispute, fire, flood, earthquake, military action, civil <br />disturbance, terrorism, act of nature or other emergency condition, and as a result of such <br />interruption the Supplier is required to refund any advertiser payments shared with ET under this <br />Contract, then the annual guarantee shall be reduced on a pro-rata basis for a period of said service <br />interruption or reduced by the amount of any such refunds made by the Supplier as a result of the <br />service interruption, whichever is the lesser amount. <br />E. No later than 60 calendar days after the end of the contract year, the Supplier must provide a <br />Reconciliation Report consisting of a reconciliation of fees for the prior contract year together with a <br />check for any overage due to Everett Transit. <br />F. Uncollectible accounts are the responsibility of the Supplier. Everett Transit is entitled to its share of <br />the Gross Billing from uncollectible accounts. <br />2.11 REPORTING <br />A. Monthly Reports <br />Within twenty (20) calendar days after the end of each calendar month, the Supplier must send <br />Everett Transit a statement of billing, the appropriate payment due, and a report which must provide: <br />• A schedule of current-month advertisements by category, advertiser, bus type, bus number, <br />number of days posted, rate, revenue to Supplier, and revenue to Everett Transit. <br />• An explanation of whether payment is equal to the contract percent during the period or the <br />minimum guarantee. <br />• A year-to-date payment. <br />B. Quarterly Report <br />On a quarterly basis, the Supplier must provide Everett Transit: <br />• An inventory report of advertising installed and removed on the Everett Transit fleet, including <br />category, advertiser, bus type, bus number, date of installation, and removal. <br />• Advertiser contract information, including contract length, start and end dates. <br />• A quarterly statement of total ad sales and billings. <br />C. Annual Report <br />Exhibit C to Services Agreement