2008/04/02 Council Agenda Packet

5 2.7 Signs Concessionaire will not post signs or posters at.Locations or engage in any marketing or promotional activity without the City's written;permission, which may be denied in the City's sole discretion. 2.10 Agreement Compliance Management Concessionaire and a City representative shall meet no less often than monthly, and at such other times as the City may request, to review compliance with this Agreement. Items to be covered shall include, but not be limited to: (a) Royalties (gross revenues, collection and payment); (b) reports; (c) insurance; (d) Concession Location maintenance and appearance; (e) operating hours; and (e) prices. 3. ROYALTY PAYMENTS AND REPORTS 3.1 Concessionaire will pay a Royalty each month as described in 2.8 Royalty to City and EXHIBIT C—Royalty Schedule. Concessionaire will pay City the Royalty on or before the tenth day of the month that follows the month in which the Royalty was earned. Concessionaire shall make all Royalty checks payable to "The City of Everett," and shall deliver the monthly payments to the City Parks and Recreation Department, accompanied by a written report for the preceding month, showing the Royalty due and the dollar amount of sales (i) by product line, and (ii) from each sales location. The report will also contain a summary showing all monthly and year-to-date sales by Concessionaire for each Location. 3.2 Payments not received by the fourteenth (14`h) day of each month shall be deemed late. For each late payment, Concessionaire shall pay the City a sum equal to fifteen dollars ($15) plus one dollar ($1) for each day the payment is late after the fourteenth (14t) day. 3.3 Concessionaire will keep accurate records of its sales and will make these records available to City upon request during the Term of the Agreement and for up to four years after the expiration of the Term. Concessionaire shall permit authorized representatives of City to accompany Concessionaire's employees during cash collection and counting and to randomly examine the receipts of Concessionaire. 4. Term This Agreement begins on April 5, 2008, and ends on December 31st, 2009, unless terminated sooner. The City may extend the Term of this Agreement to December 31 of the next year by notifying the Concessionaire in writing within thirty days of the end of the original Term. 5. Termination 5.1 With Cause 5.1.1 Either party may terminate this Agreement for the other party's breach of an uncured material breach if the non-breaching party has given the breaching party written notice of the breach and a commercially reasonable period of time to cure the breach. Page 6 19