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Tracking#10-41274 <br /> TERM <br /> 6. This License shall commence on the Effective Date and shall continue for a period of <br /> one (1) year, subject to prior termination as hereinafter described. <br /> COMPENSATION <br /> 7. (a) Licensee shall pay Licensor, prior to the Effective Date, the sum of Two <br /> Thousand Five Hundred and No/100 Dollars ($2500) as compensation for the <br /> use of the Premises. <br /> (b) Licensee agrees to reimburse Licensor (within thirty (30) days after receipt of bills <br /> therefor) for all costs and expenses incurred by Licensor in connection with <br /> Licensee's use of the Premises or the presence, construction and maintenance <br /> of the PIPELINE, including but not limited to the furnishing of Licensor's Flaggers <br /> and any vehicle rental costs incurred. The cost of flagger services provided by <br /> the Licensor, when deemed necessary by Licensor's representative, will be <br /> borne by Licensee. Flagging costs shall include, but not be limited to, the <br /> following: payfor at least an eight (8) hour basic day with time and one-half or <br /> double time for overtime, rest days and holidays (as applicable); vacation <br /> allowance; paid holidays (as applicable); railway and unemployment insurance; <br /> public liability and property damage insurance; health and welfare benefits; <br /> transportation; meals; lodging and supervision. Negotiations for railway labor or <br /> collective bargaining agreements and rate changes authorized by appropriate <br /> Federal authorities may increase flagging rates. The flagging rate in effect at the <br /> time of performance by the flaggers hereunder will be used to calculate the <br /> actual costs of flagging pursuant to this paragraph. <br /> (c) All invoices are due thirty (30) days after the date of invoice. In the event that <br /> Licensee shall fail to pay any monies due to Licensor within thirty (30) days after <br /> the invoice date, then Licensee shall pay interest on such unpaid sum from thirty <br /> (30) days after its invoice date to the date of payment by Licensee at an annual <br /> rate equal to (i) the greater of (a) for the period January 1 through June 30, the <br /> prime rate last published in The Wall Street Journal in the preceding December <br /> plus two and one-half percent (2 1/2%), and for the period July 1 through <br /> December 31, the prime rate last published in The Wall Street Journal in the <br /> preceding June plus two and one-half percent (2 1/2%), or (b) twelve percent <br /> (12%), or (ii) the maximum rate permitted by law, whichever is less. <br /> COMPLIANCE WITH LAWS <br /> 8. (a) Licensee shall observe and comply with any and all laws, statutes, regulations, <br /> ordinances, orders, covenants, restrictions, or decisions of any court of <br /> competent jurisdiction ("Legal Requirements") relating to the construction, <br /> maintenance, and use of the PIPELINE and the use of the Premises. <br /> (b) Prior to entering the Premises, Licensee shall and shall cause its contractor to <br /> comply with all Licensor's applicable safety rules and regulations. Prior to <br /> commencing any work on the Premises, Licensee shall complete and shall <br /> require its contractor to complete the safety-training program at the following <br /> Internet Website "http://www.contractororientation.com". This training must be <br /> Form 424; Rev.04/26/05 <br />