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<br />10/15/98 <br /> <br />11 :04 AM ADP Contract <br /> <br />5.02 TIME OF PAYMENT <br /> <br />A. ADP shall submit monthly statements on or before the twentieth of the month for <br />services rendered. OWNER shall make prompt payment on or before the twentieth of <br />the month following the date of the ADP monthly statement. <br /> <br />B. Monthly statements will be based upon an estimate of the total services actually <br />completed at the time of billing. Upon completion of all Basic Services, OWNER shall <br />pay such additional amount, if any, as may be necessary to totally compensate ADP for <br />the services rendered. Except as provided in 5.01 (C) with respect to adjustments to the <br />Scope of Services, ADP's compensation hereunder shall in no case exceed the lump <br />sum set forth in paragraph 5.01 (A). <br /> <br />5.03 OTHER PROVISIONS CONCERNING PAYMENT <br /> <br />A. If OWNER fails to make any payment due ADP for services and expenses within <br />sixty days after receipt of monthly statement therefor, the amounts due will be <br />increased at the rate of 1.5% per month from date of invoice, and in addition, ADP may, <br />after giving seven days' written notice to OWNER, suspend services under this <br />Agreement until ADP has been paid in full all amounts due for services, expenses and <br />charges. <br /> <br />B. In the event of termination by OWNER under paragraph 7.01(A), progress <br />payments due ADP for services rendered prior 1[0 the date of the termination notice <br />shall constitute total payment for such services; provided that the aggregate total of <br />such progress payments shall never exceed that amount which is calculated by <br />multiplying the percentage of the Exhibit A servicE~s actually completed by ADP prior to <br />the date of the termination notice times $17,445.00 [or such greater or IE~sser lump sum <br />amount as might have been agreed to by the' partil9s pursuant to 5.01 (C)]. <br /> <br />C. All compensation billed for by ADP shall be supported by a billing statement <br />which shall detail for the applicable billing period: <br /> <br />1. Hourly charges attributable to serviices hereunder performed by ADP's <br />principals and employees during the applicable billing period. Such <br />charges shall be calculated according to the rate schedule attached <br />hereto and by this reference incorporated herein as Exhibit D; and <br /> <br />2. Charges for services hereunder performed by professional associates and <br />consultants at ADP's actual cost, plus 10%. <br /> <br />3. Charges for reimbursable out of pocket expenses incurred by ADP <br />according to the rate schedule attached hereto and by this reference <br />incorporated herein as Exhibit E. <br />3 <br />