Arkansas - Round Mountain Water System Improvement Project_Contract & Scope of Work

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5.3. The State shall not be liable to Grantee for payment of work or services or for costs or expenses incurred by Grantee prior to the "Effective Date". 5.4. The maximum amount available during each fiscal year of this contract for the purchase of Goods and Services shall be: (a) $120,000 in fiscal year 2008; (b) $120,000, less any funds expended during 2008, in fiscal year 2009. 6. Availability of Funds This contract is contingent upon the continuing availability of State appropriations as provided in Section 2 of the Colorado Special Provisions, incorporated as a part of this contract. The State is prohibited by law from making fiscal commitments beyond the term of its current fiscal period. If Federal appropriations or grants fund this contract in whole or in part, the contract is subject to and contingent upon the continuing availability of appropriated Federal funds for this contract. If State of Colorado or Federal funds are not appropriated, or otherwise become unavailable to fund this contract, the State may immediately terminate the contract in whole or in part without further liability. PROCEDURES FOR AND OBLIGATIONS OF CONTRACT PERFORMANCE 7. Billing/Payment Procedure 7.1. The State shall establish billing procedures and pay Grantee the contract price or rate for Services performed, reviewed, and accepted or Goods delivered, inspected, and accepted pursuant to all the terms and conditions of this contract, including without limitation, performance, quality, milestones and completion requirements for payment set forth in Exhibit A, Statement of Work, and the State's inspection and accep#ance rights in Section 8. Grantee shall submit invoices for payment on forms and provide requested documentation in a manner prescribed or approved by the State. Payments pursuant to this contract shall be made as earned, in whole or in part, from available funds encumbered for the purchase of the described Services and Goods. Incorrect payments by the State to Grantee due to omission, error, fraud, or defalcation shall be recovered from Grantee by deduction from subsequent payments under this contract or other contracts between the State and Grantee or collected as a debt due to the State. 7.2. Invoices and payments shall be mailed using the US Postal Service or other delivery service with a properly addressed stamped envelop to the address specified by the Grantee on form W-9 or other similar form and by the State in its billing procedures. 7.3. The State shall make payment in full with respect to each invoice within forty-five (45) days of receipt thereof; provided that the amount invoiced represents Goods and/or Services which have been accepted by the State and the form of the invoice is acceptable to the State. Uncontested amounts not paid by the State within forty-five (45) days shall bear interest on the unpaid balance beginning with the forty-sixth (46th) day at a rate of one percent (1%) per month until paid in full; provided, however, that no interest shall accrue with respect to unpaid amounts for which the State has delivered to Grantee notice of a good faith dispute. Grantee shall invoice the State separately for accrued interest on delinquent amounts. The billing shall reference the delinquent payment, the number of day's interest to be paid and the applicable interest rate. 8. Inspection and Acceptance The State reserves the right to inspect Services and Goods provided under this contract at all reasonable times and places during the term of this contract, including any extensions. If any of the Services or Goods does not conform to contract requirements, the State may require Grantee to promptly perForm the Services or provide Goods again in conformity with contract requirements, at no additional cost to the Page 3 of 15 04-11-07