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� <br />performance of its obligations under this contract. Therefore, the CWCB shall require the <br />GRANTEE to complete the PROJECT within two (2) years from the effective date of this <br />contract. <br />2. Disbursement of funds. The CWCB shall disburse funds to the GRANTEE up to <br />$167,000 of the PROJECT costs, not to exceed 50%, in the following manner. <br />a. Statement of costs. During the completion of the tasks related to the PROJECT, the <br />GRANTEE shall prepare statements of the costs of the PROJECT and submit said <br />statements to the CWCB for payment. Each statement shall indicate the tasks that <br />have been performed. <br />b. Payment of statements. Upon receipt and approval by the CWCB of each such <br />statement of costs, the CWCB will, within 30 days from the approval of such statement, <br />pay to the GRANTEE the amount of the statement or such portion thereof as has been <br />approved by the CWCB. <br />3. Return of Unused Funds. Any funds disbursed for Project tasks not completed in <br />accordance with the terms of this Contract shall be remitted to the CWCB within 30 days of <br />either (1) completion of the Project, or (2) upon termination of the Project by the CWCB in <br />accordance with Paragraph 5 herein. <br />4. Provision of PROJECT results to CWCB. The GRANTEE shall provide the CWCB with <br />full access to PROJECT development, data, drafts and conclusions in the GRANTEE'S <br />possession and with copies of any interim and final PROJECT reports. Upon completion of <br />the PROJECT, if the CWCB so requests, the GRANTEE shall make a presentation to the <br />CWCB at a regularly scheduled CWCB meeting on the completed PROJECT. <br />5. Termination of contract for cause. If, through any cause, the GRANTEE fails to fulfill in a <br />timely and proper manner its obligations under this contract, or if the GRANTEE violates any <br />of the provisions of this contract, the CWCB, shall thereupon have the right to terminate this <br />contract for cause by giving written notice to the GRANTEE of such termination and <br />specifying the effective date thereof, at least five (5) days before the effective date of such <br />termination. In that event, the GRANTEE shall provide the CWCB with copies of all finished <br />PROJECT development, data, drafts and conclusions prepared by or for the GRANTEE. <br />The GRANTEE shall provide such copies to the CWCB within thirty (30) days of the <br />effective date of such termination. Upon submittal to the CWCB of a statement of <br />PROJECT costs for the period preceding the effective date of the termination of this <br />contract, the GRANTEE shall be entitled to receive the CWCB'S share of the cost of any <br />such PROJECT materials that have been prepared before the effective date of termination <br />of this contract, have been provided to the CWCB, and have not yet been paid for as of the <br />effective termination date. <br />6. Insurance. Grantee shall require each contractor or• consultant performing work on or in <br />connection with the PROJECT, who is a"public entity" within the meaning of the Colorado <br />Government Immunity Act, C.R.S. 24-10-101, et seq., as amended (the "Act"), to obtain <br />GRANT CONTRACT NO. C150203 <br />Page 2 of 6 <br />