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5. TERM <br /> A. Initial Term-Work Commencement <br /> The Parties' respective performances under this Contract shall commence upon signature of the State <br /> controller or their delegate.This Contract shall terminate on June 30, 2013 unless sooner terminated or <br /> further extended as specified elsewhere herein. <br /> B. Two Month Extension <br /> The State, at its sole discretion upon written notice to Contractor as provided in §16,may unilaterally <br /> extend the term of this Contract for a period not to exceed two months if the Parties are negotiating a <br /> replacement Contract(and not merely seeking a term extension) at or near the end of any initial term or <br /> renewal term. The provisions of this Contract in effect when such notice is given, including,but not limited <br /> to prices,rates, and delivery requirements, shall remain in effect during the two-month extension.The two <br /> month extension shall immediately terminate when and if a replacement Contract is approved and signed <br /> by the Colorado State Controller. <br /> 6. STATEMENT OF WORK <br /> A. Completion <br /> Contractor shall complete the Work and its other obligations as described herein and in Exhibit A on or <br /> before June 30,2013.The State shall not be liable to compensate Contractor for any Work performed prior <br /> to the Effective Date or after the termination of this Contract. <br /> B. Goods and Services <br /> Contractor shall procure Goods and Services necessary to complete the Work. Such procurement shall be <br /> accomplished using the Contract Funds and shall not increase the maximum amount payable hereunder by <br /> the State. <br /> C. Employees <br /> All persons employed by Contractor or Subcontractors to perform Work under this Contract shall be <br /> Contractor's or Subcontractors' employee(s)for all purposes hereunder and shall not be employees of the <br /> State for any purpose as a result of this Contract. <br /> 7.PAYMENTS TO CONTRACTOR <br /> The State shall,in accordance with the provisions of this §7,pay Contractor in the amounts and using the <br /> methods set forth below: <br /> A. Maximum Amount <br /> The maximum amount payable under this Contract to Contractor by the State is $117,741.00.00, as <br /> determined by the State from available funds. Payments to Contractor are limited to the unpaid obligated <br /> balance of the Contract set forth in Exhibit A. <br /> Up to$117,741 in FY2012 <br /> $117,741 minus the amount <br /> expended in FY2012 for FY2013 <br /> B.Payment <br /> i. Advance,Interim and Final Payments <br /> Any advance payment allowed under this Contract or in Exhibit A shall comply with State Fiscal <br /> Rules and be made in accordance with the provisions of this Contract or such Exhibit. Contractor shall <br /> initiate any payment requests by submitting invoices to the State in the form and manner set forth in <br /> approved by the State. <br /> ii.Interest <br /> The State shall fully pay each invoice within 45 days of receipt thereof if the amount invoiced <br /> represents performance by Contractor previously accepted by the State. Uncontested amounts not paid <br /> by the State within 45 days shall bear interest on the unpaid balance beginning on the 46th day at a <br /> rate not to exceed one percent per month until paid in full; provided,however,that interest shall not <br /> accrue on unpaid amounts that are subject to a good faith dispute. Contractor shall invoice the State <br /> separately for accrued interest on delinquent amounts.The billing shall reference the delinquent <br /> payment,the number of day's interest to be paid and the interest rate. <br /> Page 3 of 15 <br />