C154204 NRD Grant Contract - Laserfiche WebLink

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5. TERM A. Initial Term -Work Commencement The Parties' respective performances under this Contract shall commence on the Effective Date. This Contract shall terminate on December 31, 2014 unless sooner terminated or further extended as specified elsewhere herein. B. Two Month Extension The State, at its sole discretion upon written notice to Contractor as provided in §16, may unilaterally extend the term of this Contract for a period not to exceed two months if the Parties are negotiating a replacement Contract or an amendment at or near the end of any initial term or renewal term. The provisions of this Contract in effect when such notice is given, including, but not limited to prices, rates, and delivery requirements, shall remain in effect during the two -month extension. The two month extension shall immediately terminate when and if a replacement Contract is approved and signed by the Colorado State Controller. 6. STATEMENT OF WORK A. Completion Contractor shall complete the Work and its other obligations as described herein and in Exhibit A on or before December 31, 2014. The State shall not be liable to compensate Contractor for any Work performed prior to the Effective Date or after the termination of this Contract. B. Goods and Services Contractor shall procure Goods and Services necessary to complete the Work. Such procurement shall be accomplished using the Contract Funds and shall not increase the maximum amount payable hereunder by the State. C. Employees All persons employed by Contractor or Subcontractors to perform Work under this Contract shall be Contractor's or Subcontractors' employee(s) for all purposes hereunder and shall not be employees of the State for any purpose as a result of this Contract. 7. PAYMENTS TO CONTRACTOR The State shall, in accordance with the provisions of this §7, pay Contractor in the amounts and using the methods set forth below: A. Maximum Amount The maximum amount payable under this Contract to Contractor by the State is $2,000,000, as determined by the State from available funds. Payments to Contractor are limited to the unpaid obligated balance of the Contract set forth in Exhibit A. The maximum amount payable by the State to Contractor during each State fiscal year of this Contract shall be: Up to $2,000,000 in FY 2013 $2,000,000 less the amount spent in FY 2013 in FY2014 $2,000,000 less the amount spent in FY 2014 in FY2015 B. Payment i. Interim and Final Payments Any payment allowed under this Contract or in Exhibit A shall comply with State Fiscal Rules and be made in accordance with the provisions of this Contract or such Exhibit. Contractor shall initiate any payment requests by submitting invoices to the State in the form and manner set forth in approved by the State. ii. Interest The State shall fully pay each invoice within 45 days of receipt thereof if the amount invoiced represents performance by Contractor previously accepted by the State. Uncontested amounts not paid by the State within 45 days shall bear interest on the unpaid balance beginning on the 46th day at a rate not to exceed one percent per month until paid in full; provided, however, that interest shall not Page 3