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Pursuant to House Bill 06 -1313, Section 14, the Colorado General Assembly authorized <br />CWCB to allocate to the GRANTEE an amount up to $100,000 for the PROJECT. <br />NOW THEREFORE, in consideration of the mutual and dependent covenants contained herein, <br />the parties agree as follows: <br />1. PROJECT performance. GRANTEE has been selected to perform the PROJECT. The <br />GRANTEE has developed a scope of work for the PROJECT tasks, which includes the <br />Project Work Plan and Study Cost for the study, attached hereto as Appendix B and <br />incorporated herein. <br />2. Time of performance. The GRANTEE recognizes that time is of the essence in the <br />performance of its obligations under this contract. Therefore, the GRANTEE shall complete <br />the PROJECT within three (3) years from the effective date of this contract. <br />3. Disbursement of funds. The CWCB shall disburse funds to the GRANTEE up to <br />$100,000 of the PROJECT costs in the following manner: <br />a. Statement of costs. During the completion of the tasks, the GRANTEE shall prepare <br />statements of the costs of the PROJECT and submit said statements to the CWCB for <br />payment. Each statement shall indicate the tasks that have been performed and the <br />percentage completion of each task by task number as specified in the Scope of Work. <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, up to 35.5% of the final PROJECT cost. <br />4. 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 6 herein. <br />5. 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 />6. 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 specifying the <br />effective date thereof, at least ten (10) days before the effective date of such termination. In that <br />event, the GRANTEE shall provide the CWCB with copies of all finished PROJECT development, <br />data, drafts and conclusions prepared by or for the GRANTEE. The GRANTEE shall provide such <br />copies to the CWCB within thirty (30) days of the effective date of such termination. Upon submittal <br />to the CWCB of a statement of PROJECT costs for the period preceding the effective date of the <br />Grant Contract No. 0150227 <br />Page 2 of 7 <br />