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• <br /> Intial Term-Work Commencement <br /> The Parties respective performances under this Grant shall commence on the later of either the Effective <br /> Date or December 1,2012.This Grant shall terminate on December 31,2013 unless sooner terminated or <br /> further extended as specified elsewhere herein. <br /> 6. STATEMENT OF WORK <br /> A. Completion <br /> Grantee shall complete the Work and its other obligations as described herein and in Exhibit A on or <br /> before December 31,2013. The State shall not be liable to compensate Grantee for any Work performed <br /> prior to the Effective Date or after the termination of this Grant. <br /> B. Goods and Services <br /> Grantee shall procure Goods and Services necessary to complete the Work. Such procurement shall be <br /> accomplished using the Grant Funds and shall not increase the maximum amount payable hereunder by the <br /> State. <br /> C. Employees <br /> All persons employed by Grantee or Sub-grantees shall be considered Grantee's or Sub-grantees' <br /> employee(s)for all purposes hereunder and shall not be employees of the State for any purpose as a result <br /> of this Grant. <br /> 7. PAYMENTS TO GRANTEE <br /> The State shall, in accordance with the provisons of this §7,pay Grantee in the following amounts and using the <br /> methods set forth below: <br /> A. Maximum Amount <br /> The maximum amount payable under this Grant to Grantee by the State is $500,000, as determined by the <br /> State from available funds. Grantee agrees to provide any additional funds required for the successful <br /> completion of the Work.Payments to Grantee are limited to the unpaid obligated balance of the Grant as <br /> set forth in Exhibit A. The maximum amount payble by the State to Grantee during each State fiscal year <br /> of this Grant shall be: <br /> $500,000 in FY2013 <br /> $500,000 in FY2014,minus any funds expended in <br /> FY2013 <br /> i. Advance,Iterim and Final Payments <br /> Any payment allowed under this Grant or in Exhibit A shall comply with State Fiscal Rules and be <br /> made in accordance with the provisions of this Grant or such Exhibit. Grantee shall initiate any <br /> payment requests by submitting invoices to the State in the form and manner set forth and approved by <br /> 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 peformance by Grantee previously accepted by the State.Uncontested amounts not paid by <br /> the State within 45 days may, if Grantee so requests,bear interest on the unpaid balance beginning on <br /> the 46th day at a rate not to exceed one percent per month until paid in full;provided,however,that <br /> interest shall not accrue on unpaid amounts that are subject to a good faith dispute. Grantee shall <br /> invoice the State separately for accrued interest on delinquent amounts. The billing shall reference the <br /> delinquent payment,the number of day's interest to be paid and the interest rate. <br /> iii. Available Funds-Contingency-Termination <br /> The State is prohibited by law from making fiscal commitments beyond the term of the State's current <br /> fiscal year. Therefore, Grantee's compensation is contingent upon the continuing availability of State <br /> appropriations as provided in the Colorado Special Provisions, set forth below. If federal funds are <br /> used with this Grant in whole or in part,the State's performance hereunder is contingent upon the <br /> continuing availability of such funds. Payments pursuant to this Grant shall be made only from <br /> available funds encumbered for this Grant and the State's liability for such payments shall be limited <br /> to the amount remaining of such encumbered funds. If State or federal funds are not appropriated,or <br /> Page 3 of 15 <br />