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WHEREAS, a Memorandum of Understanding defining the terms and conditions <br /> for conducting the said detailed feasibility study has been executed by the Contractor, the <br /> State, and the U.S. Bureau of Reclamation, which Memorandum of Understanding is <br /> attached hereto as Appendix A and by this reference made a part of this contract; and <br /> WHEREAS, the Memorandum of Understanding (Appendix A) requires a contract <br /> between the State and the Contractor for the State's share of the costs for the detailed <br /> feasibility study; and <br /> WHEREAS, a Scope of Work describing the tasks and associated activities to be <br /> performed to complete this study, has been developed by the consultant in cooperation <br /> with the Contractor, the State, and the U.S. Bureau of Reclamation, which Scope of <br /> Work is attached hereto as Appendix B and by this reference made a part of this <br /> contract. <br /> NOW THEREFORE, it is hereby agreed that: <br /> 1. The Contractor shall obtain the services of a qualified consulting engineering <br /> firm (Consultant) to prepare the Yampa River Basin Recommended Development <br /> Alternative Detailed Feasibility Study (Detailed Study) in accordance with the terms and <br /> conditions of Appendices A and B of this contract. <br /> 2. Eight (8) copies of the final reports for the Study shall be furnished by the <br /> Contractor to the State upon completion of the study. <br /> 3. The total cost of the services to be rendered to the Contractor by the selected <br /> Consultant shall not exceed the sum total of the budgets for all authorized tasks, which <br /> total cost shall be borne as follows: One Hundred Thousand ($100,000) by the <br /> Contractor; One Hundred Thousand ($100,000) by the State and the remainder by the <br /> Bureau of Reclamation. <br /> 4. The Colorado Water Conservation Board shall not be responsible for any cost <br /> overruns. <br /> 5. In consideration of the Contractor sharing in the cost of the Study, the State <br /> shall pay to the Contractor its share of the Study's cost, not to exceed One Hundred <br /> Thousand Dollars ($100,000). Payments shall be made to the Contractor by the State in <br /> the manner following: <br /> a. Four (4) monthly installments of Twenty-Two Thousand Five Hundred <br /> Dollars ($22,500) each, commencing thirty (30) days after the date of this <br /> contract conditioned upon satisfactory progress of the study. <br /> Page 2 of 6 pages <br />