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M. Work Product <br />"Work Product" means the tangible or intangible results of Grantee's Work, including, but not limited to, <br />software, research, reports, studies, data, photographs, negatives or other finished or unfinished documents, <br />drawings, models, surveys, maps, materials, or wark product of any type, including drafts. <br />5. TERM <br />A. Initial Term-Work Commencement <br />The Parties' respective performances under this Grant shall commence on the date the Ageement is signed <br />by the State Controller or delegate (Effective Date). The termination date is according to the Schedule in <br />Exhibit A unless sooner terminated or further extended as specified elsewhere herein. <br />B. Two Month Extension <br />The State, at its sole discretion upon written notice to Grantee as provided in §16, may unilaterally extend <br />the term of this Grant for a period not to exceed two months if the Parties are negotiating a replacement <br />Grant at or near the end of any initial term or any extension thereo£ The provisions of �his Grant in effect <br />when such notice is given, including, but not limited to prices, rates, and delivery requirements, shall <br />remain in effect during the two month extension. The two-month extension shall immediately terminate <br />when and if a replacement Grant is approved and signed by the Colorado State Controller. <br />C. State's Option to Extend <br />At its sole discretion, the State, upon written notice to Grantee by Option Letter, may unilaterally require <br />continued performance of this Agreement for up to one additional year at the same rates and terms <br />specified in the Agreement. The State shall exercise the option by written notice to the Grantee within 30 <br />days prior to the end of the current Agreement term. If exercised, the provisions of the Option Letter shall <br />become part of and be incorporated into the Ageement. The total duration of this Agreement, including the <br />exercise of any options, shall not exceed five (5) years. <br />6. STATEMENT OF WORK <br />A. Completion <br />Grantee shall complete the Wark and its other obligations as described herein and in the Grant E�ibits or <br />The State shall not be liable to compensate Grantee for any Work performed prior to the Effective Date or <br />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 Subgrantees shall be considered Grantee's or Subgrantees' <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 provisions 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 1,000,000, 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 payable by the State to Grantee during each State fiscal year <br />of this Grant shall be: <br />$1,000,000 in FY2016 <br />$1,000,000 in FY2017, minus any funds <br />ex ended in FY2016 <br />Page 3 of 16 <br />