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5. TERM <br />A. Initiat Term-Work Commencement <br />The Parties' respeckive performances under this Grant shall commence on the date the Agreement 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 exc�eed two months if the Parties are negotiating a replacement <br />Grant at or near the end of any initial term or any ea�ctension thereof. The provisions of this 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 manth extension. The two-month extension shall immediateiy terminate <br />when and if a replacement Grant is approved and signed by the Colorado State Controller. <br />C. State's Option to Eatend <br />At its sole discretion, the State, upon written notice to Grantee by Option Letter, snay unilaterally require <br />continued performance of this Agreement for up to one additionai year at the sarne rates and terms <br />specified in the Agreement. The State shall exercise the option by written notice �o the Grantee within 34 <br />days prior to the end of the cunent Agreement term. If exe�ised, the provisions of th� Option Letter shall <br />become part of and be incorporated into the A�reement. The total duration of this Agreement, including the <br />exeroise of any options, shal) not exceed six (6) years. <br />6. STATEMENT 4F WORK <br />A. Comp[etion <br />Grantee shall cornplete the Work and its ather obligations as described herein anc� in the Grant Exhibits. or <br />The State shall not be liable to compensate Grantee for any Work performed priot to the Effective Date or <br />�fter the terminatian uf this Grant. <br />B. Goods and Services <br />Grantee shaA procure Goods and Services necessary to complete the Work. Such procurement shall be <br />aceomplished nsing the Grant Funds and shall not increase the maximum amoun� payable hereunder by the <br />State. <br />C. Ea�ployees <br />All persons employed by Grantee ar Subgrantees shall be considered Grantee's ojr Subgrantees' <br />employee(s) for all purposes hereunder and shall not be employees of the State fdr any purpose as a result <br />of this Grant. <br />7. PAYMENTS TO GRANTEE <br />The State shail, in accordance with the provisions of this §7, pay Grantee in the follor�ring amounts and using the <br />methods set forth below: <br />A. Maximum Amount <br />The maximum amaunt payable under this Grant to Grantee by the State is 300,000, as determined by the <br />State from availabie funds. Grantee agrees to provide any additional funds requir�d for the successful <br />campletion ofthe Wark. Payments to Grantee are limited to the unpaid abligated'' balance of the Grant as <br />set forth in E�chibit A. The maximum amount payabie by the State to Grantee dut�ing each Stata fiscal year <br />of this Grant shait be: <br />Page 3 of 16 <br />