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performance of its obligations under thi3 Co~tract, and that completion of the Project shall occur no later than the termination date set forth in the Time of Performance. 5. Compensation and Method of Payment. the State agrees to pay to the Contractor, in consideration for the work and services to be performed, a total amount not to exceed FORTY THOUSAND AND NO/lOO----- -------------------------------------------------- Oollars ($ 40.000.00 ). The method and time of payment shall be made in accordance with the "Payment Schedule" set forth in Exhibit A. 6. Accounting. At all times from the effective date of this Contract until completion of this Project, the Contractor shall main- tain properly segregated books of State funds, matching funds, and other funds associated with this Project. All receipts and expendi~ tures associated with said Project shall be documented in a detailed and specific manner, and shall accord with the "Budget" set forth in Exhibit A. Contractor may adjust budgeted expenditure amounts up to ten percent (10%) within said Budget without approval of the State. Adjustments of budget expenditure amounts in excess of ten percent (10%) must be authorized by the State in an amendment to this Con- tract properly executed and approved pursuant to the State Fiscal Rules. In no event shall the State's total consideration exceed the amount shown in Paragraph 5 above. a. Unless other~ise provided in this Contract, if Exhibit A provides for more than one payment by the State, the initial payment set forth in the Payment Schedule shall be made as soon as practi- cable after proper execution of this Contract. The Contractor shall initiate all subsequent payment requests by submitting documented proof of proper expenditure of State funds thus far received to a contract monitor designated by the State. b. The Contractor shall request the flnal payment. which is the amount withheld bv the Sta~til the Project is complete, for the Project by submitting to the contract monitor a detailed cost accounting of all State funds received and expended towards completion of the Project. Upon determining to its satisfaction that all funds received by the Contractor have been properly spent towards accomplishment of the Project, the State shall promptly make final payment to the Contractor. c. Within ninety (90) days of completion of the Project, the Contractor shall submit to the contract monitor a detailed cost accounting of expenditures of the final payment received from the State. Any State funds not expended in connection with the Project shall be remitted to the State at that time. 7. Audit. The State or its authorized representative shall have the right to inspect, examine, and audit Contractor's records, books and accounts, including the right to hire an independent Certified Public Accountant of the State's choosing and at the State's expense to do so. Such discretionary audit may be called for at any time and for any reason from the effective date of this Contract until five (5) years after the date final payment for this Project is received by the Contractor, provided that the audit is performed at a time convenient to the Contractor and during regular business hours. Whether or not the State calls for a discretion'ary audit as provided for In this paragraph, if the Project is accomplished within a .single fiscal year of the Contractor, the Contractor shall, at the conclu- ~ion of the Project, and in addition to any other reports required, submit a report and auditor's statement of the Project account to the Page 2 of 7 pages