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<br />. <br /> <br />. <br /> <br />referred to as the Local Participants) have agreed to sponsor the PROJECT which is <br />expected to cost approximately $200,000. <br /> <br />H. At its January 16, 2001 meeting, the CWCS approved a nonreimbursable expenditure for <br />the PROJECT to the CONTRACTOR in an amount up to $100,000, not to exceed 50% of the <br />cost of the PROJECT. <br /> <br />I. Pursuant to Senate Sill 01-157, Section 10, the Colorado General Assembly authorized <br />CWCS to allocate to the CONTRACTOR an amount up to $100,000 for the PROJECT. <br /> <br />NOW THEREFORE, in consideration of ,the mutual and dependent covenants contained <br />herein, the parties agree as follows: <br /> <br />1. PROJECT performance. The CONTRACTOR has selected GEl Consultants of Englewood, <br />Colorado as the consultant ("CONSULTANT") to perform the PROJECT. The CONTRACTOR and <br />the Consultant have developed a scope of work for the PROJECT tasks, which includes the <br />Project Work Plan and Study Cost for the reconnaissance investigations and a detailed <br />feasibility analysis, attached hereto as Appendix A and incorporated herein. <br /> <br />2. Time of performance, The CONTRACTOR recognizes that time is of the essence in the <br />performance of its obligations under this contract. Therefore, the CONTRACTOR shall require <br />the CONSULTANT to complete the PROJECT within two (2) years from the effective date of this <br />contract. <br /> <br />3. Disbursement of funds. The CWCS shall disburse funds to the CONTRACTOR up to <br />$100,000 of the PROJECT costs, not to exceed 50%, in the following manner. <br /> <br />a. Statement of costs. During the completion of the tasks, the CONTRACTOR shall prepare <br />statements of the costs of the PROJECT and submit said statements to the CWCS for <br />payment. Each statement shall indicate the tasks that have been performed and the <br />percentage completion of each task by task number as specified in the Scope of Work. <br /> <br />b. Payment of statements. Upon receipt and approval by the CWCS of each such <br />statement of costs, the CWCS will, within 30 days from the approval of such statement, <br />pay to the CONTRACTOR the amount of the statement or such portion thereof as has <br />been approved by the CWCS. <br /> <br />4. Return of Unused Funds. Any funds disbursed for Project tasks not completed in <br />accordance with the terms of this Contract shall be remitted to the CWCS within 30 days of <br />either (1) completion of the Project, or (2) upon termination of the Project by the CWCS in <br />accordance with Paragraph 6 herein. <br /> <br />5. Provision of PROJECT results to CWCS, The CONTRACTOR shall provide the CWCS with <br />full access to PROJECT development, data, drafts and conclusions in the Contractor's <br />possession and with copies of any interim and final PROJECT reports. Upon completion of <br />the PROJECT, if the CWCS so requests, the CONTRACTOR shall make a presentation to the <br />CWCS at a regularly scheduled CWCS meeting on the completed PROJECT. <br /> <br />6. Termination of contract for cause, If, through any cause, the CONTRACTOR fails to fulfill in <br /> <br />Page 2 of 7 <br />