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. . I. The CWCB approved the expenditure of, $20,000 from the Operational Account of the Severance Tax Tnust Fund to participate in the STUDY at its November 1997 meeting,. The expenditure of an additional $30,000 from the Operational Account will be released pending the Board's approval. NOW THEREFORE, in consideration of the mutual and dependent covenants contained herein, the parties agree as follows: 1. Study performance. The CONTRACTOR shall require the STUDY tasks to be performed in accordance with the STUDY Scope of Services attached as Appendix A. 2. Time of performance. The CONTRACTOR recognizes that time is of the essence in the performance of its obligations under this contract. Therefore, the CONTRACTOR shall require the completion of the STUDY within three (3) years from the date of this contract. 3. Disbursement of funds. The STATE shall disburse $50,000 ("the Funds") to the CONTRACTOR within thirty (30) days of the effective date of this contract or within thirty (30) of the Funds being approved by the Board: The CONTRACTOR shall review statements that are submitted setting forth the STUDY tasks accomplished and costs incurred for that period. After the CONTRACTOR reviews and approves each cost item on said statement, the CONTRACTOR shall submit the statement to the STATE for its review and approval or other action. The STATE shall complete its review and approval of said statement within ten working days of its receipt of each statement or such statement shall be deemed approved. Upon notification from the STATE of its approval of a statement, or portion thereof, the CONTRACTOR shall pay the amount that has been approved by both the STATE and the CONTRACTOR. 4. Provision to STATE of study results. The CONTRACTOR shall provide the STATE with full access to STUDY development, data, drafts and conclusions and with copies of the interim and final Study reports. If necessary, the CONTRACTOR shall obtain copies of such STUDY materials from the USGS on behalf of the STATE. In addition, upon completion of the Study, the CONTRACTOR shall make a presentation to the CWCB at a regularly scheduled CWCB meeting on the results of the Study. 5. Termination of contract for cause. If, through any cause, the CONTRACTOR fails to fulfill in a timely and proper manner its obligations under this contract, or if the CONTRACTOR violates any of the covenants, agreements, or stipulations of this contract, the STATE shall thereupon have the right to terminate this contract for cause by giving written notice to the CONTRACTOR of such termination and specifying the effective date thereof, at least five (5) days before the effective date of such termination. In that event, the CONTRACTOR shall provide the STATE with copies of all finished STUDY development, data, drafts and conclusions prepared by the CONTRACTOR or by the USGS pursuant to this contract and/or to any contracts between the CONTRACTOR and the USGS relating to the STUDY. The CONTRACTOR shall provide such copies to the STATE within thirty (30) days of the effective date of such termination. After the CONTRACTOR has paid for the costs of all work performed on the STUDY prior to the effective termination date, the CONTRACTOR shall return any unused Funds to the STATE. 6. Contract relationship. The parties' to this contract intend that the relationship between them contemplated by this contract is that of cost-sharing co-participants, not employer-employee nor principal-agent. No employee, agent, or servant of the CONTRACTOR shall be, or shall be deemed to be, an employee, agent, or servant of the STATE. 7. Severability. To the extent that this contract may be executed and performance of the obligations of the parties may be accomplished within the intent of the contract, the terms of this contract are severable, and should any term or provision hereof be declared invalid or become inoperative for any reason, such invalidity or failure shall not affect the validity of any other term or provision hereof. Page 2 of 6