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• handle all aspects of advertising contracts including invoicing, <br /> collection and legal issues; and <br /> • other services which may from time to time be required to fulfill the <br /> intent of this AGREEMENT. <br /> 4. PAYMENT TERMS <br /> A. In consideration of the rights and privileges granted under this AGREEMENT, the <br /> Contractor shall pay to the City each month an amount equal to the guaranteed payment or <br /> the percentage payment,whichever is greater, as follows: <br /> Guaranteed Pavment Per Month Durin�the AGREEMENT <br /> • $ 1,500.00 per month in the first 12 month period * <br /> • $ 1,500.00 per month in the second 12 month period <br /> • $ 1,500.00 per month in the third 12 month period <br /> • $ 1,500.00 per month in the fourth 12 month period <br /> • $ 1,500.00 per month in the fifth 12 month period <br /> * During the first 6 months of this AGREEMENT, use of the guaranteed payment <br /> when greater that the percentage payment shall not commence until the month <br /> following the first month that the percentage payment exceeds the guaranteed <br /> payment. <br /> Percentage Pa�ment Duringthe AGREEMENT <br /> • 50.00% of billing per month in the first 12 month period <br /> • 50.00% of billing per month in the second 12 month period <br /> • 50.00% of billing per month in the third 12 month period <br /> • 50.00% of billing per month in the fourth 12 month period <br /> • 50.00% of billing per month in the fifth 12 month period <br /> B. In all cases the percentage payment shall be based upon the monthly billing by the <br /> Contractor and not upon monthly receipts. Contractor bears the responsibility for all <br /> uncollectible billing, except in the case of a legally filed bankruptcy. <br /> C. The guaranteed payment and the percentage payment rate shall be appropriately adjusted, <br /> by mutual consent of the parties, in the event that the City eliminates buses or adds buses to <br /> its fleet. <br /> D. The Contractor shall furnish the City each month a copy of the client billing and at the <br /> same time shall remit to the City the guaranteed payment of the percentage payment for that <br /> month, as specified above. <br /> - 2 - <br />