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Section IV <br />Duration of Contract <br />The term of this agreement shall be for a period commencing September <br />1, 2013 and terminating on August 31, 2018. . <br />Section V <br />Payment; Reimbursement; Property Ownership <br />The City shall pay North Olmsted Gymnastics and North Olmsted <br />Gymnastics agrees to accept from the City, in full payment for Instructor's <br />services under this agreement, compensation at the rate set forth herein, based <br />upon the amount collected by the City through registration for programs <br />conducted by Instructor. Payment is to be made on a bimonthly basis for the <br />compensation eamed over the immediately preceding bimonthly period. Payment <br />percentage distribution is calculated on a monthly basis and is based upon all <br />gymnastics programs offered, as evidenced by daily financial reports and <br />reconciled by a general ledger through the Recreation Secretary. <br />75% to North Olmsted Gymnastics and 25% to City <br />Insurance fees collected in connection with Instructor's services shall be <br />deducted directly from the proceeds collected by the City; however, in the event of an <br />increase in insurance costs after publication of public fees, the City and North <br />Olmsted Gymnastics shall meet and agree upon a new fee schedule. The City <br />and North Olmsted Gymnastics agree that North Olmsted Gymnastics owns all <br />gymnastic equipment located in gym area. The City of North Olmsted owns the Penco <br />All Star Bleacher Set. <br />IN WITNESS WHEREOF, the parties hereto have made and executed this <br />Agreement on the day and year, and at the place, above first written. <br />ATTEST: <br />CONTRACTOR: <br />Name, Tile <br />ATTEST: CITY: <br />CITY OF NORTH OLMSTED, OHIO