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EXHIBIT II METHOD OF PAYMENT 2.1 For basic services under Section 1. Basic Services of the CONTRACTOR as described in Exhibit I, CITY shall pay CONTRACTOR as follows consistent with the CONTRACTOR's PROPOSAL attached hereto as Exhibit IV and made a part hereof. 2. 1.1 The CITY shall make total payments to the CONTRACTOR in a total amount not to exceed $48,000.00 (Forty Eight Thousand Dollars and Zero Cents). 2.1.2 The CONTRACTOR shall submit monthly invoice(s) on an AIA G703 Application for Payment to the CITY for the Section 1. Basic Services performed by CONTRACTOR. 2.1.3 The City will retain funds in the amount of 8% of work completed to date until the project is 100% complete including all punch list items. The monthly invoices submitted by the CONTRACTOR to the CITY for the Section 1. Basic Services performed by the CONTRACTOR shall include: (1) identification of labor costs by labor classification, number of hours worked and hourly rates; (2) identification of the indirect cost rate applied to the labor costs; (3) identification of non -labor costs by description of the item, the vendor name, vendor invoice number (if available), cost to the CONTRACTOR and handling costs if any. 2.1.4 The CITY shall review the invoice submitted by the CONTRACTOR within ten (10) calendar days of the CITY'S receipt of the invoice submitted by the CONTRACTOR. 2.1.5 The CITY shall notify the CONTRACTOR within fifteen (15) calendar days of the CITY'S receipt of the invoice of any amount(s) contained in the monthly invoice that will not be paid by the CITY due to: (1) inadequate documentation for the amount(s) requested; (2) the amount(s) requested being outside the scope of services in Section 1. Basic Services of the CONTRACTOR; and (3) the amount(s) requested exceed the maximum cost of the CONTRACTOR's services approved by the CITY.