SECTION 19. RECEIPT OF APPROVED FUNDING
A. The City shall pay to the Contractor, and the Contractor shall accept from the City as full consideration for providing services described in Section 1 hereof an annual sum not to exceed Five Hundred Forty Thousand Dollars ($540,000.00), including out-of-pocket expenses. No other costs or expenses incurred by the Contractor or on its behalf shall be chargeable to the City unless specifically authorized under this Agreement.
B. Except as provided herein, payments shall be made to the Contractor on a quarterly basis. The Contractor shall submit to the City within ten (10) days following the end of each quarter a quarterly invoice describing the services rendered by the Contractor pursuant to this Agreement. As promptly as is practicable after receipt of said invoice, the City, subject to its review and approval and the provisions hereof, shall make payment thereon to the Contractor. Within thirty (30) days following the expiration or termination of this Agreement, the Contractor shall render a final and complete statement to the City of all charges for services not previously invoiced. The City shall not be responsible for payment of any charges, claims or demands of the Contractor not received within said thirty (30) day period; however, such time may be extended at the City's discretion for an additional period not to exceed a period of ninety (90) days.
Notwithstanding the foregoing, upon execution of this Agreement, the first quarterly payment of $135,000.00 shall be made by the City to the Contractor to assist the Contractor with start-up expenses. Thereafter, payments shall be made quarterly as stated hereinabove.
C. Pursuant to Section 16.A.9., of this Agreement, the City shall make available an amount not to exceed $500,000.00 for the replacement and improvement of capital video production equipment; provided, however, the Contractor shall first provide the City with an acceptable Equipment Upgrade Plan containing the elements provided for in Exhibit C - Equipment Upgrade Plan, a copy of which is attached hereto and by reference made part hereof, and, provided further, the Contractor shall provide evidence to the City that it engaged in competitive procurement practices to obtain the equipment.