05-24-21 Regular Meeting of the La Porte Development Corporation Board

Browse Search

continued financing of this agreement in any fiscal year budget, or arriendinent to same. THE ECONOMIC ALLIANCE agrees and recognizes that CI ry must budget for and approve of all purchases on a yearly basis and is unable to obligate revenue,, beyond the current -fiscal year. Section 5.02: THE ECONOMIC ALLIANCE, as part of the payment -f(,)r services received, shall perfoinn, services outlined in this document, , Section 5,03: TH.E. ECONOMIC A.IJ,,TANCF shall present annual billing statements to TIIE CITY describing the services performed, THE CITY shall promptly process such statements, and make payment with i n thirty (3 0) days of receipt, ARTICLE VI Termination Section 601; THE crry may terminate this Agreement at any time by giving 30 days' written notice to THE ECONOMIC ALLIANCE. THE CITY's right to terminate this Agreement for convenience is cninulative of all rights and reinedies, which exist now or in the future. Section 6.02: On receiving the, notice, TTU, ECONOMIC ALLIANCE shall, unless the notice directs otherwise, immediately disconthitie all services Linder this Agreement and cancel all existing orders and subcontracts that are chargeable to their Agen-tent. Within 30 days of the termination date TI 1E CITY shall pay to THE ECONOMIC ALLIANCE, pro -rated on a monthly basis, the fees for services rendered under this Agreement unless the fees exceed the allocated funds remaining under this Agreement. Section 6,03: TERWNATION O.UTHIS AQREI MENJAND RECEIPT OF PAYMENTFOR SERVICES RFNDFRED ARE THE EC ON0,\11C ALLIANCE'S ONLY REM .E.DIES J,'OR THE CF].'Y'S'TERMINATION FOR CONVENIENCE, WHICH DOES NOT CONSTITUTE A DEI, AUUf OR BREACH OF TITS AGREEMENT. THE ALLIANCE WAIVES ANY CLAIM (OTHERTTAN ITS CLAIM FOR PAYMENT AS SPECIFIED IN THIS SEC'TION), IT MAY HAVE NOW OR IN THE FUTURE FOB_ FINANCIAL LOSSES OR. OTHER DAMAGES RESULTING FROMTHE CITYS Tf`XMINATION FOR CONVENIENCE. Section 6.04: 1erjuination for Cause by THE .ECONOMIC A LLTKNCE: THE ECONOMIC ALLIANCE may terminate its performance under this Agreement only if THE CITY defaults and fails to cure the default after receiving written notice of the alleged default, Default by THE CFFY occurs if THE CITY fails to perform one or more of its material duties under this Agreement, If a default occurs and. THE ECONOMIC ALLIANCF wishes to terminate the Agreement, then THE