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extended upon a writing executed by the Executive Director of the Finance Department and the City Attorney. 3. COMPENSATION a. City agrees to pay, and Consultant agrees to accept as total payment for its services, identified in Exhibit A, Consultant agrees to file all eligible annual fiscal year actual cost reimbursement claims by the due date in accordance with the annual fixed fee schedule: Claims Covered Claims Due Date Annual Fixed Fee 2012 -2013 Annual & New February 15, 2014 $11,500 2013 -2014 Annual & New February 15, 2015 $11,400 2014 -2015 Annual & New February 15, 2016 $11,400 b. City shall be billed quarterly for the annual fixed fee. Payment by City shall be made within thirty (30) days following receipt of proper invoice evidencing work performed, subject to City accounting procedures. Payment need not be made for work which fails to meet the standards of performance set forth in the Recitals which may reasonably be expected by City. 4. INSURANCE Consultant shall obtain and maintain for the entire term of this Agreement comprehensive general liability insurance, with companies acceptable to the City, authorized to issue such insurance in the State of California. Said insurance shall consist of the following: a. Worker's Compensation Insurance. In accordance with the provisions of Section 3300 of the Labor Code, Consultant, if Consultant has any employees, is required to be insured against liability for worker's compensation or to undertake self - insurance. Prior to commencing the performance of the work under this Agreement, Consultant agrees to obtain and maintain any employer's liability insurance with limits not less than $1,000,000 per accident. b. Professional Responsibility (Errors and Omissions) insurance with a combined single limit of not less than $1,000,000.00 per claim. c. The following requirements apply to the insurance to be provided by Consultant pursuant to this section: (i) Consultant shall maintain all insurance required above in full force and effect for the entire period covered by this Agreement. (ii) Certificates of insurance shall be furnished to the City upon execution of this Agreement and shall be approved in form by the City Attorney. (iii) Certificates and policies shall state that the policies shall not be canceled or reduced in coverage or changed in any other material aspect without thirty (30) days prior written notice to the City. 25G -4