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EXHIBIT B <br />PAYMENT SCHEDULE <br />City shall pay Contractor an amount not to exceed the total sum of One hundred ninety- <br />five thousand, six hundred seventy-five dollars ($195,675) for services to be performed and <br />reimbursable costs incurred pursuant to this Agreement. Contractor shall submit invoices, not <br />more often than once a month during the term of this Agreement, based on the cost for services <br />performed and reimbursable costs incurred prior to the invoice date. Invoices shall contain the <br />following information. <br />Serial identifications of progress bills, i.e., Progress Bill No. 1. <br />2. The beginning and ending dates of the billing period. <br />3. A Task Summary containing the original contract amount, the amount of prior <br />billings, the total due this period, the balance available and the percentage of <br />completion. <br />4. For each work item in each task, a copy of the applicable time sheets shall be <br />submitted showing the name of the person doing the work, the hours spent by <br />each person, a brief description of the work, and each reimbursable expense. <br />City shall make monthly payments, based on such invoices, for services satisfactorily <br />performed, and for authorized reimbursable costs incurred. <br />City shall pay the last 10% of the total sum due pursuant to this Agreement within forty- <br />five (45) days after completion of the services and submittal to City, if all services due pursuant <br />to this Agreement have been satisfactorily performed. <br />Exhibit "B" Page 1 of 2 <br />G:\Contracts\Cal-Bay Construction <br />