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  2. Board Of Aldermen - Agenda - 11/26/2019 - P152

Board Of Aldermen - Agenda - 11/26/2019 - P152

By dnadmin on Sun, 11/06/2022 - 22:33
Document Date
Fri, 11/22/2019 - 13:45
Meeting Description
Board Of Aldermen
Document Type
Agenda
Meeting Date
Tue, 11/26/2019 - 00:00
Page Number
152
Image URL
https://nashuameetingsstorage.blob.core.windows.net/nm-docs-pages/boa_a__112620…

Year 2 — Year 5 - By the fifteenth (15th) day of each month, the Contractor shall pay to the
City 1/12th of the Annual Minimum Guaranteed Payment (“MGP”) amount or the Revenue
Share Percentage (“each or together the “Revenue Payments”), whichever is the greater
amount based on gross billings, plus any other amounts due the City. Under no circumstances
shall the Contractor pay the City less than the MGP.

b. Late Revenue Compensation Payments: Any late payment shall be subject to a penalty of 1.5
percent per month. A delinquency in payment of 30 days beyond the due date may be basis for
immediate termination of the Agreement, without any right cure.

c. Submitting Revenue Payments: All revenue compensation payments shall be submitted to
the City as follows:

Nashua Transit System
Finance Coordinator

11 River side Street Nashua,
NH 03062

d. Corrections: Revenue compensation payments requiring correction will be returned with a
written description of the correction. Contractor shall make the necessary change(s) and
resubmit. The City and the Contractor must mutually agree upon any adjustments in revenue
compensation.

e, Monthly Sales Report: Contractor shall also submit to the City on the 15“ of each month the
necessary sales reports in accordance with the following and any other reporting requirements
of the City provided to Contractor in writing:

The monthly report shall include the details of:

> All contracts in effect

+ Contract expiration dates

- Billings for the month

* Collections for the month

+ Past due amounts

¢ Total remaining balance on accounts
+ Timeline plan for unsoldspace

+ Inventory listings

f. Gross Billings: Gross Billings shall mean all revenue generated from sales made pursuant to
this Agreement less (i) any commission, not to exceed thirty five (35%) percent deducted by or
paid or payable to advertising agencies or sales representatives other than the Contractor with
respect to advertising placed by the Contractor through such agencies and (ii) labor charges for

Page Image
Board Of Aldermen - Agenda - 11/26/2019 - P152

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