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31, 2024. This Agreement may only be modified or extended by written agreement of the Parties. <br />4. REPORTING REQUIREMENTS. Contractor further agrees to submit a Final <br />Report to the City Manager or their designee. The Final Report will contain complete and accurate <br />statements of services rendered and will be signed by Contractor. The Final Report must be <br />submitted no later than March 15, 2025. Contractor shall also submit quarterly activity reports to <br />City Council with copies provided to the City Manager or their designee. Besides any other <br />remedies available under law, the City may decline to consider further contracts with Contractor <br />if Contractor does not submit its Final Report on time. Contractor shall present quarterly reports <br />to City Council at a regularly scheduled session. <br />5. RELIABILITY OF REPORTS. Contractor represents that all information <br />Contractor has provided or will provide to the City is true and correct, and that the City can rely <br />on such information in modifying, making payments, or taking any other action concerning this <br />Contract. Any false or misleading material information or omission provided or caused by <br />Contractor is just cause for the City to terminate this Agreement and to pursue any other available <br />remedies against Contractor. <br />6. AUDIT. The City reserves the right to conduct an audit of all records related to <br />this Agreement should the City have concerns about Contractor's performance of the services <br />listed in Exhibit A of this Agreement. <br />7. NON-PROFIT STATUS. The SBDC, during the term hereof, agrees to remain a <br />nonprofit corporation dedicated to the rendition of the services described in this Agreement, and <br />no part of the income or assets of the SBDC shall be distributed to, or inure to the benefit of, any <br />individual or for any other private purpose. <br />8. STATUS OF CONTRACTOR. The SBDC shall perform all services under this <br />Agreement as an independent contractor and not as an agent or employee of the City. It is mutually <br />agreed and understood that nothing contained in this Agreement is intended or shall be construed <br />as in any way establishing the relationship of co-partners or joint ventures between the Parties <br />hereto, or as construing the SBDC, including its agents and employees, as an agent of the City. <br />The SBDC shall remain an independent and separate entity. The SBDC shall not be supervised by <br />any employee or official of the City, nor will the SBDC exercise supervision over any employee <br />or official of the City. The SBDC shall not represent that the SBDC is an employee or agent of the <br />City in any capacity. The SBDC is not entitled to City workers' compensation benefits or <br />unemployment benefits, except as may be provided by Contractor or some other entity, and <br />Contractor is obligated to pay federal and state income tax on money earned pursuant to <br />this Agreement, if applicable. <br />9. NO THIRD -PARTY BENEFICIARIES. None of the terms or conditions in this <br />Agreement shall give or allow any claim, benefit, or right of action by any third person not a party <br />hereto. Any person other than the City or the SBDC receiving services or benefits under this <br />Agreement shall be only an incidental beneficiary. <br />10. DAMAGES FOR BREACH OF CONTRACT. In addition to any other legal or <br />2 <br />2025 SBDC Economic Development Contract <br />