HomeMy WebLinkAboutExhibit 10EXHIBIT 1
AMENDMENT # 2
TO THE AGREEMENT
BETWEEN
THE CITY OF MIAMI AND
SARMIENTO ADVERTISING GROUP, L.L.C.
FOR
BUS BENCH DESIGN, INSTALLATION AND MAINTENANCE
ARTICLE 1
DEFINITIONS AND IDENTIFICATIONS
1.1 Advertising Bus Bench - shall mean a bus bench with an Illuminated
Panel associated to it.
1.5 City Plasma Panel - shall mean one or more up to five freestanding
plasma panels to be installed exclusively for CITY use.
• 1.16 Percentage Revenue Payment — Shall mean an additional quarterly
payment to the CITY equal to ten percent (10%) of Net Revenue for, the quarter minus
the Quarterly Guaranteed Payment. Provided, however, that solely for the purpose of
calculating the Percentage Revenue Payment in years four (4) and five (5), the Percentage
' Revenue Payment shall be calculated using a Quarterly Guaranteed Payment based on a
guaranteed minimum yearly rate per bench of $1200.00, even though the Quarterly
Guaranteed Payments actually paid to CITY in years four (4) and five (5) are based on a
rate of $ 800.00 and $1000.00 respectively.
8.9 Cash Deposit. Perfomance Bond or Letter of Credit: For the period from
April 18, 2002 trough May 14, 2003 the CONTRATCOR shall immediately deposit with
the CITY cash in the amount of One Hundred Thousand Dollars ($ 100,000.00). On
May 15, 2003 CONTRACTOR shall provide, pay for, and maintain in force at all times
during the life of this Agreement, in a form acceptable to he CITY, 'a performance
bond or letter of credit in the amount of Two -Hundred, and Fifty Thousand Dollars
($250,000.00). Upon City's receipt of a bond or letter or letter of credit acceptable to
the City, the One Hundred Thousand Dollars ($ 100,000.00) cash deposit shall be
returned to the CONTRACTOR. •
Such bond shall' cover the proper construction and maintenance of the Bus Benches
and City Panels and their removal and restoration of the public rights -of -way, if such
is required by the CITY