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<br />necessary by the DEPARTMENT in order that the adjacent state <br />road be widened, altered or otherwise changed and maintained <br />to meet with future criteria or planning of the DEPARTMENT. <br /> <br />7. METHOD OF COMPENSATION <br /> <br />In accordance with requirements of Section 287.058 (1) (d) , <br />Florida Statutes, the DEPARTMENT agrees to pay the CITY <br />quarterly (each three month period) compensation for the cost <br />of maintenance as described under Subi terns (1 . 1) through <br />(1.5) . <br /> <br />The lump sum payment will be in the amount of $1,763.28 <br />dollars per quarter for a total appropriation of $7,053.12 <br />dollars per year. <br /> <br />In accordance with Section 287.058(1) (a), Florida Statutes, <br />the CITY shall submit the quarterly invoice/bill in detail <br />sufficient for proper preaudit and postaudit thereof. <br /> <br />8. VENDOR RIGHTS <br /> <br />Section 215.422(5), Florida Statutes, requires the Department <br />to include a statement of vendor (Contractor) rights. <br />Contractors are hereby advised of the following: <br /> <br />Contractors providing goods and services to an agency should <br />be aware of the following time frames. Upon receipt, an agency <br />has 5 working days to inspect and approve the goods and <br />services, unless the bid specifications, purchase order or <br />contract specifies otherwise. An agency has 20 days to deliver <br />a request for payment (voucher) to the Department of Banking <br />and Finance. The 20 days are measured from the latter of the <br />date the invoice is received or the goods or services are <br />received, inspected and approved, by the Department of <br />Transportation. <br /> <br />If a payment is not made within 40 days, a separate interest <br />penalty at the rate established pursuant to Section 55.03(1) <br />Florida Statutes will be due and payable, in addition to the <br />invoice amount, to the Contractor. The interest penalty <br />provision applies after a 35 day time period to health care <br />providers, as defined by rule. Interest penalties of less than <br />one dollar will not be enforced unless the Contractor requests <br />payment. <br /> <br />Memorandum of Agreement <br />Contract No. BD947 <br />Financial Number: 40339317202 <br /> <br />4 <br />