Art Work Commission Agreement - Harold Langland

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ARTICLE 2 — ARTIST'S COMPENSATION 2.1 Payment and Transfer of Ownership (a) As compensation for performance of all his obligations under this Agreement, the City shall pay the Artist the total sum of $240,000, in U.S. dollars (the "Artist's Fee"), as follows, provided there exists no material violation or breach of the terms of this Agreement at the time payment is due: (i) The Artist will be entitled to the first installment of the Artist's Fee in the amount of $24,000.00 promptly following the Effective Date of this Agreement. (ii) The Artist will be entitled to the second installment of the Artist's Fee in the amount of $72,000.00)upon approval by the City of the completed maquette. (iii) The Artist will be entitled to the third installment of the Artist's Fee in the amount of $72,000.00 upon approval by the City of the completed enlargement. (iv) The Artist will be entitled to the final installment of the Artist's Fee in the amount of $72,000.00 upon delivery by the Artist and acceptance by the City of the completed Work in accordance with the terms of Section 1.3. The Artist shall present an invoice to the City for each of the foregoing installment payments, and, provided there exists no material violation or breach of the terms of this Agreement, the City agrees to pay the same to the Artist within a reasonable time as permitted by the City's ordinary payment mechanisms, but in any event within thirty calendar days of receipt of the invoice. (b) The City shall provide complete remittance of each payment by means that do not accrue fees to be borne by the Artist. (c) Upon the Artist's receipt of the entire amount of the Artist's Fee, all rights, title, and ownership of the Work shall pass to the City. No further written instrument will be required to effect the conveyance of the Work as stated in this Agreement, but the Artist agrees to provide any further assurances or written instruments concerning the conveyance of the Work that the City may request from time to time. ARTICLE 3 — RISK OF LOSS 3.1 The Artist assumes all risks of loss, damage, or injury to the maquette, the enlargement, the Work, and any other materials or work product associated with the Artist's performance of his obligations under this Agreement prior to delivery of the Work to the City in accordance with Section 1.3. The Artist's liability to the City under this Section 3.1 shall not exceed the total amount of the installments of the Artist's Fee paid by the City to the Artist. AMA