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<br />the right to retain an amount equal to the damages suffered as a <br />result of the default. <br /> <br />J. It is mutually agreed and understood that the following provision <br />shall be applicable to this Agreement if the compensation, as <br />indicated in Paragraph 3A hereof, to be paid to the Consultant, <br />whether by lump sum or cost-plus-a-fixed-fee, shall exceed <br />$60,000. <br /> <br />The Consultant hereby certifies, covenants and warrants that wage <br />rates and other factual unit costs provided the City to support the <br />compensation provided in Paragraph 3.A. hereof are accurate, <br />complete and current as of the date of this Agreement. It is further <br />agreed that said Agreement price provided in Paragraph 3A <br />hereof shall be adjusted to exclude any significant sums where the <br />City shall determine the Agreement price was increased due to <br />inaccurate, incomplete or non-current wage rates and other factual <br />unit costs. All such Agreement adjustments shall be made within <br />one year following the end of the Agreement. For the purpose of <br />this Agreement, the end of the Agreement shall be deemed to be <br />the date of final billing or acceptance of the work by the City, <br />whichever is later, subject to the provisions of Paragraph 2.A. <br />hereof. <br /> <br />K. The City during any fiscal year, shall not expend money, incur any <br />liability, or enter into any contract which, by its terms, involves the <br />expenditure of money in excess of the amounts budgeted as <br />available for expenditure during such fiscal year. Any contract, <br />verbal or written, made in violation of this subsection is null and <br />void, and no money may be paid on such contract. The City shall <br />require a statement from the comptroller of the City that funds are <br />available prior to entering into any such contract or other binding <br />commitment of funds. Nothing herein contained shall prevent the <br />making of contracts for periods exceeding one year, but any <br />contract so made shall be executory only for the value of the <br />services to be rendered or agreed to be paid in succeeding fiscal <br />years. <br /> <br />4. INDEMNITY AND INSURANCE: <br /> <br />A. The Consultant shall indemnify, defend, and hold harmless the City <br />and all of its officers, agents and employees from any claim, loss, <br />damage, cost, charge or expense arising out of any negligent acts, <br />errors, or omission or negligent act by the Consultant, its agents, <br />employees, or subcontractors during the performance of the <br />Agreement, except that neither the Consultant, its agents, <br /> <br />6 <br />