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invoice, we will then prepare the market study report (Phase V), which will take <br />an additional 10 days. <br />Signed Proposal & Retainer Received by HVS <br />Requested Information Received by HVS <br />1 <br />Fieldwork & Analysis Timing Commences <br />1 <br />Study Findings (Tables) Provided to You <br />Invoice Provided for Narrative Report <br />1 <br />Payment for Remaining Assignment Fee Received by HVS <br />Writing Phase Commences (after full payment) <br />1 <br />Narrative Report Provided to You <br />Professional Fees Our fee for Phase I -IV will be $8,500, payable upon execution of this agreement. <br />Our fee for Phase V will be an additional $2,500, payable upon your request for <br />this phase. Expenses are included in the fee. <br />It is our normal policy to provide an electronic draft copy of our final report for <br />your review. After confirmation that our invoice for services has been paid in full, <br />this draft will be provided in PDF and will include a watermark "DRAFT." Upon <br />your approval of this draft, we will commence preparation of the final report. This <br />fee includes one electronic copy of the final report, which will be delivered to you <br />via email in PDF. This fee includes one electronic copy of the final report Upon <br />your request, we can prepare bound, hard copies of the report for a pre -paid fee <br />of $250 per copy. Reports are not transmitted in Microsoft Word format. <br />After completing the fieldwork phase of this assignment, should it become <br />necessary to alter the parameters of the study, such as the property description, <br />opening date, location, or any other factor that could change the final conclusions, <br />the TS Worldwide LLC will be entitled to charge an additional fee based on our <br />HVS Consulting and Valuation Services Proposal 7 <br />