NEW BASE BUILDING CONSTRUCTION ELEVATOR AND ESCALATOR MAINTENANCE AGREEMENTPART 1 - AGREEMENTThis Contractors Agreement (“Agreement”) is entered into by and between XYZ Company. (“Agent”) whose address is (Enter Here), as duly authorized Agent for _ (“Owner”), with respect to the property commonly known as _ (“Property”), and _ (“Contractor”), whose address is _.1. EQUIPMENT DESCRIPTION:ElevatorNumberTypeGrd/Gls/HydSpeed &CapacityNumber ofLandingManufacturer2. ENTIRE AGREEMENT:This writing, the Owner/Agents Elevator and Escalator Preventive Maintenance Specification (PART 2 - SPEIFICATIONS) and attached exhibits, if any, constitute the entire Contract and Agreement between the parties as to the subject matter hereof and supersedes all prior Agreements, oral or written, between the parties hereto relating to the elevator maintenance services to be provided hereunder.39Elevator Maintenance Agreement1/9/223. TERM AND PRICE:3.1It is the Owner/Agents intention to award a contract covering an initial period of three (3) years, upon Owner acceptance of elevators from the Base Building General Contractor, subject to earlier termination as provided for in Section 5 of this Agreement (if applicable). This contract shall be automatically renewed for subsequent one (1) year terms after the expiration of the initial or subsequent term unless otherwise terminated pursuant to the provisions of Section 5 of this Agreement3.2The Owner/Agent shall pay the Contractor the sum of _ ($) per month for work performed during each month on presentation of an approved invoice by the Contractor.3.3The anniversary date for this Agreement shall be January 1st regardless of the execution date of this Agreement. On January 1st, provided that a minimum of 12 months have passed since the execution of this Agreement, the total contract amount may be adjusted to reflect the changes in material and labor cost as follows:3.4Thirty percent (20%) of the current contract price will be increased or decreased based on the Producer price index - Commodity code 10 - Metals and metal products published by the U. S. Department of Labor, Bureau of Labor Statistics, for the month of _ of each contract year as compared with index for the same month of the previous year.3.5Seventy percent (80%) of the current contract price will be increased or decreased based on the straight time hourly labor cost for the month within which falls the anniversary of the commencement of the service as compared with such straight time hourly labor cost for the same month of the previous year.3.6As used in the provision, the phase straight time hourly labor cost means the sum of the straight time hourly labor rate and the average hourly cost of fringe benefits paid to elevator examiners in the city and state which the property is located. The words fringe benefits mean employee benefits granted in lieu of or in addition to hourly rate increases and include, but are not limited to pensions, vacations, paid holidays, group life, sickness, accident and hospitalization insurance. The straight hourly labor cost applicable to this Agreement is $_of which $_ constitutes the cost of fringe benefits.3.8Price adjustments must be initiated in writing by the Contractor to the Owner/Agent at least 90 days prior to the beginning date of the affected price adjustment period and must be supported by conclusive evidence justifying the need for a price adjustment.3.9Not withstanding any other provision of this contract, the maximum allowed total price increase is 4% for any one (1) year term.4.HOURS OF WORK:4.1All normal work under this Agreement will be performed during regular hours of regular working days of the elevator trade: Monday through Friday 8:00 a.m. to 4:30 p.m. (“Regular Hours”). Contractor agrees to designate an elevator mechanic to perform on-site preventive maintenance procedures for elevators/escalator exclusive of emergency callback service, emergency repairs, scheduled repairs or safety tests which should be assigned to separate repair personnel. If work is required outside of Regular Hours, Owner/Agent will pay only the difference between normal and overtime labor at the Contractors billing rate, as specified in Section I of this Agreement, except as otherwise provided.5.TERMINATION OF AGREEMENT:5.1Either party may terminate this Agreement at the end of the initial three (3) year term or subsequent term by giving the other party not less than sixty (60) days written notice. 5.2The Owner/Agent may also terminate this Agreement at any time upon thirty (30) days written notice to the Contractor due to