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October 29, 2012 <br />City of Pequot Lakes <br />Page 7 <br />� <br />and explanations of additional charges. In addition, you will be billed for any "non-audit" services requested by <br />you or consultations at 80% of our standard hourly rates. Our invoices for these fees wili be rendered each <br />month as work progresses and are payable on presentation. In accordance with our firm policies, work may be <br />suspended if your account becomes 60 days or more overdue and will not be resumed until your account is paid <br />in full. If we elect to terminate our services for nonpayment, our engagement will be deemed to have been <br />completed even if we have not issued our report(s). You will be obligated to compensate us for all time <br />expended and to reimburse us for all out-of-pocket expenditures through the date of termination. <br />You also agree to compensate us for any time and expenses, including time and expenses of legal counsel, we <br />may incur in responding to discovery requests or participating as a witness or otherwise in any legal, regulatory, <br />or other proceedings that we are asked to respond to on your behalf. You and your attorney will receive a copy <br />of every subpoena or request we are asked to respond to. You can control the costs of any discovery process or <br />document request by informing us which requests you would like us to act on. <br />Subcontractors <br />CLA may, at times, use subcontractors to perform services under this agreement, and they may have access to <br />your information and records. Any such subcontractors will be subject to the same restrictions on the use of <br />such information and records as apply to CLA under this agreement. We will be as responsible for any act done <br />by these subcontractors as we are for any act done by a CLA empioyee under this agreement. <br />Agreement <br />Annually, we assemble a variety of benchmarking analyses using client data obtained through our audit and <br />�- other engagements. Some of this benchmarking information is published and released publicly. However, the <br />information that we obtain is confidential, as required by ET Section 301 of the AICPA Code of Professional <br />Conduct. Your acceptance of this engagement letter will serve as your consent to use of the City of �equot <br />Lakes' information in these cost comparison, performance indicator, and/or benchmarking reports. <br />We appreciate the opportunity to be of service to you and believe this letter accurately summarizes the <br />significant terms of our engagement. If you have any questions, please let us know. Please sign, date, and return <br />the enclosed copy of this letter to us to indicate your acknowledgment and understanding of, and agreement <br />with, the arrangements for our audit of your financial statements including the terms of our engagement and <br />our respective responsibilities. <br />Sincerely, <br />CliftonLarsonAllen LLP <br />� I , � �' <br />Douglas P. Host, CPA <br />Partner <br />218-825-2948 <br />Doug.host@cliftonlarsonallen.com <br />� Enclosure <br />