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selection of an engineering consultant, and also in the design and construction supervision of the capital improvements. 11. PAYMENT OF COST OF CAPITAL IMPROVEMENTS. Chesapeake shall reimburse Portsmouth the actual cost of making the capital improvements contemplated in Paragraph 8 of the Prior Contract and Paragraph 10 of this Amendment. "Actual cost" shall include all out-of-pocket expenses directly associated with the design, construction administration, construction inspection, and actual construction of the improvements, including costs for right-of-way acquisition costs, inspection fees, permit fees and contracted legal expenses. "Actual cost" shall not include any of Portsmouth's in-house costs or any costs associated with or arising out of debt service, bond coverage requirements, administrative expenses, or operational expenses. 12. TIMING OF PAYMENTS FOR CAPITAL IMPROVEMENTS. Chesapeake shall pay for the improvements as completed on a cash basis. To this end, Portsmouth shall submit to Chesapeake a written proj ecfion of the cash flow required to meet each month's invoice at least sixty (60) days prior to submitting such invoice. Portsmouth shall submit to Chesapeake invoices on a monthly basis £or work actually performed and actual costs incurred as defined in the preceding paragraph. Chesapeake shall pay the invoices within thirty (30) days of receipt of same. If the invoice exceeds the estimated monthly cash flow requirement, Chesapeake shall pay the amount by which the invoice exceeds the estimhted monthly cash flow requirement within ninety (90) days of receipt of the invoice. A late charge of 1% per month shall be imposed for any payment that is not timely received. Each invoice shall set forth the type and quantity of materials purchased, 7