Basis of Compensation (Column 2) Sample Clauses
The 'Basis of Compensation (Column 2)' clause defines the method and criteria by which payment is calculated for work performed under a contract. Typically, this clause specifies whether compensation is based on fixed fees, hourly rates, unit prices, or another agreed-upon formula, and may outline any adjustments or conditions that affect payment. By clearly establishing how and when compensation is determined, this clause ensures transparency and helps prevent disputes over payment, thereby providing both parties with a clear understanding of their financial obligations.
Basis of Compensation (Column 2). Column 2 identifies whether the City will pay the Consultant for the task(s) on a time-and-materials basis or on a fixed-fee (lump-sum) basis.
Basis of Compensation (Column 2). Column 2 identifies whether the City will pay the SCCOE for the task(s) on a time-and-materials basis or on a fixed-fee (lump-sum) basis.