Common use of Compensation; Method of Payment Clause in Contracts

Compensation; Method of Payment. A. Subject to the Contractor’s performance in compliance with the terms of this Contract, Anchorage shall pay the Contractor SIXTY-SIX THOUSAND EIGHTY-SEVEN DOLLARS ($66,087.00) monthly, due the first of the month, and not later than the fifth of the month, provided the first payment shall be made within 20 days after execution of this Contract. Subject to the Contractor’s performance in compliance with the terms of this Contract, monthly payments made pursuant to this Contract shall annually total SEVEN HUNDRED NINETY- THREE THOUSAND FORTY-FOUR DOLLARS ($793,044). B. If the Contract is extended for the two-year option period, subject to the Contractor’s satisfactory performance, Anchorage shall pay the Contractor SEVENTY-ONE THOUSAND THREE HUNDRED SEVENTY-THREE DOLLARS AND NINETY-SIX CENTS ($71,373.96) monthly, due the first of the month, and not later than the fifth of the month. Subject to the Contractor’s satisfactory performance, monthly payments made during the two-year option period shall annually total EIGHT HUNDRED FIFTY-SIX THOUSAND FOUR HUNDRED EIGHTY-SEVEN DOLLARS AND FIFTY-TWO CENTS ($856,487.52). C. The Contractor is not entitled to any compensation under this Contract, other than as expressly provided for in this section. Anchorage is not entitled to any services other than as expressly provided for in section 2, above.