Common use of COST AND PAYMENTS Clause in Contracts

COST AND PAYMENTS. 6.1 It is agreed to and understood by the parties that the University shall be reimbursed for all costs incurred in connection with the Project up to the amount of $550,000 (the "Project Cost"). It is estimated that the amount designated as the Project Cost is sufficient to support Project expenses. 6.2 The Sponsor shall not be liable for any payment in excess of the Project Cost unless this Agreement is modified in writing. Within ninety (90) days after the termination of this Agreement the University shall submit a final financial report setting forth costs incurred. The report shall be accompanied by a check in the amount, if any, of the excess of funds advanced over costs incurred. 6.3 All checks shall be made payable to Cornell University and sent to the address specified in Article 19, Notices. Payment shall be made by the Sponsor according to the following schedule. To Accompany Letter of Intent $20,000 Upon Execution of this Agreement $17,500 August 1, 1995 $37,500 November 1, 1995 $37,500 February 1, 1995 $37,500 Upon execution of Amendment No. 1 $15,000 Monthly thereafter $10,000 Upon execution of Amendment No. 2 $15,000 Monthly thereafter $10,000 Upon execution of Amendment No. 3 $12,500 Monthly thereafter $12,500 Except as modified above, all terms and conditions of the Subcontract shall remain unchanged and in full force and effect.

COST AND PAYMENTS. 6.1 It is agreed to and understood by the parties that the University shall be reimbursed for all costs incurred in connection with the Project up to the amount of $550,000 850,000 (the "Project Cost"). It is estimated that the amount designated as the Project Cost is sufficient to support Project expenses. 6.2 The Sponsor shall not be liable for any payment in excess of the Project Cost unless this Agreement is modified in writing. Within ninety (90) 90 days after the termination of this Agreement Agreement, the University shall submit a final financial report setting forth costs incurred. The report shall be accompanied by a check in the amount, if any, of the excess of funds advanced over costs incurred. 6.3 All checks shall be made payable to Cornell University and sent to the address specified in Article 19, Notices. Payment shall be made by the Sponsor according to the following schedule. To Accompany accompany Letter of Intent $$ 20,000 Upon Execution execution of this Agreement $$ 17,500 August 1, 1995 $$ 37,500 November 1, 1995 $$ 37,500 February 1, 1995 $1996 $ 37,500 Upon execution of Amendment No. 1 $$ 15,000 Monthly thereafter $$ 10,000 Upon execution of Amendment No. 2 $$ 15,000 Monthly thereafter $$ 10,000 Upon execution of Amendment No. 3 $$ 12,500 Monthly thereafter $$ 12,500 Upon execution of Amendment 4 $ 12,500 Monthly thereafter $ 12,500 Upon execution of Amendment 5 $ 12,500 Monthly thereafter $ 12,500 Except as modified above, all terms and conditions of the Subcontract shall remain unchanged and in full force and effect.

COST AND PAYMENTS. 6.1 It is agreed to and understood by the parties that the University shall be reimbursed for all costs incurred in connection with the Project up to the amount of $550,000 700,000 (the "Project Cost"). It is estimated that the amount designated as the Project Cost is sufficient to support Project expenses. 6.2 The Sponsor shall not be liable for any payment in excess of the Project Cost unless this Agreement is modified in writing. Within ninety (90) 90 days after the termination of this Agreement Agreement, the University shall submit a final financial report setting forth costs incurred. The report shall be accompanied by a check in the amount, if any, of the excess of funds advanced over costs incurred. 6.3 All checks shall be made payable to Cornell University and sent to the address specified in Article 19, Notices. Payment shall be made by the Sponsor according to the following schedule. To Accompany Letter of Intent $$ 20,000 Upon Execution of this Agreement $$ 17,500 August 1, 1995 $$ 37,500 November 1, 1995 $$ 37,500 February 1, 1995 $1996 $ 37,500 Upon execution of Amendment No. 1 $$ 15,000 Monthly thereafter $$ 10,000 Upon execution of Amendment No. 2 $$ 15,000 Monthly thereafter $$ 10,000 Upon execution of Amendment No. 3 $$ 12,500 Monthly thereafter $$ 12,500 Upon execution of Amendment 4 $ 12,500 Monthly thereafter $ 12,500 Except as modified above, all terms and conditions of the Subcontract shall remain unchanged and in full force and effect.