Common use of Cost Plus Fixed Fee Milestone Clause in Contracts

Cost Plus Fixed Fee Milestone. Payment Method (with not to exceed ceiling): Payment is contingent upon satisfactory progress toward completion of milestones as delineated in Research Project Award. Payment shall be made based on actual costs incurred in completing milestones up to the maximum amount allowable under the applicable Research Project Award, provided the designated SOTR has verified compliance with the Statement of Work and accomplishment of the stated effort. The Project Agreement Awardee will normally fund any costs incurred above this maximum amount. Either a Status Report identifying any associated technical tasks and the progress toward completion of each milestone, a Deliverable Report, or a Milestone Report is required concurrent with the invoice. Payment of the fixed fee specified in each Research Project Award, subject to any adjustments required by other provisions of this Base Agreement and/or Research Project Award, will be paid in installments at the time of each provisional payment on account of the allowable costs. The amount of fixed fee paid will be based upon the ratio that the Research Project Awardee's incurred allowable costs bear to the total estimated cost. In the event the work cannot be completed within the estimated cost, the CM may increase the estimated cost without increasing the fixed fee. An acceptable invoice for reimbursable payment is one that (on the invoice or on the attached Status, Deliverable, or Milestone Report in accordance with each Research Project Award): 6.1.3.1. contains the date of invoice and the Base Agreement number and Research Project Award number; 6.1.3.2. identifies any associated technical milestones and the progress toward completion of each milestone; 6.1.3.3. includes a description of supplies and services, labor costs, subcontractor costs, material costs, travel costs, other direct costs, indirect costs, fixed fee and extended totals; 6.1.3.4. indicates the current period and cumulative man-hours and costs incurred through the period indicated on the invoice; and 6.1.3.5. contains the following certification statement: “I certify that the amounts invoiced are for costs incurred in accordance with the agreement, the work reflected has been performed, and prior payment has not been received.” Authorized Signature