Common use of Costs not to Exceed Clause in Contracts

Costs not to Exceed. The City is limited by law with respect to the amount of money it can pay. Therefore, the Parties have established fixed sums, including maximum amounts, which cannot be exceeded without amendment to the Agreement. The maximum amount per annum is $70,000.00. Costs are to be incurred on the rate of no more than $150.00 per hour, and as to said hourly rate and expenses billable under the Agreement, Consultant shall be required to keep track of the rate time and expenses, and any amounts in excess of that fixed or otherwise authorized under the Agreement shall not be eligible for payment. Consultant shall notify the City if Consultant anticipates that the Agreement amounts may be exceeded in order to determine whether or not the City is prepared to increase the total compensation. Consultant shall establish a billing system showing the amount of money remaining on the Agreement, which shall be shown in each monthly billing.

Costs not to Exceed. The City is limited by law with respect to the amount of money it can pay. Therefore, the Parties have established fixed sums, including maximum amounts, which cannot be exceeded without further or additional amendment to the Agreement. The maximum amount per annum under this Fourth Addendum is $70,000.0080,000.00. Costs are to be incurred on the rate of no more than $150.00 per hour, and as to said hourly rate and expenses billable under the Agreement, Consultant shall be required to keep track of the rate time and expenses, and any amounts in excess of that fixed or otherwise authorized under the Agreement shall not be eligible for payment. Consultant shall notify the City if Consultant anticipates that the Agreement amounts may be exceeded in order to determine whether or not the City is prepared to increase the total compensation. Consultant shall establish a billing system showing the amount of money remaining on the Agreement, which shall be shown in each monthly billing.