For Maximum Amount Not-To-Exceed Compensation under Section 5 Clause Samples

This clause sets a cap on the total compensation that can be paid under Section 5, ensuring that payments do not exceed a specified maximum amount. In practice, it applies to contracts where services or deliverables are provided, and the parties agree that the total fees or costs will not surpass a predetermined limit, regardless of actual expenses incurred. The core function of this clause is to control costs and provide budget certainty, protecting the paying party from unexpected or unlimited financial exposure.
For Maximum Amount Not-To-Exceed Compensation under Section 5. 1.1. Consultant shall submit billings which are identified by ▇▇▇ ▇▇▇cific project number on a monthly basis in a timely manner for all Salary Costs and Reimbursables attributable to the Project. These billings shall identify the natu▇▇ ▇▇ ▇▇e work performed, the total hours of work performed and the employee category of the individuals performing same. Billings shall itemize and summa▇▇▇▇ ▇▇▇mbursables by category and identify same as to the personnel incurring the expense and the nature of the work with which such expense was associated. Where prior written approval by Contract Administrator is required for Reimbursables, a copy of said approval shall accompany the billing for such reimbursable. Billings shall also indicate the ▇▇▇▇▇▇▇ive amount of CBE/DBE participation to date. The statement shall show a summary of Salary Costs and Reimbursables with accrual of the total and credits for portions paid previously. External Reimbursables and subconsultant fees must be documented by copies of invoices or receipts which describe the nature of the expenses and contain a project number or other identifier which clearly indicates the expense is identifiable to the Project. Subsequent addition of the identifier to the invoice or receipt by Consultant is not acceptable except for meals and travel expenses. Internal expenses must be documented by appropriate Consultant's cost accounting forms with a summary of charges by category. When requested, Consultant shall provide backup for past and current invoices that records hours and Salary Costs by employee category, Reimbursables by category, subconsultant and subcontractor fees on a task basis, so that total hours and costs by task may be determined.
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