Common use of Guaranteed Minimum Clause in Contracts

Guaranteed Minimum. In the event the Engineer is not issued any Task Orders hereunder and the Engineer has, throughout the term of the Contract, submitted reasonable Proposals for specific Projects, the City agrees to pay, and the Engineer agrees to accept, a minimum fee of $2,500, payable at the termination of the Contract. The Engineer further agrees that under such circumstances, it has no action for damages or for loss of profits against the City.

Guaranteed Minimum. In the event the Engineer is not issued any Task Orders hereunder and the Engineer has, throughout the term of the Contract, submitted reasonable Proposals for specific Projects, the City agrees to pay, and the Engineer agrees to accept, a minimum fee of $2,500, payable at the termination of the Contract. The Engineer further agrees that under such circumstances, it has no action for damages or for loss of profits against the City.