Lump Sum Agreement Clause Samples

A Lump Sum Agreement is a contractual provision that establishes a fixed total price for a defined scope of work or services, regardless of the actual costs incurred during performance. Under this arrangement, the contractor or service provider agrees to complete the project for the agreed-upon amount, even if expenses exceed initial estimates. This clause is commonly used in construction or service contracts to provide cost certainty for the client and incentivize efficient project management. Its core function is to allocate the risk of cost overruns to the contractor, ensuring budget predictability and reducing the potential for disputes over incremental charges.
Lump Sum Agreement. Payment for all consulting SERVICES shall be on the basis of a lump sum amount as shown on page one (1) of this AGREEMENT.
View SourceView Similar (8)
Lump Sum Agreement. If Design-Builder fails to make payment to the Subcontractor within the time frame and provisions specified in Section 7.1.3 and 7.1.4 above, the Subcontractor shall notify the Department and the Design-Builder’s bonding company in writing. The Design-Builder’s bonding company shall be responsible for insuring payment to the Subcontractor.
View SourceView Similar (4)
Lump Sum Agreement. Payment for all consulting services for this project shall be on the basis of a lump sum amount as shown in the heading of this AGREEMENT. The maximum amount payable, by the AGENCY to the CONSULTANT under this AGREEMENT, shall not exceed the amount shown in the heading of this AGREEMENT as maximum amount payable unless a supplemental agreement has been negotiated and executed by the AGENCY prior to incurring any costs in excess of the maximum amount payable.
View SourceView Similar (4)
Lump Sum Agreement. The Consultant shall be compensated at a Lump Sum not to exceed fee as listed in Schedule "B" for Basic Services, which for invoicing and tracking purposes, is based on the "Hourly Rate Schedule" presented in Schedule "C". Payments for Basic Services shall be made within forty-five (45) calendar days of receipt and approval of an acceptable invoice by the Project Coordinator. Note that Payments shall be made in proportion to the Services satisfactorily performed in each Phase so that the payments for Basic Services for each Phase shall not exceed the progress percentage noted in the Consultant's Progress Schedule, submitted with each invoice. No markup shall be allowed on subcontracted Basic Services.
View Source
Lump Sum Agreement. Payment for all consulting services for this PROJECT shall be on the basis of a lump sum amount as shown in the heading of this AGREEMENT.
View Source

Related to Lump Sum Agreement

  • Extension of Benefits Upon termination of insurance, whether due to termination of eligibility, or termination of the Contract, an extension of benefits shall be provided for a period of no less than 30 days for completion of a dental procedure that was started before Your coverage ended.

  • Binding Agreement; Benefit The provisions of this Agreement will be binding upon, and will inure to the benefit of, the respective heirs, legal representatives and successors of the parties hereto.

  • Termination of Benefits Except as provided in Section 2 above or as may be required by law, Executive’s participation in all employee benefit (pension and welfare) and compensation plans of the Company shall cease as of the Termination Date. Nothing contained herein shall limit or otherwise impair Executive’s right to receive pension or similar benefit payments that are vested as of the Termination Date under any applicable tax-qualified pension or other plans, pursuant to the terms of the applicable plan.

  • Assignment; Benefit This Agreement is personal and may not be assigned by Employee. This Agreement may be assigned by Employer and shall inure to the benefit of and be binding upon the successors and assigns of Employer.