Lump Sum Basis Option Sample Clauses

The Lump Sum Basis Option clause establishes that payment for specified work or services will be made as a single, fixed amount rather than based on actual costs or time spent. In practice, this means the contractor or service provider agrees to complete the agreed-upon scope of work for a predetermined price, regardless of the actual expenses incurred during performance. This clause provides cost certainty for the client and incentivizes the contractor to manage resources efficiently, ultimately reducing the risk of budget overruns and simplifying payment administration.
Lump Sum Basis Option. The Client and Consultant select the Lump Sum Basis for Payment for services provided by Consultant. During the course of providing its services, Consultant shall be paid monthly based on Consultant’s estimate of the percentage of the work completed. Necessary expenses and equipment are provided as a part of Consultant’s services and are included in the initial Lump Sum amount for the agreed upon Scope of Work. Total payments to Consultant for work covered by the Lump Sum Agreement shall not exceed the Lump Sum amount without written authorization from the Client. The Lump Sum amount includes compensation for Consultant’s services and the services of Consultant’s Consultants, if any for the agreed upon Scope of Work. Appropriate amounts have been incorporated in the initial Lump Sum to account for labor, overhead, profit, expenses and equipment charges. The Client agrees to pay for other additional services, equipment, and expenses that may become necessary by amendment to complete Consultant’s services at their normal charge out rates as published by Consultant or as available commercially.
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Lump Sum Basis Option. The Client and Consultant select the Lump Sum Basis for Payment for services provided by Consultant. During the course of providing its services, Consultant shall be paid monthly based on Consultant’s estimate of the percentage of the work completed. Necessary expenses and equipment are provided as a part of Consultant’s services and are included in the initial Lump Sum amount for the agreed upon Scope of Work. Total payments to Consultant for work covered by the Lump Sum Agreement shall not exceed the Lump Sum amount without written authorization from the Client. The following expenses are included in the Lump Sum fee. 1. Mileage for travel to and from the City of Arden Hills and within city limits during established office hours. 2. SEH computer and software used during the course of business. Client will provide a separate computer for accessing City networks and printers. Due to IT security protocols of both parties, Consultant anticipates that SEH computers cannot be connected to the City network. 3. Mobile telephone for communication. 4. Project financial accounting and invoice processing. 5. Consultant performance reviews with City Administrator by the SEH Client Services Manager. The Lump Sum amount includes compensation for Consultant’s services for the agreed upon Scope of Work. Appropriate amounts have been incorporated in the initial Lump Sum to account for labor, overhead, profit, expenses and equipment charges. The Client agrees to pay for other additional services, equipment, and expenses that may become necessary by amendment to complete Consultant’s services at their normal charge out rates as published by Consultant or as available commercially.
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Related to Lump Sum Basis Option

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.