Common use of Overhead Rates Clause in Contracts

Overhead Rates. (1) ConsultantName shall submit a written notice requesting changes to overhead rates for ConsultantName and its subconsultants in accordance with the adjustment date specified in Section 1, Agreement Summary. Notice shall contain the information required under subsection a) i. through iv. and be provided a minimum of thirty (30) calendar days before the adjustment date to allow for County review. Unless the County disagrees in writing with the proposed overhead rates, the Consultant may start billing at the new overhead rates thirty (30) calendar days after submittal of the advance written notice or the applicable adjustment date specified in Section 1, Agreement Summary, whichever is later; provided however, all new overhead rates shall be effective at the beginning of a billing period. Overhead rate increases shall not be retroactive. Only services performed after the thirty (30) calendar day time period shall be billed at the new overhead rates. a) Written notice shall include the following: i. The name of each individual firm; ii. Copy of most current fiscal year overhead review; iii. Current financial statements with sufficient information concerning the overhead rate, including but not limited to annual audited overhead rates, any actual federal (FAR) overhead rates; and iv. Additional information as requested to validate overhead costs. b) For annual overhead rate adjustments, the County will review and consider the actual historical overhead costs incurred by the firm with respect to Business & Occupational (B&O) taxes; however, should the B&O tax percentage be increased or decreased, the County will make no adjustment to the overhead rate to account for future B&O taxes associated with costs for this Agreement.

Overhead Rates. (1) ConsultantName shall may submit a written notice requesting changes to overhead rates for ConsultantName and its subconsultants in accordance with the adjustment date specified in Section 1, Agreement Summary. Notice shall contain the information required under subsection a) i. i through iv. iv and be provided a minimum of thirty (30) calendar days before the adjustment date to allow for County review. Unless the County disagrees in writing with the proposed overhead rates, the Consultant may start billing at the new overhead rates thirty (30) calendar days after submittal of the advance written notice or the applicable adjustment date specified in Section 1, Agreement Summary, whichever is later; provided however, all new overhead rates shall be effective at the beginning of a billing period. Overhead rate increases shall not be retroactive. Only services performed after the thirty (30) calendar day time period shall be billed at the new overhead rates.. DRAFT a) Written notice shall include the following: i. The name of each individual firm; ii. Copy of most current fiscal year overhead review; iii. Current financial statements with sufficient information concerning the overhead rate, @Associated Project Costs (APC) including but not limited to annual audited overhead rates, any actual or provisional federal (FAR) overhead rates; and iv. Additional information as requested to validate overhead costs. b) For annual overhead rate adjustments, the County will review and consider the actual historical overhead costs incurred by the firm with respect to Business & Occupational (B&O) taxes; however, should the B&O tax percentage be increased or decreased, the County will make no adjustment to the overhead rate to account for future B&O taxes associated with costs for this Agreement.