Common use of Payment Schedule and Terms Clause in Contracts

Payment Schedule and Terms. 1. The project fee set forth in this Agreement is the total amount due to the Consultant [OR a sum not to exceed the amount set forth above] for all services performed and expenses incurred under this Agreement. 2. The project fee includes direct labor costs, overhead costs, and direct (expense) costs, including materials, supplies, equipment, costs for travel (paid at the published IRS travel and per diem rates), reproduction costs, and telephone, facsimile, and computer use incurred during the billing period. 3. The Consultant shall maintain time and expense records and provide them not more frequently than monthly to the City, along with invoices in a format acceptable to the City for work performed to the date of invoice. The Consultant shall provide progress reports, scheduling, and completion information on request of the City. 4. The Consultant shall keep cost records and accounts pertaining to this Agreement available for inspection by the City’s representative for three (3) years after final payment. The Consultant will provide copies to the City upon request at no additional charge. 5. If the services rendered do not meet the requirements of the Agreement, the Consultant will correct or modify the work to comply with the Agreement. The City may withhold payment for such work until the work meets the requirements of the Agreement.

Payment Schedule and Terms. 1. The project fee set forth in this Agreement is the total amount due to the Consultant [OR a sum not to exceed the amount set forth above] for all services performed and expenses incurred under this Agreement. 2. The project fee includes direct labor costs, overhead costs, and direct (expense) costs, including materials, supplies, equipment, costs for travel (paid at the published IRS travel and per diem rates), reproduction costs, and telephone, facsimile, and computer use incurred during the billing period. 3. The Consultant shall maintain time and expense records and provide them not more frequently than monthly such records to the CityCity on a monthly basis, along with invoices in a format acceptable to the City for work performed to the date of invoice. The Consultant shall provide progress reports, scheduling, and completion information on request of the City. 4. The Consultant shall keep cost records and accounts pertaining to this Agreement available for inspection by the City’s representative for three six (36) years after final payment. The Consultant will provide copies to the City upon request at no additional charge. 5. If the services rendered do not meet the requirements of the Agreement, the Consultant will correct or modify the work to comply with the Agreement. The City may withhold payment for such work until the work meets the requirements of the Agreement.