Unit Price Contracts Sample Clauses

A Unit Price Contracts clause establishes that payment for work will be based on predetermined rates for specific units of work, rather than a lump sum for the entire project. Under this arrangement, the contractor is compensated according to the actual quantities of work performed, such as cubic yards of concrete poured or linear feet of piping installed, with each unit having an agreed-upon price. This approach provides flexibility for projects where the exact quantities of work cannot be precisely determined in advance, ensuring that both parties are fairly compensated or charged for actual work completed and reducing disputes over unforeseen changes in project scope.
Unit Price Contracts. 1. Payment will be made for the actual quantity of Work completed during the payment period and for materials and equipment stored during the payment period per the Contract Documents. a. Payment amount is the Work quantity measured per the Contract Documents multiplied by the unit prices for that line item in the Agreement. b. Payment for stored materials and equipment will be made per Paragraph 17.06. 2. Measure the Work described in the Agreement for payment. Payment will be made only for the actual measured and/or computed length, area, solid contents, number, and weight, unless other provisions are made in the Contract Documents. Payment on a unit price basis will not be made for Work outside finished dimensions shown in the Contract Documents. Include cost for waste, overages, and tolerances in the unit price for that line item.
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Unit Price Contracts. The following provision on quantity overruns will be included in all future unit price contracts under Paragraph (B) Variations from Engineer's Estimate (or equivalent provision): "If during the progress of the work, the actual quantity of items required to complete the work of any unit item approaches the estimated quantity, and due to errors, site conditions, changes in design or any other reason, it appears that the actual quantity necessary to complete the work will exceed the estimated quantity by 25 percent, the Contractor shall immediately notify the Engineer of such anticipated overruns. The Contractor shall not be compensated for work performed in excess of one hundred twenty five (125) percent of the estimated quantities in the bid schedule without written authorization from the Engineer. The Contractor will be paid at the unit price bid for quantities up to one hundred twenty five (125) percent of the estimated quantities listed in the bid schedule. If quantities on any item exceed one hundred twenty five (125) percent of the estimate, the City reserves the right and the Contractor agrees to renegotiate the unit price bid to a new unit price for such quantities. If the City and Contractor cannot agree to a new price then the City, if it requires additional units of the item, shall order the Contractor and the Contractor agrees to perform the additional work on a time and material basis for the actual and reasonable cost as determined under Article 26 but in no event at a cost exceeding the bid price.
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Unit Price Contracts. A. Comparison of Bids – Bids on Unit Price Contracts will be compared on the basis of total estimated price, arrived at by taking the sum of the estimated quantities of such items multiplied by the corresponding unit prices, and including any lump sum bids on individual items, in accordance with the Engineer’s Estimate of quantities of such items multiplied by the corresponding units prices, and including any lump sum bids on individual items, in accordance with the Engineer’s Estimate of Quantities set forth in the Bid Form. B. Variations from Engineer’s Estimate – If during the progress of the work, the actual quantity of items required to complete the work of any unit item approaches the estimated quantity, and due to errors, site conditions, changes in design or any other reason, it appears that the actual quantity necessary to complete the work will exceed the estimated quantity by 25 percent, the Contractor shall immediately notify the Engineer of such anticipated overruns. Bidders are warned that the Engineer’s Estimate of ▇▇▇▇▇▇▇▇▇▇ on the various items of work and materials is only an approximation, given solely to be used as a uniform basis for the comparison of bids, and is not to be considered part of this contract. The quantities actually required to complete the contract work may be less or more than so estimated, and if so, no actions for damages or for loss of profits shall accrue to the contractor by reason thereof. The contractor shall not be compensated for work performed in excess of one hundred twenty five (125) percent of the estimated quantities in the bid schedule without written authorization from the Engineer. The contractor will be paid at the unit price for bid for quantities up to one hundred twenty five (125) percent of the estimated quantities listed in the bid schedule. If quantities on any item exceed one hundred twenty five (125) percent of the estimate, the City reserves the right and the contractor agrees to re negotiate the unit price bid to a new unit price for such quantities. If the City and contractor cannot agree to a new price then the City, if it requires additional units of the item, shall order the contractor and the contractor agrees to perform the additional work on a time and material basis for the actual and reasonable cost as determined under Article 26 but in no event at a cost exceeding the bid price.
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Unit Price Contracts 
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Related to Unit Price Contracts

  • Service Contracts (a) The Trustees may, at any time and from time to time, contract for exclusive or nonexclusive advisory, management and/or administrative services for the Trust or for any Series with any Person; and any such contract may contain such other terms as the Trustees may determine, including without limitation, authority for the Investment Adviser to determine from time to time without prior consultation with the Trustees what investments shall be purchased, held, sold or exchanged and what portion, if any, of the assets of the Trust shall be held uninvested and to make changes in the Trust's investments, and such other responsibilities as may specifically be delegated to such Person. (b) The Trustees may also, at any time and from time to time, contract with any Persons, appointing such Persons exclusive or nonexclusive distributor or Principal Underwriter for the Shares of one or more of the Series or other securities to be issued by the Trust. Every such contract may contain such other terms as the Trustees may determine. (c) The Trustees are also empowered, at any time and from time to time, to contract with any Persons, appointing such Person(s) to serve as custodian(s), transfer agent and/or shareholder servicing agent for the Trust or one or more of its Series. Every such contract shall comply with such terms as may be required by the Trustees. (d) The Trustees are further empowered, at any time and from time to time, to contract with any Persons to provide such other services to the Trust or one or more of the Series, as the Trustees determine to be in the best interests of the Trust and the applicable Series. (e) The fact that: (i) any of the Shareholders, Trustees, or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, Manager, adviser, Principal Underwriter, distributor, or affiliate or agent of or for any Person with which an advisory, management or administration contract, or Principal Underwriter's or distributor's contract, or transfer, shareholder servicing or other type of service contract may be made, or that (ii) any Person with which an advisory, management or administration contract or Principal Underwriter's or distributor's contract, or transfer, shareholder servicing or other type of service contract may be made also has an advisory, management or administration contract, or principal underwriter's or distributor's contract, or transfer, shareholder servicing or other service contract, or has other business or interests with any other Person, shall not affect the validity of any such contract or disqualify any Shareholder, Trustee or officer of the Trust from voting upon or executing the same, or create any liability or accountability to the Trust or its Shareholders, provided approval of each such contract is made pursuant to the applicable requirements of the 1940 Act.