Compensation and Payment Procedure Clause Samples
The Compensation and Payment Procedure clause defines how and when payments will be made for goods or services provided under the agreement. It typically outlines the payment schedule, acceptable methods of payment, invoicing requirements, and any conditions that must be met before payment is released, such as delivery milestones or approval of work. By clearly specifying these procedures, the clause helps prevent disputes over payment timing and amounts, ensuring both parties understand their financial obligations and reducing the risk of delayed or missed payments.
Compensation and Payment Procedure. As compensation for its services performed under this contract, the City agrees to compensate Consultant in an amount not to exceed One hundred eighty-two thousand five hundred forty-five dollars and zero cents ($182,545.00). The City shall pay Consultant at a rate that is measured by the amount of time that Consultant expends in providing services for the City. The rate shall be Consultant’s usual and customary rate per hour of service. Consultant shall measure the time that Consultant expends in providing services for the City in a minimum amount of, and in increments of, one tenth of an hour. Consultant shall submit monthly or more frequent regular statements describing the services rendered with corresponding records of time expended by Consultant. The City, upon receipt of completed invoice statements, shall promptly process said claims for payment.
Compensation and Payment Procedure. As compensation for its services performed under this contract, the City agrees to compensate Consultant in an amount not to exceed seventy nine thousand six hundred sixty dollars and zero cents ($ 79,660.00
Compensation and Payment Procedure. The calculation of compensation is done by calculating the content distribution fee, the amount and payment procedure of such compensation is the following: