Cost Requirements Clause Samples
The Cost Requirements clause sets out the obligations and standards related to the expenses incurred under an agreement. It typically details which costs are allowable, how they should be documented, and the process for submitting and approving cost-related claims or reimbursements. For example, it may specify that only pre-approved travel expenses are reimbursable or require detailed receipts for all expenditures. This clause ensures transparency and accountability in financial matters, helping to prevent disputes over payments and clarifying the financial responsibilities of each party.
Cost Requirements. In addition to any other requirements in this Agreement, the Energy Commission is only obligated to reimburse the Recipient for Incurred and Paid Costs that are (1) incurred during the Agreement Term; (2) invoiced within the required timeframes of this Agreement; (3) made in accordance with the Agreement’s Budget; and (4) actual and allowable expenses under this Agreement. ALL of the items in the Budget are capped amounts (i.e., maximums), and the Recipient can only bill its ACTUAL amount up to capped amounts listed in the Budget. For example, if the Budget includes an employee’s hourly rate of $50/hour but the employee is only paid $40/hour, the Recipient can only bill for $40/hour. Under the same example, if the employee earned $70/hour but the Budget only lists $50/hour, the Recipient can only bill for $50. If the actual rates exceed the approved rates in the Budget, the difference may be charged to the agreement as a match share expenditure.
Cost Requirements. This is a time and materials-based solicitation. All services rendered under the resulting agreement are on a time and materials basis and the Contractor is responsible for performing all services at the rates provided on ATTACHMENT 21: COST WORKSHEET for the term of the Agreement, including optional years, as identified in the EXHIBIT A: STATEMENT OF WORK.