Expenditure Based Milestone Payment Method Sample Clauses
The Expenditure Based Milestone Payment Method is a contractual provision that ties payments to the actual costs incurred by a contractor or service provider at specific project milestones. Under this method, payments are released when the party demonstrates that certain expenditures have been made, often requiring submission of invoices or receipts as proof. This approach ensures that funds are disbursed in alignment with real progress and spending, helping to manage cash flow and reduce the risk of overpayment before work is completed.
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Expenditure Based Milestone Payment Method. (with not to exceed ceiling): Payment is contingent upon satisfactory progress toward completion of milestones as delineated in each prototype project agreement and subject to Article 24, Allowable Costs. Payment shall be made based on actual costs incurred in completing milestones up to the maximum amount allowable under the applicable prototype project agreement, provided the designated AOR has verified compliance with the Statement of Work and accomplishment of the stated effort. Per (iii) below, either a Status Report identifying any associated technical tasks and the progress toward completion of each milestone, a deliverable report, or a milestone report is required concurrent with the invoice. An acceptable invoice for reimbursable payment is one that (on the invoice or on the attached status, deliverable, or milestone report in accordance with each prototype project agreement):
i. Is addressed to the CM and contains the CM’s address; Advanced Technology International
ii. contains the date of invoice and invoice number and the Base Agreement and prototype project agreement number;
iii. identifies any associated technical milestones and the progress toward completion of each milestone;
iv. includes a description of supplies and services, labor costs, subcontractor costs, material costs, travel costs, other direct costs, fixed fee, if applicable, and extended totals;
v. indicates the current period and cumulative manhours and costs incurred through the period indicated on the invoice; and
vi. contains the following certification statement and signature: “I certify that the amounts invoiced are for costs incurred in accordance with the agreement, the work reflected has been performed, and prior payment has not been received.” Authorized Signature
Expenditure Based Milestone Payment Method. (with not to exceed ceiling): Payment shall be made based on actual expenditures in completing milestones up to the total maximum amount allowable under the applicable Project Award, provided the designated PAR has verified compliance with the Statement of Work and accomplishment of the stated effort. Per (iii) below, a progress report identifying associated progress toward completion of each technical milestone is required with the invoice. An acceptable invoice for expenditure-based payment is one that:
i. is addressed to the CMF and contains the CMF’s address: Advanced Technology International ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ Summerville, SC 29486 ii. contains the date of invoice, invoice number, and the Base Agreement number and Project Award number (20XX-XXX #X);
iii. identifies any associated technical milestones and the progress toward completion of each technical milestone;
iv. includes a description of supplies and services, labor costs, subcontractor costs, material costs, travel costs, other direct costs, and extended totals;
v. indicates the current period and cumulative man-hours and costs incurred through the period indicated on the invoice; and
vi. contains the following certification statement: “I certify that the amounts invoiced are for costs incurred in accordance with the agreement, the work reflected has been performed, and prior payment has not been received.” Authorized Signature
Expenditure Based Milestone Payment Method. (with not to exceed ceiling): Payment shall be made based on actual expenditures in completing milestones up to the total maximum amount allowable under the applicable Project Award, provided the designated PAR has verified compliance with the Statement of Work and accomplishment of the stated effort. Per (iii) below, a progress report identifying associated progress toward completion of each technical milestone is required with the invoice. An acceptable invoice for expenditure-based payment is one that:
i. is addressed to the CMF and contains the CMF’s address: Advanced Technology International ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ Summerville, SC 29486 ii. contains the date of invoice, invoice number, and the Base Agreement number and Project Award number (20XX-XXX #X);
Expenditure Based Milestone Payment Method. (with not to exceed ceiling) for Consortium Members not subject to full Cost Accounting Standards on other agreements or contracts: Payment is contingent upon satisfactory progress toward completion of milestones as delineated in each prototype project agreement and subject to Article 24, Allowable Costs. Payment shall be made based on actual costs incurred in completing milestones up to the maximum amount allowable under the applicable prototype project agreement, provided the designated AOR has verified compliance with the Statement of Work and accomplishment of the stated effort. Per (iii) below, either a Status Report identifying any associated technical tasks and the progress toward completion of each milestone, a deliverable report, or a milestone report is required concurrent with the invoice. An acceptable invoice for reimbursable payment is one that (on the invoice or on the attached status, deliverable, or milestone report in accordance with each prototype project agreement):
i. Is addressed to the CM and contains the CM’s address; Advanced Technology International Summerville, SC 29486 ii. contains the date of invoice and invoice number and the Base Agreement and prototype project agreement number;
Expenditure Based Milestone Payment Method. (with not to exceed ceiling): Payment shall be made based on actual expenditures in completing milestones up to the total maximum amount allowable under the applicable Project Award, provided the designated PAR has verified compliance with the Statement of Work and accomplishment of the stated effort. Per (iii) below, a progress report identifying associated progress toward completion of each technical milestone is required with the invoice. An acceptable invoice for expenditure-based payment is one that:
i. is addressed to the CMF and contains the CMF’s address: Advanced Technology International ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ Summerville, SC 29486 ii. contains the date of invoice, invoice number, and the Base Agreement number and Project Award number (20XX-XXX #X);
iii. identifies any associated technical milestones and the progress toward completion of each technical milestone;
iv. includes a description of supplies and services, labor costs, subcontractor costs, material costs, travel costs, other direct costs, and extended totals;
v. indicates the current period and cumulative man-hours and costs incurred through the period indicated on the invoice; and
vi. contains the following certification statement: “I certify that the amounts invoiced are for costs incurred in accordance with the agreement, the work reflected has been performed, and prior payment has not been received.” Authorized Signature
Expenditure Based Milestone Payment Method. (with not to exceed ceiling): Payment is contingent upon satisfactory progress toward completion of milestones as delineated in each individual Task Order as Attachment 3. Payment shall be made based on actual costs incurred in completing milestones up to the maximum amount allowable under this Agreement, provided the designated PTR (if applicable) has verified compliance with the Statement of Work and accomplishment of the stated effort. The Recipient will normally fund any costs incurred above this maximum amount. Either a Status Report identifying any associated technical tasks and the progress toward completion of each milestone, a Deliverable Report, or a Milestone Report is required concurrent with the invoice. An acceptable invoice for reimbursable payment is one that (on the invoice or on the attached Status, Deliverable, or Milestone Report required by each individual Task Order Attachment 2): • contains the date of invoice and agreement number; • identifies any associated technical milestones and the progress toward completion of each milestone; • includes a discussion of the cost share expended towards the accomplishment of the tasks and/or milestone (this cost share discussion may be attached to the invoice if contractor practices make inclusion of such information on the invoice itself impractical); • includes a description of supplies and services, labor costs, subcontractor costs, material costs, travel costs, other direct costs, and extended totals; and • indicates the current period and cumulative manhours and costs incurred through the period indicated on the invoice. • each invoice should also include the following written certification: “I certify that the amounts invoiced are for costs incurred in accordance with the agreement, the work reflected has been performed, and prior payment has not been received.”