Firms Compensation Sample Clauses

Firms Compensation. (a) As compensation for FIRM’s services on the Project, City agrees to pay FIRM a sum not to exceed $73,740. City will pay this sum to FIRM as work is completed based on the hourly rates and fees set forth in the “Compensation Schedule” attached to and incorporated into this Agreement as Exhibit “B.” (b) The City Director of Public Works may authorize additional compensation up to $7,374.00 for any changes in the services to be performed by FIRM pursuant to this Agreement that are ordered by the City Engineer in the manner provided for by this Agreement. (c) FIRM will bill City monthly for services on the Project. All bills or invoices for such services will list the hours worked and hourly rates for each personnel category, all reimbursable costs, the tasks performed, the percentage of the task completed during the billing period, the cumulative percentage completed for each task, the total cost of that work during the preceding billing month, and a cumulative cash flow curve showing projected and actual expenditures versus time to date. (d) Notwithstanding anything to the contrary in this Section 6, the City will review the invoice by comparing the cumulative percentage completed on the project with the sum of the invoice. Total approved payment will not exceed the cumulative percentage completed. Invoiced amounts above the cumulative amount completed for project milestones and deliverables as described in Exhibit “A” will not be paid until milestone and/or deliverables are achieved as specified in Exhibit “C.” (e) FIRM agrees to attach a completed IRS Form W-9 to this Agreement to facilitate tax reporting for payments made by City to FIRM pursuant to this Agreement. (f) Payment by the City to FIRM shall be made within 45 days after receipt and approval of FIRM’s invoice by a City check payable to FIRM.