Common use of Fixed Price Task Orders Clause in Contracts

Fixed Price Task Orders. (a) The University shall pay the Subcontract, upon submission of proper invoices or vouchers, the price stipulated in each fixed-price task order for work delivered or rendered, less any deductions provided in this Agreement. Unless otherwise specified, payments shall be made upon acceptance by the University of any portion of the work delivered or rendered for which a price is separately stated in a task order. (b) The University will withhold from payment 20% of the amount – of each invoice or voucher up to a maximum of amount of $50,000 for each task order. (c) Except as stated in (4) below, upon completion of the requirements, including all deliverables, of each task order and submission of all documentation, certifications, and approvals required of the Subcontractor by the provisions of this Agreement, and acceptance of the work by the University, the University will pay the amount withheld on a task order.