Common use of Hourly Rate Clause in Contracts

Hourly Rate. The amounts shall be computed by multiplying the appropriate hourly rates prescribed in this Contract by the number of direct labor hours performed. Fractional parts of an hour shall be payable on a prorated basis. The rates shall be paid for all labor performed on this Contract that meets the labor qualifications specified in this Contract. Labor hours incurred to perform tasks for which labor qualifications were specified in this Contract will not be paid to the extent the work is performed by individuals that do not meet the qualifications specified in this Contract, unless specifically authorized by LOCKHEED XXXXXX'x Procurement Representative. Invoices may be submitted once each month (or at more frequent intervals, if approved by LOCKHEED XXXXXX) to LOCKHEED XXXXXX. When requested by LOCKHEED XXXXXX, SELLER shall substantiate invoices (including any lower tier subcontractor hours reimbursed at the hourly rate in this Contract) by evidence of actual payment, individual daily job timecards, records that verify the employees meet the qualifications for the labor categories specified in this Contract, or other substantiation specified in this Contract. Unless this Contract prescribes otherwise, the hourly rates in this Contract shall not be varied by virtue of SELLER having performed work on an overtime basis. If no overtime rates are provided in this Contract and LOCKHEED XXXXXX approves overtime work in advance, overtime rates shall be negotiated. If this Contract provides rates for overtime, the premium portion of those rates will be reimbursable only to the extent theovertime is approved by LOCKHEED XXXXXX.

Hourly Rate. The amounts shall be computed by multiplying the appropriate hourly rates prescribed in this Contract by the number of direct labor hours performed. Fractional parts of an hour shall be payable on a prorated basis. The rates shall be paid for all labor performed on this Contract that meets the labor qualifications specified in this Contract. Labor hours incurred to perform tasks for which labor qualifications were specified in this Contract will not be paid to the extent the work is performed by individuals that do not meet the qualifications specified in this Contract, unless specifically authorized by LOCKHEED XXXXXX'x Procurement Representative. Invoices may be submitted once each month (or at more frequent intervals, if approved by LOCKHEED XXXXXX) to LOCKHEED XXXXXX. When requested by LOCKHEED XXXXXX, SELLER shall substantiate invoices (including any lower tier subcontractor hours reimbursed at the hourly rate in this Contract) by evidence of actual payment, individual daily job timecards, records that verify the employees meet the qualifications for the labor categories specified in this Contract, or other substantiation specified in this Contract. Unless this Contract prescribes otherwise, the hourly rates in this Contract shall not be varied by virtue of SELLER having performed work on an overtime basis. If no overtime rates are provided in this Contract and LOCKHEED XXXXXX approves overtime work in advance, overtime rates shall be negotiated. If this Contract provides rates for overtime, the premium portion of those rates will be reimbursable only to the extent theovertime the overtime is approved by LOCKHEED XXXXXX.