INVOICING/COMPENSATION SCHEDULE. Subject to the condition precedent set forth in this Agreement, Owner will make progress payments to Contractor. The progress payment amounts shall be based on the Owner and Contractor agreed upon Work Breakdown Structure (WBS) with assigned Schedules of Value (SOV) submitted by the Contractor within two (2) weeks after award of work/services under this Agreement. The maximum monthly compensation amount under this Agreement shall not exceed the value established under the submitted WBS/SOV, excluding New Mexico Gross Receipts Tax, for the portion of the Work performed and completed in the preceding month in accordance with monthly invoices prepared by Contractor and as approved by Owner. The specified payable amount shall be based on and paid for satisfactorily completion of services under this agreement. For services contained in the WBS/SOV that are not satisfactorily completed, payment shall be payable for the portion satisfactorily completed. Contractor must submit detailed statements accounting for all services performed, goods obtained, and expenses incurred. Invoices must be supported by approved purchase order or equivalent document and invoice by the supplier, evidencing the propriety of each claim for payment. Contractor shall certify that labor charges to the contract are direct charges and shall maintain records of wages, dates worked, and hours worked to support the certifications. If the Owner finds that the statement, services, goods, or expenses are not acceptable, within 30 days after the date of receipt of (i) written notice from the Contractor that payment is requested, and (ii) all supporting documentation, the Owner shall provide the Contractor a letter of exception explaining the defect or objection to the statement, services, goods, or expenses, and outlining steps the Contractor may take to provide remedial action. Upon the Owner's certification that the statement, supporting documentation, services, goods, or expenses have been received and accepted, Owner shall tender payment to the Contractor within 30 days after the date of acceptance. If payment is made by mail, the payment shall be deemed tendered on the date it is postmarked. However, the Owner shall not incur late charges, interest, or penalties, for failure to make payment within the time specified herein.
