Common use of Payment of compensation to Contractor Clause in Contracts

Payment of compensation to Contractor. shall be conditioned upon satisfactory completion of its duties as evidenced by approval of University’s Representative. The signature of the authorized representative on the invoice shall be sufficient proof of such approval. Contractor's invoices shall specify the dates, extent, and nature of the performance rendered for which payment is requested. If Contractor is not a resident of North Carolina and is not otherwise exempt from federal income taxation or exempt under N.C. General Statute 105-163.3, UNIVERSITY shall withhold a 4% nonresident income tax from payment(s) greater than $1,500 to Contractor during any one calendar year for personal services in the form of a performance, an entertainment or athletic event, a speech (including an academic lecture), or the creation of a film, radio, or television program, in accordance with N.C. General Statutes 105-163.1 and 105-163.3. If Contractor is exempt from federal income taxation, Contractor must provide to UNIVERSITY a copy of its determination letter from the IRS, which indicates that Contractor has been granted tax exempt status, which must accompany this Agreement when Contractor signs and returns this Agreement to UNIVERSITY.