The Lump Sample Clauses
The Lump clause establishes a fixed, all-inclusive payment amount for a particular service or project, regardless of the actual costs incurred during performance. In practice, this means the contractor or service provider receives a predetermined sum, and any cost overruns or savings are absorbed by them rather than the client. This clause is commonly used in construction or service agreements to provide budget certainty and reduce administrative complexity. Its core function is to allocate financial risk to the provider and ensure the client knows the total cost upfront, thereby preventing disputes over incremental charges or unforeseen expenses.
The Lump. Sum Contract Price includes plumbing and electrical building permits from appropriate entities and any other building permits as directed by the Principal Representative.
The Lump. Sum Price shall be adjusted if a Change Order causes changes in the quantities or changes in the Drawings or Specifications which changes affect the
The Lump. Sum Payment shall be made to Langbein or, in the event of ▇▇▇▇▇▇▇n's death, to Langbei▇'▇ ▇▇▇▇▇▇ or other d▇▇▇▇▇▇▇ ▇▇ provided in writing by Langbein in his Last Will an▇ ▇▇▇▇▇▇ent or document of similar import and intent ("Will"), within thirty (30) days of the Date of Termination; provided, that only with respect to termination due to the death of Langbein, if Medicore does n▇▇ ▇▇▇▇ sufficient cash to make the Lump Sum Payment as required in this Section 8, then Medicore shall pay the amount of the Lump Sum Payment in such amounts and installments as it is able within a period of but no later than nine (9) months from date of Langbein's death. Interest ▇▇▇▇ ▇▇▇▇▇e at a per annum rate on the amounts owed to Langbein equal to the coupon ▇▇▇▇▇ ▇ield on a 52 week U.S. Treasury Bill determined as of the da▇▇ ▇hat the Lump Sum Payment is due ("Interest"). Interest shall accrue until the payment to Langbein is fully satisfied. It is agreed that Langbein or his estate, as t▇▇ ▇▇▇▇ may be, has the option, at his or its sole discretion, to elect to obtain from Medicore in lieu of such Lump Sum Payment, 400,000 shares of Medicore common stock, $.01 par value, from authorized and unissued capital stock or treasury shares or any combination of authorized and unissued shares and treasury shares (the "Medicore Shares"), subject to adjustment as provided in this Agreement, as soon as practicable upon notice to Medicore of his or its election to obtain the Medicore Shares. Medicore agrees to have sufficient capital stock available and to amend, if necessary, its certificate of incorporation, from time to time, based upon its obligation to issue the Medicore Shares to Langbein; and, to the extent ▇▇▇▇ ▇▇pital stock and/or treasury shares may then be insufficient to cover the exercise of the option of Langbein to obtain the Medic▇▇▇ ▇▇▇▇es in lieu of the Lump Sum Payment, Medicore agrees that it shall take and use for Langbein's election such sha▇▇▇ ▇▇▇▇▇▇ed for other purposes, and/or to the extent additional shares of common stock of Medicore are required, Medicore shall immediately repurchase said shares in the open market or in privately negotiated transactions. Medicore further agrees to file and cause to be approved any listing agreements that may be required by any exchange or interdealer quotation system upon which the Medicore Shares may then be trading with respect to any additional shares that may be authorized, issued and/or transferred to Langbein under his opt...