Consulting Time definition
Consulting Time. The Company and Consultant shall agree in advance upon the number of hours to be spent by Consultant in the performance of the Consulting Services, which agreement may be in the form of a “not to exceed” number of hours during weekly or monthly periods or hours specified for individual projects. In no event shall Consultant exceed the agreed upon hours without Company’s prior written approval. The Company and Consultant shall agree in advance upon the number of hours to be spent by Consultant in the performance of the Consulting Services, which agreement may be in the form of a “not to exceed” number of hours during weekly or monthly periods or hours specified for individual projects. In no event shall Consultant be required or permitted to perform services under this Agreement at a level during any monthly period that is greater than twenty percent (20%) of the average level of service that Consultant performed for the Company during the 36- month period immediately preceding the Termination Date. The parties acknowledge that during the 36-month period immediately preceding the Termination Date, Consultant worked an average of approximately 50 hours per week for the Company.
Consulting Time is defined as services performed and any associated travel time. The current standard rates for LACHMAN consultants range between $325 and $425 per hour per consultant and the current standard rates for L▇▇▇▇▇▇'▇ management range between $450 and $550 per hour. Notwithstanding the above, special rates may apply for work performed by consultants with specialized subject matter skills and/or experience. A Management Review and Oversight Fee in the amount equal to 20% of project hours billed at the applicable management rate will be charged on a monthly basis based upon the actual consultant project hours incurred monthly, which covers management review and oversight and other associated project related charges. An initial advanced deposit of $12,500 will be invoiced to CS DIAGNOSTICS upon signing of this Agreement, with additional deposits required from time to time as agreed to by the parties in writing based upon applicable SOW(s) and/or proposal(s). Such deposit(s) will be applied directly to future consulting services. Invoices containing a detailed accounting of consulting time and all related expenses will be provided to CS DIAGNOSTICS. The current per diem allowance for meals and telephone expenses is $100 per consultant for travel within the U.S. and $120 per consultant for International travel. Payment terms for all invoices are net fifteen (15) days. Failure to object in writing to any invoice within fifteen (15) days from the date of mailing shall be deemed an acknowledgment of the amount owed. Any amounts not paid when due will accrue interest at the rate of 1% per month. In the event L▇▇▇▇▇▇ commences an action or proceeding to collect amounts due hereunder, CS DIAGNOSTICS shall pay LACHMAN its costs and expenses, including attorneys' fees, in connection therewith. CS DIAGNOSTICS and LACHMAN are parties to that certain Confidential Disclosure Agreement dated as of February 13, 2025 (the "CDA"), the terms of which are hereby incorporated herein by reference. The parties agree that the CDA shall govern the use and disclosure of Confidential Information (as defined in the CDA) in connection with this Agreement. The term of the CDA shall be deemed extended, as necessary, to be coterminous with this Agreement and the provisions thereof shall survive any expiration or termination of this Agreement for the period set forth in Section 7(e) thereof. This Agreement is for a maximum of two (2) years commencing on March 5, 2025. In order to maintain continu...
Examples of Consulting Time in a sentence
Consulting Time Charge - Consulting time will be invoiced at $125 per hour in 15-minute increments.
A detailed accounting of Consulting Time, including date, time and service provided, should be forwarded to the Company.
The Superintendent of School will be permitted three (3) days of Consulting Time annually during the term of this contract to service existing clients.
The Success Payment shall be calculated as $250,000 less the sum of Consulting Time Charges paid to ▇▇▇▇▇▇▇ under the terms of this Agreement.
When working outside of the Cleveland area for ECPN’s account, a minimum of 8 hours of Travel Time (actual or standby) and/or Consulting Time will be invoiced per 24-hour period.
Payment will be made at the per diem rate as defined above for all Consulting Time.