NTE Price definition
Examples of NTE Price in a sentence
The NTE Price is the maximum compensation Professional Services Contractor will receive for Basic Services unless otherwise agreed in writing by Princeton University.
If at any time the Professional Services Contractor has reason to believe that the expenses to be incurred in performing the RO in the next succeeding thirty (30) days, if added to all other payments and costs previously accrued, will exceed eighty-five percent (85%) of the NTE Price, the Professional Services Contractor shall notify Princeton University giving a revised estimate of total expenses along with supporting reasons and documentation.
If the Professional Services Consultant deviates from the Design Standards without specific written authorization from Princeton University to do so, Princeton University may instruct the Professional Services Consultant to modify any Design Documents or other Basic Services as necessary, without additional compensation and no adjustment to the Fixed Price or NTE Price, to comply with the Design Standards.
The Professional Services Consultant will then be reimbursed for actual costs up to this NTE Price for labor at the applicable hourly rates established in this BOA at the time of issuance of the Release Order and for any material, subcontracts/subconsultant agreements, and special equipment plus applicable mark-ups as established in this BOA.
The Professional Services Consultant may be compensated for the performance of Additional Services in addition to the Fixed Price or NTE Price for any individual Release Order only if such Additional Services are required and/or performed through no fault of the Professional Services Consultant and only upon strict compliance with and subject to the terms of this Article XIV, Article IX, Article XVIII(k), and other applicable terms of the BOA.
Professional Services Consultant’s Fixed Price or NTE Price for the remaining Basic Services and the time schedules shall be equitably adjusted.
In the event of such reactivation, should Professional Services Consultant fail or refuse to promptly recommence its performance under the subject Release Order and this BOA for the previously suspended Release Order Project without increase to the Fixed Price or NTE Price, Professional Services Consultant shall be deemed to have failed to perform a material duty under this BOA for the purpose of Article XV(a), allowing Princeton University to terminate the Release Order and/or the BOA for default.
In addition, if at any time during the term of performance of any individual Release Order Princeton University should request the Professional Services Consultant to reduce the scope of Basic Services originally agreed upon under the Release Order, the Professional Services Consultant shall then reduce said scope of Basic Services, as requested, and the Fixed Price or NTE Price shall be reduced by a fair and equitable amount.
This type of Release Order will provide for establishment of a NTE Price to complete all Basic Services for the Release Order Project based on an advance estimate provided by the Professional Services Consultant.
Iridium will not be obligated to pay Seller any amount in excess of the NTE Price in a Task Order, and Seller shall not be obligated to continue performance if to do so would exceed the NTE Price set forth in a Task Order, unless and until Iridium notifies Seller in writing that the NTE Price has been increased and specifies in the notice a revised NTE Price that shall constitute the NTE Price for performance under the Task Order.