Common use of Basis for Payment Clause in Contracts

Basis for Payment. DFPS is not obligated to pay unauthorized costs or to pay more than Grantee’s allowable and actually incurred costs consistent with 45 CFR 75, Subpart E. Xxxxxxx is responsible for submitting bills in an accurate and timely manner for each service period and for notifying DFPS of a need to expedite payment. DFPS will make reasonable efforts to process all bills received in an accurate and timely manner, but does not warrant immediate payment. Regulation Compliance. Grantee will remain in compliance with 45 CFR Part 75, Subpart E. The reimbursement made to Grantee will not exceed Xxxxxxx’s actual costs to provide the services under this Contract and Grantee’s actual costs, both direct and indirect, must be allowable, reasonable, and allocable. Physical Property. Grantee will assume responsibility for the protection of all physical property and equipment purchased under this Contract. Grantee must furnish DFPS with a written, factual report of the theft of, or damage to, any equipment purchased under this contract, including circumstances concerning the loss. In addition, in the event of any theft, vandalism, or other offense against the properties, Grantee will notify appropriate local law enforcement authorities.