Common use of Capped Price Clause in Contracts

Capped Price. [used/not used] Guidance Note: insert details of the capped price, including: the total capped price; how the capped price is to be calculated. This could be (i) by reference to a single capped price, with hourly rates charged up till the level of the cap; or (ii) multiple capped prices, each referenced to a different milestone, with hourly rates charged up to the cap. number of milestone payments and/or payment based on Hourly Rates: if using milestone payments: number of milestones and milestone payments; description of milestones (name, description and delivery date); milestone acceptance criteria; invoicing and payment timetable and structure; and retention payment (if any) and conditions for release of retention payment.

Capped Price. [used/not used] Guidance Note: insert details of the capped price, including:  the total capped price;  how the capped price is to be calculated. This could be (i) by reference to a single capped price, with hourly rates charged up till the level of the cap; or (ii) multiple capped prices, each referenced to a different milestone, with hourly rates charged up to the cap.  number of milestone payments and/or payment based on Hourly Rates:  if using milestone payments: o number of milestones and milestone payments; o description of milestones (name, description and delivery date); o milestone acceptance criteria; o invoicing and payment timetable and structure; and o retention payment (if any) and conditions for release of retention payment.