Common use of Compensation and Payment Schedule Clause in Contracts

Compensation and Payment Schedule. Compensation and payment terms include elements relating to cost and payment, such as maximum cost (i.e., not to exceed cost), cost per deliverable, hourly rates for individuals providing services, number of hours required, allowable expenses, and invoicing and payment procedures. All advance payments to a vendor require the completion and submittal of the Attachment 47 Request for Advance Payment and/or Deposit to a Vendor or Contractor form, with the payment request. These terms should also include any provisions for travel and travel costs, if any.