Common use of Compensation and Reporting Requirements Clause in Contracts

Compensation and Reporting Requirements. Contractor shall be compensated on a cost reimbursement basis according to the financial budget prepared by Contractor, approved by ASTHO, and attached to this Agreement. The total reimbursable amount may not exceed $ . Reallocations of less than 10% of a line item or $500 between budgeted line items are allowed but the ASTHO programmatic and financial contacts must be notified within thirty days. Reallocations of more than these amounts may be allowed but must be approved in advance by ASTHO. All incurred costs must be reasonable and conform to any provision of this Agreement regarding Allowable Costs. Subcontractor does not acquire any rights against ASTHO. Contractor must submit invoices to the program contact listed on page two of this agreement to receive payment. Contractor shall render an invoice to ASTHO on a monthly basis on or before the last day of the subsequent month in which expenses were incurred. A narrative report describing activities conducted during the period must accompany each invoice. Upon Contractor’s presentation of an invoice, ASTHO will review the invoice and pay Contractor for work that has been judged acceptable for any approved invoice. The invoice must detail current period expenditures and cumulative expenditures versus the approved budget. Payment of the final invoice will not be made until all work has been completed and has been judged acceptable by ASTHO. Contractor must submit final invoice within 30 days of contract end date to receive payment. Invoice(s) will be paid within 30 days of receipt at ASTHO. The Contractor shall return to ASTHO all overpayments, such as those due to actual rates or costs being less than estimated or provisional rates, or due to any other cause, in a timely and prompt manner.

Compensation and Reporting Requirements. Contractor shall be compensated on a cost reimbursement basis according to the financial budget prepared by Contractor, approved by ASTHO, and attached to this Agreement. The total reimbursable amount may not exceed $ . Reallocations of less than 10% of a line item or $500 between budgeted line items are allowed but the ASTHO programmatic and financial contacts must be notified within thirty days. Reallocations of more than these amounts may be allowed but must be approved in advance by ASTHO. All incurred costs must be reasonable and conform to any provision of this Agreement regarding Allowable Costs. Subcontractor does not acquire any rights against ASTHO. Contractor must submit invoices to the program contact listed on page two of this agreement to receive payment. Contractor shall render an invoice to ASTHO on a monthly basis on or before the last day of the subsequent month in which expenses were incurred. A narrative report describing activities conducted during the period must accompany each invoice. Upon Contractor’s presentation of an invoice, ASTHO will review the invoice and pay Contractor for work that has been judged acceptable for any approved invoice. The invoice must detail current period expenditures and cumulative expenditures versus the approved budget. Payment of the final invoice will not be made until all work has been completed and has been judged acceptable by ASTHO. Contractor must submit final invoice within 30 days of contract end date to receive payment. Invoice(s) will be paid within 30 days of receipt at ASTHO. The Contractor shall return to ASTHO all overpayments, such as those due to actual rates or costs being less than estimated or provisional rates, or due to any other cause, in a timely and prompt manner.