Common use of Contract Price and Payments Clause in Contracts

Contract Price and Payments. Contracts are either “global price” or “fee-based”. 20.1. Fee-based contract In consideration of the services performed by the Contractor under the contract, the Contracting Authority shall make to the Contractor such payments of fees and such reimbursement of costs as provided in the contract. Fees shall be determined on the basis of time actually spent by the key experts in the performance of services at the fee rates specified in the contract. Fee rates are deemed to remunerate all the activities of the Contractor in the performance of the services and to cover all expenses and costs incurred by the Contractor which are not included in the agreed reimbursable costs. The Contracting Authority shall reimburse to the Contractor the reimbursable costs and expenses specified in the contract, actually and reasonably incurred in the performance of the services. Costs and expenses which are not mentioned in the contract shall be deemed covered by the overhead of profit included in the fees. The currency of payments of fees and reimbursable costs and applicable exchange rates are set out in the contract.

Contract Price and Payments. Contracts are either “global price” or “fee-based”. 20.1. Fee-based contract In consideration of the services performed by the Contractor under the contract, the Contracting Authority shall make to the Contractor such payments of fees and such reimbursement of costs as provided in the contract. Fees shall be determined based on the basis of time actually spent by the key experts in the performance of services at the fee rates specified in the contract. Fee rates are deemed to remunerate all the activities of the Contractor in the performance of the services and to cover all expenses and costs incurred by the Contractor which are not included in the agreed reimbursable costs. The Contracting Authority shall reimburse to the Contractor the reimbursable costs and expenses specified in the contract, actually and reasonably incurred in the performance of the services. Costs and expenses which are not mentioned in the contract shall be deemed covered by the overhead of profit included in the fees. The currency of payments of fees and reimbursable costs and applicable exchange rates are set out in the contract.