CONTRACT SUM BREAKDOWN AND RETAINAGE. The Contract Sum is: a fixed price a not-to-exceed price [Strike either (a) or (b).] If the Contract Sum is a fixed price, payments shall be based on percentages of completion of the Services using the following schedule of values: ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ If the Contract Sum is a not-to-exceed price, payments shall be based on Services performed using the following hourly rates: ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Such not-to-exceed price represents the maximum sum payable to the Contractor for performance of the Services. All hours billed must be supported by copies of actual timesheets signed by Contractor’s employee, his or her respective supervisor, and approved by a RIOC project manager. Retainage of _________________percent (__%) will be withheld from all payments until substantial completion of the Services. When the Services are substantially complete, RIOC shall pay the Contractor the retainage, ...
CONTRACT SUM BREAKDOWN AND RETAINAGE. The Contract Sum is:
