CONTRACT SUM; PAYMENT Sample Clauses
CONTRACT SUM; PAYMENT. For and in consideration of Engineer's performance of the Work, Engineer will receive: payment by unit price and actual quantities of work and materials provided in accordance with the bid prices in the attached Exhibit 2 (task estimate) and a Total Cost not to exceed $234,440, and any authorized adjustments for additional work not anticipated by this contract. City’s payment obligation will be subject to:
7.1.1 A reduction by any amount owed by Engineer to City at the time payment of the Contract Sum is due; or
7.1.2 Additions and/or deletions by Change Order.
CONTRACT SUM; PAYMENT. The Park District agrees to compensate Vendor for Services in the amount of (“Contract Sum”). Services shall be invoiced monthly. Payment of said invoices, and any late payment penalties, shall be governed by the Local Government Prompt Payment Act (50 ILCS 505 et seq.).