Common use of COSTS AND SCHEDULE OF PAYMENTS Clause in Contracts

COSTS AND SCHEDULE OF PAYMENTS. Contractor will be paid according to the following schedule upon receipt of properly executed and approved invoices and in accordance with the process detailed below. Contractor was awarded this Contract based on a base bid of (BASE BID AMOUNT). It should be the intent of the Contractor to complete the Project at the base bid price. If Change Orders are required the Contractor agrees that total payments made to the Contractor including all Change Orders will not exceed (TOTAL AMOUNT 10% above base bid). If a Change Order exceeds the maximum amount of (10% above base bid) the Agency must receive approval by the state of CT’s Department of Construction Services (“DCS”) and the new maximum amount shall be set forth in a formal written amendment to the Contract executed by both parties and approved by the Office of the Attorney General. Contractor to submit invoices to the University representative identified in Article