Fee for Profit Clause Samples
The 'Fee for Profit' clause defines the compensation a contractor or service provider receives above their actual costs, representing their profit margin for undertaking a project. Typically, this fee is calculated as a fixed percentage of the total project costs or as a lump sum, and it is agreed upon in advance as part of the contract terms. By clearly specifying how profit is determined and paid, this clause ensures transparency in compensation and helps prevent disputes over payment, thereby aligning the interests of both parties and incentivizing efficient project completion.
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Fee for Profit. An Allowance in the amount set forth in Exhibit A is established for payment of the Fee for Profit in accordance with the provisions set forth below.
Fee for Profit. In addition to the payments for direct and overhead costs as herein before provided, the Airport Authority agrees to pay the Construction Professional an amount for profit for Services performed, based upon a percentage of actual direct and overhead costs incurred and as set forth in Exhibit C. It is agreed and understood that such amount will constitute full compensation to the Construction Professional for profit and may vary because of any differences between that estimated cost and the actual cost for Services performed. In the event this Agreement is terminated, payment of a fee for profit shall be in an amount which shall be determined as set forth in Exhibit C, multiplied by actual direct and overhead cost incurred to date of termination less previously paid profit. Notwithstanding anything to the contrary herein, the Construction Professional shall not be entitled to any lost profits for any Work or any Services which the Construction Professional did not perform.
Fee for Profit. In addition to the payments for direct and overhead costs as herein before provided, the Airport Authority agrees to pay the Consultant an amount for profit for Services performed, based upon a percentage of actual direct and overhead costs incurred. It is agreed and understood that such amount will constitute full compensation to the Consultant for profit and will vary because of any differences between that estimated cost and the actual cost for Services performed. In the event this Agreement is terminated, payment of a fee for profit shall be in an amount which shall be determined as set forth in Exhibit D, multiplied by actual direct and over head cost incurred to date of termination Reimbursables: As set forth in Exhibit F, attached hereto and made a part hereof, reimbursable expenses shall be actual cost of materials, and services, other than salaries, as may be required hereunder but which are not normally provided as a part of the overhead of the Consultant. All actual costs shall be itemized and certified as paid to specifically named firms or individuals, and shall be supported by proper receipts. Subconsultants: Actual costs incurred by Consultant for services procured from subconsultants pursuant to its provision of the required Services.