Common use of Fixed Price Agreements Clause in Contracts

Fixed Price Agreements. A percentage of the Fixed Price based on the percentage of the Project completed up to and including the date that the CONSULTANT receives notice of termination. A Consultant Agreement Modification shall be negotiated to compensate the CONSULTANT for costs incurred in closing out the Agreement, if any, including work performed following the date on which the CONSULTANT received the notice of termination in order to close out the project. Cost Times Multiplier Agreement: Allowable direct costs incurred in the performance of its work up to and including the date that the CONSULTANT receives notice of termination, together with allowable direct costs incurred in closing out the Project in accordance with the notice to terminate. If the STATE has terminated the Agreement due to failure of the CONSULTANT to perform in a satisfactory manner as determined by the STATE, the STATE may, at the option of the STATE, in accordance with the method of compensation under Part II the Agreement, make the following adjustments: The STATE shall make no further payment to the CONSULTANT under this Agreement and may require the CONSULTANT to repay all or a portion of the monies already paid. In addition, the STATE shall make no payment of any close-out costs which the CONSULTANT may incur at the direction of the STATE. Nothing herein shall limit the right of the STATE to recover any and all costs and damages resulting from the CONSULTANT’s failure to perform the work in a satisfactory manner. The CONSULTANT shall have no right to, nor shall it make any claim for, damages or additional compensation of any type whatever by reason of termination regardless of fault. All documents begun or completed as the result of this Agreement shall be immediately turned over to the STATE upon termination consistent with the provisions of Article 23.

Fixed Price Agreements. A percentage of the Fixed Price based on the percentage of the Project completed up to and including the date that the CONSULTANT receives notice of termination. A Consultant Agreement Modification shall be negotiated to compensate the CONSULTANT for costs incurred in closing out the Agreement, if any, including work performed following the date on which the CONSULTANT received the notice of termination in order to close out the project. Cost Times Multiplier Agreement: Allowable direct costs incurred in the performance of its work up to and including the date that the CONSULTANT receives notice of termination, together with allowable direct costs incurred in closing out the Project in accordance with the notice to terminate. If the STATE has terminated the Agreement due to failure of the CONSULTANT to perform in a satisfactory manner as determined by the STATE, the STATE may, at the option of the STATE, in accordance with the method of compensation under Part II the Agreement, Additional Terms and Conditions of Agreement Between State and Consultant make the following adjustments: The STATE shall make no further payment to the CONSULTANT under this Agreement and may require the CONSULTANT to repay all or a portion of the monies already paid. In addition, the STATE shall make no payment of any close-out costs which the CONSULTANT may incur at the direction of the STATE. Nothing herein shall limit the right of the STATE to recover any and all costs and damages resulting from the CONSULTANT’s failure to perform the work in a satisfactory manner. The CONSULTANT shall have no right to, nor shall it make any claim for, damages or additional compensation of any type whatever by reason of termination regardless of fault. All documents begun or completed as the result of this Agreement shall be immediately turned over to the STATE upon termination consistent with the provisions of Article 23. Notwithstanding any other provision herein, in the event the CONSULTANT does not submit invoices/xxxxxxxx for a period of three (3) years, the STATE shall deem this Agreement as inactive and the consultant services complete as of the date of the last submitted invoice/billing. The STATE shall thereafter terminate this Agreement with no further obligations to the CONSULTANT. In turn, the CONSULTANT, including subconsultant(s) of any tier, would be deemed to have released and given up all claims, past, present or future, against the STATE, its officers, agents and employees, arising out of any and all obligations assumed and work performed under this Agreement, including claims for Extra or Additional Work.

Fixed Price Agreements. A percentage of the Fixed Price based on the percentage of the Project completed up to and including the date that the CONSULTANT receives notice of termination. A Consultant Agreement Modification shall be negotiated to compensate the CONSULTANT for costs incurred in closing out the Agreement, if any, including work performed following the date on which the CONSULTANT received the notice of termination in order to close out the project. Cost Times Multiplier Agreement: Allowable direct costs incurred in the performance of its work up to and including the date that the CONSULTANT receives notice of termination, together with allowable direct costs incurred in closing out the Project in accordance with the notice to terminate. If the STATE has terminated the Agreement due to failure of the CONSULTANT to perform in a satisfactory manner as determined by the STATE, the STATE may, at the option of the STATE, in accordance with the method of compensation under Part II the Agreement, Additional Terms and Conditions of Agreement Between State and Consultant make the following adjustments: The STATE shall make no further payment to the CONSULTANT under this Agreement and may require the CONSULTANT to repay all or a portion of the monies already paid. In addition, the STATE shall make no payment of any close-out costs which the CONSULTANT may incur at the direction of the STATE. Nothing herein shall limit the right of the STATE to recover any and all costs and damages resulting from the CONSULTANT’s failure to perform the work in a satisfactory manner. The CONSULTANT shall have no right to, nor shall it make any claim for, damages or additional compensation of any type whatever by reason of termination regardless of fault. All documents begun or completed as the result of this Agreement shall be immediately turned over to the STATE upon termination consistent with the provisions of Article 23.