Common use of Hourly Rate Clause in Contracts

Hourly Rate. (i) The amounts payable to Contractor shall be computed by multiplying the appropriate hourly rates prescribed in the Contract by the number of direct labor hours performed. Payroll records or time cards should be signed by the Princeton University Project Manager before noon the next work day, to verify work performed the preceding day. The rates shall include wages, indirect costs, general and administrative expense, and profit. Fractional parts of an hour shall be payable on a prorated basis. Applications for Payment may be submitted once each month (or at more frequent intervals, if approved by Princeton University). The Contractor shall substantiate Applications for Payment by evidence of actual payment and by individual daily job time cards, or other substantiation approved by Princeton University. Promptly after receipt of each substantiated Application for Payment, Princeton University shall, except as otherwise provided in this Contract, and subject to the terms of Clause I1(e)(4), pay the Application for Payment as approved. (ii) Unless the Contract prescribes otherwise, the hourly rates in the Contract shall not be varied by virtue of the Contractor having performed work on an overtime basis. If no overtime rates are provided in the Contract and overtime work is approved in advance by Princeton University, overtime rates shall be negotiated. If the Contract provides rates for overtime, the premium portion of those rates will be reimbursable only to the extent the overtime is approved by Princeton University.