Modifications to Lump Sum Clause Samples
The "Modifications to Lump Sum" clause defines the conditions and procedures under which the originally agreed-upon lump sum payment in a contract can be adjusted. Typically, this clause outlines scenarios such as changes in project scope, unforeseen circumstances, or client-requested alterations that may justify an increase or decrease in the lump sum amount. It often specifies the process for requesting, reviewing, and approving such modifications, including necessary documentation or notice requirements. The core function of this clause is to provide a clear and fair mechanism for adjusting the contract price, thereby managing financial risk and preventing disputes over payment changes during the course of the project.
Modifications to Lump Sum. If the City authorizes a substantial or material change in the Scope of Services, the Lump Sum compensation for that portion of the Services may be equitably and proportionately adjusted by mutual consent of the Director or designee and Consultant, subject to such additional approvals as may be required by legislation or ordinance.
Modifications to Lump Sum. If the Omni CRA authorizes a substantial or material change in the Scope of Services, the Lump Sum compensation for that portion of the Services may be equitably and proportionately adjusted by mutual consent of the Executive Director or Executive Director’s designee and Consultant, subject to such additional approvals as may be required by legislation or ordinance.
Modifications to Lump Sum. If the City authorizes a substantial or material change in the Scope of Services or level of staffing, the Lump Sum compensation for that portion of the Services may be equitably and proportionately adjusted by mutual consent of the Director or designee and Consultant, subject to such additional approvals as may be required by legislation or ordinance. Lump Sum compensation shall be calculated by Consultant, utilizing the Wage Rates established herein including multiplier, and reimbursable expenses as attached in Schedule B-2. Prior to issuing a Work Order, the City may require Consultant, to verify or justify its requested Lump Sum compensation. Such verification shall present sufficient information as depicted in Schedule A2. Hourly Rate Fees shall be those rates for Consultant and Sub consultant employees identified in Schedule B1 Wage Rates. All hourly rate fees will include a maximum not to exceed figure, inclusive of all costs expressed in the contract documents. The City shall have no liability for any fee, cost or expense above this figure. Consultant shall maintain timesheets for all individuals compensated on an hourly basis. Said timesheets are to reflect the name and title of the individual, work week, all Work performed during the work week, and the hours associated with each task performed. Timesheets must account for the total number of authorized work hours in the work week.