Common use of Payment Basis Clause in Contracts

Payment Basis. Agency shall in no event pay to the Contractor a sum in excess of the total amount specified in the Payment Limit of this Agreement. Subject to the Payment Limit, it is the intent of the parties hereto that the total payment to Contractor for all services provided for Agency under this Agreement shall be only for costs that are allowable costs (see Paragraph 3 below) and are actually incurred in the performance of Contractor's obligations under this Agreement.

Payment Basis. Agency shall in no event pay to the Contractor a sum in excess of the total amount specified in the Payment Limit of this Agreement. Subject to the Payment Limit, it is the intent of the parties hereto that the total payment to Contractor for all services provided for Agency under this Agreement shall be only for costs that are allowable costs (see Paragraph 3 below) and are actually incurred in the performance of Contractor's obligations under this Agreement. Contractor shall notify Agency in writing if the low bid on the construction contract exceeds the Agency’s payment limit. The construction contract shall not be awarded unless the Agency agrees in writing.