Common use of Payment for Work Performed Clause in Contracts

Payment for Work Performed. Plan Holder will pay Contractor for services rendered hereunder at the rates set forth in “Attachment 1”. It is understood that the rates set forth in the attached tariff are subject to change by Contractor upon thirty (30) days written notice to Plan Holder. It is further understood that once the response has been initiated, Plan Holder and Contractor may mutually agree to enter into an alternative funding agreement so long as it does not impede or cause a delay in the overall response effort. Plan Holder shall pay such portion of Contractor’s invoices for services rendered hereunder and approved by the Plan Holder ’s Representative, such approval not to be unreasonably withheld or delayed, within thirty (30) days of receipt. If any amount payable under this agreement has not been paid within 7 days of the due date, then at any time thereafter the contractor shall be entitled to terminate this agreement without prejudice to the sums already due to the Contractor and to any further rights or remedies which the Contractor may have against the Plan Holder, provided always that the Contractor shall give the Plan Holder at least 3 working days written notice of its notice of its intention to exercise this right. Without prejudice to the above, in the event that payment is not timely made, the Contractor shall be entitled to interest on the unpaid balance at the rate of two percent above normal commercially available Bank lending rates. The parties intend that the provisions of this Section constitute the “funding agreement” required by 33 C.F.R. 155.4025, which shall remain in effect throughout the term hereof.