Common use of Payment Method Types Clause in Contracts

Payment Method Types. Project Agreements will be issued as either a fixed price milestone payment method or expenditure based milestone payment method as described below. Fixed Price Milestone Payment Method: Payments shall be made in accordance with the Payable Milestone Schedule of each Project Agreement, provided the designated AOR has verified compliance with the Statement of Work and accomplishment of the stated effort. The Payable Milestone Schedule may be revised as appropriate and deemed necessary by issuance of a bilateral modification to the Project Agreement. Quarterly reviews by the AOR and the CMF will assess the need for revisions to the Payable Milestone Schedule. An acceptable invoice for adjustable fixed price milestone payments is one that: is addressed to the CMF and contains the CMF’s address: Advanced Technology International 000 Xxxxx Xxxxx Summerville, SC 29486 contains the date of invoice, invoice number, and the Base Agreement number and Project Agreement number (20XX-XXX, #X); identifies the milestone number and deliverable description for any milestone(s) that are complete; and lists the milestone cost contained in each Project Agreement Expenditure Based Milestone Payment Method (with not to exceed ceiling): Payment is contingent upon satisfactory progress toward completion of milestones as delineated in Project Agreement. Payment shall be made based on expenditures in completing milestones up to the maximum amount allowable under the applicable Project Agreement, provided the designated AOR has no objection to the Consortium Member’s compliance with the Statement of Work and accomplishment of the stated effort. Per (iii) below, either a Status Report identifying any associated technical tasks and the progress toward completion of each milestone, a Deliverable Report, or a Milestone Report is required concurrent with the invoice. An acceptable invoice for reimbursable payment is one that (on the invoice or on the attached Status, Deliverable, or Milestone Report in accordance with each Project Agreement): is addressed to the CMF and contains the CMF’s address: Advanced Technology International 000 Xxxxx Xxxxx Summerville, SC 29486 contains the date of invoice, invoice number, and the Base Agreement number and Project Agreement number (20XX-XXX, #X); identifies any associated technical milestones and the progress toward completion of each milestone; includes a description of supplies and services, labor costs, subcontractor costs, material costs, travel costs, other direct costs, indirect costs (if applicable), fixed fee (if applicable to the PA) and extended totals; indicates the current period and cumulative man-hours and costs incurred through the period indicated on the invoice; contains the following certification statement: “I certify that the amounts invoiced are for expenditures in accordance with the agreement, the work reflected has been performed, and prior payment has not been received.” Authorized Signature ___________________________________ if applicable to the PA, includes a report of the resource share expended towards the accomplishment of the SOW tasks and/or milestones. This resource share report may be attached to the invoice if Consortium Member practices make inclusion of such information on the invoice itself impractical. If the resource share report is separate from the invoice, it must be signed by an authorized representative. This resource share report must contain a breakout of the resource share by cost element similar to the level of detail required on the invoice and any in-kind contributions. The preferred method of reporting resource share is to provide an invoice for expenditures with a value for the resource shared amount and the value to be reimbursed by the Government through the CMF. Except as set forth in the Disputes section of this Agreement, the Government’s nor the CMF’s financial liability will not exceed the amount obligated and available for payment under projects awarded under this Agreement. Submission of Invoices Invoices may be submitted at least once a month. The Consortium Member awarded a PA shall submit invoices and any necessary supporting documentation via email to XXX-xxxxxxxx@xxx.xxx. Payment Terms

Payment Method Types. Project Agreements will be issued as either a fixed price milestone payment method or expenditure based milestone payment method as described below. Fixed Price Milestone Payment Method: Payments shall be made in accordance with the Payable Milestone Schedule of each Project Agreement, provided the designated AOR has verified compliance with the Statement of Work and accomplishment of the stated effort. The Payable Milestone Schedule may be revised as appropriate and deemed necessary by issuance of a bilateral modification to the Project Agreement. Quarterly reviews by the AOR and the CMF will assess the need for revisions to the Payable Milestone Schedule. An acceptable invoice for adjustable fixed price milestone payments is one that: is addressed to the CMF and contains the CMF’s address: Advanced Technology International 000 Xxxxx Xxxxx SummervilleXxxxxxxxxxx, SC 29486 XX 00000 contains the date of invoice, invoice number, and the Base Agreement number and Project Agreement number (20XX-XXX, #X); identifies the milestone number and deliverable description for any milestone(s) that are complete; and lists the milestone cost contained in each Project Agreement Expenditure Based Milestone Payment Method (with not to exceed ceiling): Payment is contingent upon satisfactory progress toward completion of milestones as delineated in Project Agreement. Payment shall be made based on expenditures in completing milestones up to the maximum amount allowable under the applicable Project Agreement, provided the designated AOR has no objection to the Consortium Member’s compliance with the Statement of Work and accomplishment of the stated effort. Per (iii) below, either a Status Report identifying any associated technical tasks and the progress toward completion of each milestone, a Deliverable Report, or a Milestone Report is required concurrent with the invoice. An acceptable invoice for reimbursable payment is one that (on the invoice or on the attached Status, Deliverable, or Milestone Report in accordance with each Project Agreement): is addressed to the CMF and contains the CMF’s address: Advanced Technology International 000 Xxxxx Xxxxx SummervilleXxxxxxxxxxx, SC 29486 XX 00000 contains the date of invoice, invoice number, and the Base Agreement number and Project Agreement number (20XX-XXX, #X); identifies any associated technical milestones and the progress toward completion of each milestone; includes a description of supplies and services, labor costs, subcontractor costs, material costs, travel costs, other direct costs, indirect costs (if applicable), fixed fee (if applicable to the PA) and extended totals; indicates the current period and cumulative man-hours and costs incurred through the period indicated on the invoice; contains the following certification statement: “I certify that the amounts invoiced are for expenditures in accordance with the agreement, the work reflected has been performed, and prior payment has not been received.” Authorized Signature ___________________________________ if applicable to the PA, includes a report of the resource share expended towards the accomplishment of the SOW tasks and/or milestones. This resource share report may be attached to the invoice if Consortium Member practices make inclusion of such information on the invoice itself impractical. If the resource share report is separate from the invoice, it must be signed by an authorized representative. This resource share report must contain a breakout of the resource share by cost element similar to the level of detail required on the invoice and any in-kind contributions. The preferred method of reporting resource share is to provide an invoice for expenditures with a value for the resource shared amount and the value to be reimbursed by the Government through the CMF. Except as set forth in the Disputes section of this Agreement, the Government’s nor the CMF’s financial liability will not exceed the amount obligated and available for payment under projects awarded under this Agreement. Submission of Invoices Invoices may be submitted at least once a month. The Consortium Member awarded a PA shall submit invoices and any necessary supporting documentation via email to XXX-xxxxxxxx@xxx.xxx. Payment Terms