Reconciliation of Payments upon Opening Bids. (Not applicable to a Fixed Fee.) Payments for Basic Services A, B, and C shall be computed by applying the Basic Fee Rate to the lesser of the Tentative Budget and the agreed estimate of the Cost of the Work until the opening of bids and determination of the Contract Sum of the Construction Contract to be awarded. The Basic Fee allocable to Services A, B, and C shall then be computed on the basis of the Contract Sum and reconciled with previous payments in the Architect’s next statement for services. The total of all payments for Basic Services shall not exceed the amount computed by applying the Basic Fee Rate to the Cost of the Work as defined in Article 8.
Appears in 6 contracts
Samples: Agreement Between Owner and Architect, Agreement Between Owner and Architect, Agreement Between Owner and Architect
Reconciliation of Payments upon Opening Bids. (Not applicable to a Fixed Fee.) Payments for Basic Services A, B, and C shall be computed by applying the Basic Fee Rate to the lesser of the Tentative Budget and the agreed estimate of the Cost of the Work until the opening of bids and determination of the Contract Sum of the Construction Contract to be awarded. The Basic Fee allocable to Services A, B, and C shall then be computed on the basis of the Contract Sum and reconciled with previous payments in the Architect’s next statement for services. The total of all payments for Basic Services shall not exceed the amount computed by applying the Basic Fee Rate to the Cost of the Work as defined in Article 8.Rate
Appears in 2 contracts
Samples: Owner Architect Agreement, Architect Agreement
