Common use of Time & Materials Model Clause in Contracts

Time & Materials Model. Unless otherwise set forth in the applicable SOW, the Services Fees shall be calculated using a Time & Materials model. For the purposes of this Agreement, “Time & Materials” means that Services Fees shall be calculated, invoiced and paid based on the following concepts: a) Services Fees shall be calculated by multiplying the number of hours/days worked by OT in respect of the Services by the applicable hourly/daily rate set forth in the applicable SOW, b) milestones and acceptance criteria set out in the applicable SOW shall only be used for project management purposes, and shall not affect OT’s ability to invoice the Customer for applicable Services Fees and Expenses, c) Customer is obligated to pay for completed Services as invoiced, regardless of whether all Services in the SOW have been completed, and d) any reference to “total estimated services fees and expenses”, “total fee”, “maximum fee”, “fee quote” or “quoted fee” (or other similar phrases) shall be deemed to be a good faith estimate of the aggregate Services Fees which is provided for planning and budgeting purposes only, and shall not be deemed to be a binding guarantee that all of the Services will be provided for an aggregate Services Fee equal to or less than such estimate.

Time & Materials Model. Unless otherwise set forth in the applicable SOWSOW or Proposal, the Services Fees shall be calculated using a Time & Materials model. For the purposes of this Agreement, “Time & Materials” means that Services Fees shall be calculated, invoiced and paid based on the following concepts: a) Services Fees shall be calculated by multiplying the number of hours/days worked by OT in respect of the Services by the applicable hourly/daily rate set forth in the applicable SOWSOW or Proposal, b) milestones Milestones and acceptance criteria set out in the applicable SOW or Proposal shall only be used for project management purposes, and shall not affect OT’s ability to invoice the Customer for applicable Services Fees and Expenses, c) Customer is obligated to pay for completed Services as invoiced, regardless of whether all Services in the SOW or Proposl have been completed, and d) any reference to “total estimated services fees and expenses”, “total fee”, “maximum fee”, “fee quote” or “quoted fee” (or other similar phrases) shall be deemed to be a good faith estimate of the aggregate Services Fees which is provided for planning and budgeting purposes only, and shall not be deemed to be a binding guarantee that all of the Services will be provided for an aggregate Services Fee equal to or less than such estimate.

Time & Materials Model. Unless otherwise set forth in the applicable SOWSOW or Proposal, the Services Fees shall be calculated using a Time & Materials model. For the purposes of this Agreement, “Time & Materials” means that Services Fees shall be calculated, invoiced and paid based on the following concepts: a) Services Fees shall be calculated by multiplying the number of hours/days worked by OT in respect of the Services by the applicable hourly/daily rate set forth in the applicable SOWSOW or Proposal, b) milestones Milestones and acceptance criteria set out in the applicable SOW or Proposal shall only be used for project management purposes, and shall not affect OT’s ability to invoice the Customer for applicable Services Fees and Expenses, c) Customer is obligated to pay for completed Services as invoiced, regardless of whether all Services in the SOW or Proposal have been completed, and d) any reference to “total estimated services fees and expenses”, “total fee”, “maximum fee”, “fee quote” or “quoted fee” (or other similar phrases) shall be deemed to be a good faith estimate of the aggregate Services Fees which is provided for planning and budgeting purposes only, and shall not be deemed to be a binding guarantee that all of the Services will be provided for an aggregate Services Fee equal to or less than such estimate.