Common use of Variable Fee Clause in Contracts

Variable Fee. The Contractor shall receive an additional variable fee equal to the same amount of the fixed fee, as defined in Section 3.1 above, at the time the variable is to be paid. The variable fee shall be accrued at the end of each fiscal year of the Company and charged through an invoice by the Contractor. In case of partial achievement of the set objectives the Company will pay a proportional variable fee. The variable fee is based on the achievement of objectives to be set with the Company. These objectives will be negotiated yearly and are subject to formal approval of the Board of Directors of the Company.

Variable Fee. The Contractor shall receive an additional variable fee equal to the same amount 50% of the fixed fee, as defined in Section 3.1 above, at the time the variable is to be paid. The variable fee shall be accrued at the end of each fiscal year of the Company and charged through an invoice by the Contractor. In case of partial achievement of the set objectives the Company will pay a proportional variable fee. The variable fee is based on the achievement of objectives to be set with the Company. These objectives will be negotiated yearly and are subject to formal approval of the Board of Directors of the Company.