Firm Fixed Fee definition
Examples of Firm Fixed Fee in a sentence
Contractor acknowledges that it is required to complete the Contract Scope of Work in return for the Firm Fixed Fee and Contractor shall not be entitled to any additional compensation hereunder, with the exception of the reimbursable expenses described herein.
In performing the Contract Scope of Work, services will be paid either on Firm Fixed Fee Basis or on a Time and Materials Basis as follows: Task Description of Services Compensation Amount Task 1 Project Kick-off Fixed Fee $XXX Task 2 Develop a Report Time and Materials Xxxx Xxx $XXX/hour Xxxx Xxx $XXX/hour, subject to a NTE for this Task of $XXXX including/plus reimbursable expenses authorized in Attachment C.
In cases where VEIC requests an amendment to the previously agreed upon Contract Scope of Work that is subject to a Firm Fixed Fee, VEIC and Contractor shall amend this Contract to include the additional scope and adjust the Firm Fixed Fee (in a manner consistent with how the original Fixed Firm Fee was determined) and any relevant deadlines.
In performing the Contract Scope of Work, Contractor will be paid a Firm Fixed Fee amount of $XXXX (Insert Amount), plus/including any reimbursable expenses authorized in Attachment C.
Contractor will be compensated based upon the Firm Fixed Fee amount of [$--------------] ( -------- ------------- dollars) for all work specified in the Contract Scope of Work, including all administrative and technical support.
In addition to the Firm Fixed Fee, Contractor’s reimbursable expenses will be compensated in accordance with the Contractor’s Reimbursable Expenses Schedule (Attachment C) up to, but not to exceed, the estimated amount of [$ ].
For Basic Services, as described herein and in Exhibit A, Basic Compensation shall be computed on the basis of completed tasks for the Firm Fixed Fee of $ and not to exceed the amounts set forth in the attached Hours and Fee Schedule for Basic Compensation.
Table 1 in Exhibit F gives a brief description of Firm Fixed Fee services and work that Contractor agrees to provide.
Please complete and sign Part 2, the Contractor’s Proposal (CP) providing detailed Firm Fixed Fee or your firm’s Hourly Rate in accordance with the Agreement.
The Firm Fixed Fee shall include the required maintenance of the elevators for the duration of the Project plus an additional year of maintenance and materials during the warranty period following completion of the Project.