Provision Language
7. Financial Matters
This is an expenditure–based agreement. The payments provided under this Agreement are intended to compensate the Awardee on a cost basis for performance under this Agreement. The Awardee shall provide its best efforts to complete a project based on the estimated cost.
A. Payment. Payments are based on amounts generated from the Awardee’s financial or cost records. The Awardee shall be reimbursed for each element identified in the awarded cost proposal as set forth in Appendix B. The schedule is predicated upon the Government’s fiscal year, which begins on October 1 of each calendar year, and ends on September 30 of the subsequent calendar year.
B. Obligation. Under no circumstances shall the Government’s financial obligation exceed the amount obligated in this Agreement or by amendment to the Agreement. The Government may incrementally fund this agreement. The amount of Government funds obligated by this Agreement and available for payment is set forth in the Line of Accounting and Appropriation, or subsequent amendments providing incremental funding.
C. The Government is not obligated to provide payment to the Awardee for amounts in excess of the amount of obligated funds allotted by the Government.
D. The Government shall pay the Awardee, upon submission of proper invoices, the prices stipulated in this Agreement for work delivered or rendered and accepted, less any deductions provided in this Agreement. Unless otherwise specified, payment shall be made upon acceptance of any portion of the work delivered or rendered for which a price is separately stated in the Agreement. Payments processed in WAWF and should be made within thirty (30) calendar days of receipt of a request for payment.