What Does not exceeded mean?

What Does not exceeded mean?

Not to Exceed or “NTE” means the maximum amount for which Contractor has agreed to provide services under this Agreement or in connection with a Project or LOA.

What is the difference between lump sum and not to exceed?

Likewise, under a lump sum method, the actual contract (or amendment) should not show specific hours and hourly rates for particular tasks. Under the not-to-exceed method of payment, the public agency agrees to pay the consultant for the actual hours worked to perform the scope of work, up to a maximum amount.

What is NTE in an agreement?

NTE Price means the maximum compensation to the Professional Services Contractor for Basic Services. The acronym NTE stands for “not-to-exceed”. Sample 2. Sample 3. NTE Price means the total not-to-exceed funding amount set forth in each Task Order issued under this Agreement.

What is a GMAX contract?

Guaranteed Maximum Price (GMP or GMAX) contract means a cost-plus agreement with a cap on the owner’s total liability for the costs of construction of the project, also considered the “not to exceed” price by the Owner.

What is the opposite of not-to-exceed?

If the opposite of “excess” can be “moderation”, the opposite of “to exceed” could be “to moderate”.

What happens when contractor goes over budget?

Quotes are signed by both the contractor and client and typically must be paid before work begins. As such, the contractor will receive the quoted price for the service provided, regardless of whether the final cost ends up being more or less than the quoted amount.

What is hourly not to exceed?

Hourly Not to Exceed contracts are based on a contract amount agreed upon by the client and your company. They are similar to fixed contracts. The impact is that automatic checking of each time and expense entry is made possible so that it does not push the project total over the contract amount.

What does NTE price mean?

A net price is an estimate of the actual cost you and your family need to pay in a year to cover education expenses for you to attend a particular college or career school. It is the institution’s cost of attendance minus any grants and scholarships for which you may be eligible.

What does NTE stand for in banking?

NTE: Not to Exceed.

What is GMP billing?

What Are Guaranteed Maximum Price (GMP) Contracts? With GMP contracts, the customer agrees to reimburse the contractor for materials, labor and the contractor’s fee that covers profit. Contractors are responsible for any cost overruns beyond the maximum price unless there are changes to the project design or scope.

What is difference between lump sum and GMP?

Unlike a lump sum contract wherein a contractor is paid a flat fee for the work, the guaranteed maximum price contract allows the owner to potentially save money if the project ends up costing less than estimated. The total cost to the owner may be less than the guaranteed maximum price, but it will not exceed it.

What is not to exceed?

Not to Exceed. An estimate of the cost of a project that a potential contractor gives to the firm negotiating a contract.

What does not to exceed the price of a project mean?

This term is not relevant for contracts that are not Time-and-Materials (T&M) Contracts. Not-to-Exceed Price means the ” not to exceed ” amount set forth in an order for a Project. “Project” means the Services performed by Supplier pursuant to a single order.

What does not to exceed price mean in a T&M contract?

Under a Time-and-Materials (T&M) Contract, the Not-to-Exceed Price. The Contractor can shift hours between labor categories as needed as long as the total dollar amount remains below the total Not-to-Exceed Price. Not-to-Exceed Price means US $235.70/ MWhr beginning in 2012 and subject to escalation on each Escalation Date pursuant to Exhibit E.

What is not-to-exceed price?

Not-to-Exceed Price means US $235.70/ MWhr beginning in 2012 and subject to escalation on each Escalation Date pursuant to Exhibit E. Not-to-Exceed Price. ( NTE Price) means the maximum price to invoice by CONTRACTOR for Services according the Workscope defined under Appendix A1.

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