Oregon Organization Agreement with exhibit
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FAQ
Not to Exceed (NTE) refers to a cap on the time and materials stipulated in the contract. It can also mean the maximum amount the contractor agrees to offer for a project. With a not to exceed, there's an estimated cost the potential contractor offers a firm while negotiating a service contract.
The "Hourly Not to Exceed" contract type is a hybrid model that combines elements of both hourly and fixed fee contracts. In this arrangement, a professional services firm charges the client based on the actual hours worked but sets a maximum limit on the total cost.
A Guaranteed Maximum Price (also known as GMP, Not-To-Exceed Price, NTE, or NTX) contract is a cost- type contract where the contractor is compensated for actual costs incurred plus a fixed fee subject to a ceiling price.
Express Contract: The promises are communicated by language, either oral or written. Example: John promises to paint Dan's car in return for Dan's promise to pay him $100. Implied Contract: The conduct of the parties indicates that they consented to be bound. Example: Toni fills her car with gas at Tina's gas station.
[ . . .] Compensation to be paid hereunder shall not exceed Seven Hundred Ninety-Nine Thousand Dollars and No Cents ($799,000.00) (?Not- to-Exceed Amount?) unless a larger amount is agreed to by and between the Parties in ance with the amendment requirements of this Agreement.
A professional services contract is defined as a contract structure between a professional services firm or consultant and the client that dictates the expectations of each party. It dictates who bears risk, when money changes hands, and how the final project-based service is to be delivered.
