The "Payment for services rendered" clause outlines the terms and conditions under which payment is made to a service provider for the work completed or services provided. It typically specifies the amount, payment schedule, method of payment, and any conditions or penalties related to payment delays or disputes.
In May 2023, the Company received 2,853,659 units of RealWorld LLC as a payment for services rendered in conjunction with a crowdfunding offering. The units are valued at $0.41 per unit based on a sales price of $0.41 per unit on an online funding portal. The receipt of the units satisfied an accounts receivable balance of $1,170,000. As of July 31, 2023, the Company owned 2,853,659 units which are valued at $1,170,000.
Issue of Unlisted Options (NASDAQ Warrants) to advisors in lieu of cash payment for services rendered.
During the Extension Period, in full payment for services rendered under the Service Provider Agreement and SOW #1 during that period, iCoreConnect will submit monthly invoices to UHS in arrears, and UHS will pay said invoices to iCoreConnect, at a rate of $16.72/month/user plus a $10 one-time activation fee for new users during the billable month.
On December 11, 2023, the Company received a notice alleging several causes of action, including a failure to remit payment for services rendered by CoreRX, Inc. or CoreRX. On December 11, 2023, the Company and CoreRX agreed to a structured payment plan in which the Company agreed to pay CoreRX a total amount of $1,007,700.50.
The shares were issued pursuant to Mr. Novikov’s employment agreement, dated December 3, 2019, as amended, as payment for services rendered as Chief Technology Officer and Secretary of the Company for the period beginning on April 15, 2020 and ended on December 15, 2020.
Pursuant to the Cost Sharing Agreement, effective as of April 1, 2019, a portion of the costs with respect to certain employees of Majesco Limited shall be charged to MSSIPL as payment for services rendered by such employees to Majesco and its subdiaries. There will be no mark up and only a reimbursement for the proportion of the actual costs. The Cost Sharing Agreement may be terminated, among other reasons, by either party upon 60 days prior written notice.
Gryphon Digital Mining, Inc. (the “Company”) has entered into agreements with certain vendors (the “Vendors”) pursuant to which the Company will issue to the Vendors up to an aggregate of 1,332,759 shares of Company common stock (collectively, the “Shares”), in payment for services rendered or other payment obligations over the next several fiscal quarters under contractual arrangements between the Company and the Vendors. Shares will be issued to the Vendors over time as payments become due and, if the Company elects, in its discretion, to make such payments in shares in lieu of cash.
Each Outside Director as of November 5, 2021 shall receive a one-time cash payment of $27,000 representing payment for services rendered from completion of the Company’s initial public offering until the foregoing effective date.
Effective May 10, 2023, Luminar Technologies, Inc. (the “Company”) entered into subscription agreements with P3 USA, Inc., Sinergix, LLC, STEER Tech, Inc., Swiss Re Solutions Ltd., Seraph Consulting, Inc. and Van Pelt, Yi & James LLP (collectively, the “Vendors”) pursuant to which the Company issued to the Vendors 1,579,778, 1,105,845, 333,000, 315,955, 157,977 and 39,494 shares of Company Class A common stock, respectively (collectively, the “Shares”), in payment for services rendered or to be rendered under contractual arrangements with the Vendors. Shares issued to the Vendors will vest over time as payments become due and if the Company elects, in its discretion, to make such payments in shares in lieu of cash.
AVIF and Invesco will continue to maintain any systems, programs or other infrastructure notwithstanding a seizure by the Commissioner under Chapter 704c of the Connecticut General Statutes, and will make them available to the receiver, for as long as AVIF and Invesco continue to receive timely payment for services rendered.
Notwithstanding the foregoing, Guggenheim Life shall have no automatic right to terminate the Agreement if Clear Spring Life is placed in receivership under Texas Insurance Code Chapter 443, and Guggenheim Life will continue to maintain any systems, programs, or other infrastructure under the Agreement notwithstanding a seizure by the commissioner under Texas Insurance Code Chapter 443, and will make them available to the receiver, for so long as Guggenheim Life continues to receive timely payment for services rendered
The Annual Retainers for the 2022 fiscal year will be paid on or about April 26, 2022 and will serve as payment for services rendered from April 26, 2022 to April 27, 2023.
MML Trust will continue to maintain any systems, programs or other infrastructure notwithstanding a seizure by the Commissioner under Chapter 704c of the Connecticut General Statutes, and will make them available to the receiver, for as long as MML Trust continues to receive timely payment for services rendered.
Another method is the intercompany payment for services rendered by the parent.
The Adviser will continue to maintain any systems, programs or other infrastructure notwithstanding a seizure by the commissioner and will make them available to the receiver for as long as the Company continues to receive timely payment for services rendered.
Payment for services rendered refers to the compensation provided to an individual or entity in exchange for the work they have completed or services they have provided. It formalizes the financial transaction between a service provider and a client, ensuring that the provider is remunerated for their efforts. This concept is integral to various industries where services rather than goods are primarily exchanged.
You should use payment for services rendered in situations where you have received a service from another party and need to pay for it. This can include professional services like consulting, project work, freelancing gigs, and more. It’s essential to establish this payment method in any agreement where services are provided to ensure clear expectations and legal clarity regarding compensation.
When drafting documentation for payment for services rendered, clarity and detail are paramount. Here’s a general structure:
Example:
Service Rendered: Graphic design for social media campaign.
Amount Due: $500
Payment Terms: Payment due within 30 days of receipt of invoice via bank transfer.
Invoice Number: INV-2023-1001
Contracts that typically contain terms for payment for services rendered include:
Ensuring these contracts are structured to clearly define the transaction can promote smoother professional relationships and minimize disputes.
Try our AI contract analysis and extract important clauses and information from existing contracts.
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
A penalty clause is a provision in a contract that specifies a monetary charge or other detriment to be imposed on a party if they fail to fulfill certain contractual obligations. It is designed to incentivize compliance and deter breaches by setting predefined consequences for non-performance or other violations.
A per diem clause specifies a daily allowance paid to an individual for expenses incurred while working away from their usual location, covering costs such as meals, lodging, and transportation. This provision ensures that employees or contractors are reimbursed efficiently for necessary business travel expenses.
A performance bond is a financial guarantee issued by a third party, typically a bank or insurance company, ensuring that a contractor will fulfill their obligations as stipulated in a contract. If the contractor fails to perform satisfactorily, the bond provides compensation to the project owner for any resulting financial losses or project completion costs.
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