Payment for services rendered
Services rendered are services that have already been performed or provided. A payment for services rendered clause says how the provider invoices that work and when the client must pay, including what is owed if the contract ends early.
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Sample Payment for services rendered clauses
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.
Source
Immuron Ltd (IMRN)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.
Source
MajescoPursuant 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.
What does services rendered mean?
Services rendered means services that have already been performed or provided. “Render” is a formal word for “provide”, so “payment for services rendered” simply means payment for work that has been done. The phrase is common on invoices, receipts, timesheets and in contract payment clauses.
For example, an invoice line “For services rendered in March 2026: USD 4,500” tells the client that the work was done in March and the amount is now due.
What is payment for services rendered?
Payment for services rendered is payment made after the work is done, in arrears, rather than in advance. A payment for services rendered clause sets:
- What is paid: hourly or daily rates, fixed fees per deliverable, or milestone payments.
- When it is invoiced: monthly, at each milestone, or when the service is complete.
- When it is due: for example within 30 days of the invoice date.
- What happens on early termination: the client usually pays for services rendered up to the termination date.
Services rendered examples
- Invoice line: “Professional services rendered from March 1 to March 31, 2026, 30 hours at USD 150.”
- Receipt: “Received USD 1,200 for services rendered.”
- Contract: “Client shall pay Contractor for all services rendered in accordance with Schedule A.”
- Termination: “On termination, Client shall pay for all services rendered up to the effective date of termination.”
Payment in arrears vs. in advance
| Payment for services rendered (in arrears) | Payment in advance | |
|---|---|---|
| When paid | After the work | Before the work |
| Risk for the provider | Not being paid for work done | Low |
| Risk for the client | Low | Paying for work not delivered |
| Typical use | Consulting, agencies, contractors, repairs | Subscriptions, deposits, retainers |
What a payment for services rendered clause should include
- Fees: the rates or fixed prices, in a schedule if needed.
- Invoices: how often, what detail they contain (hours, deliverables, expenses).
- Due date and method: for example net 30 by bank transfer, linked to the payment terms.
- Disputes: how the client raises a disputed invoice, and that undisputed amounts are still paid.
- Late payment: interest or a fee for overdue amounts.
- Early termination: payment for services rendered up to the end date.
Payment for services rendered clause example
Sample clause: Payment for services rendered
Add this clause to a contract, send it and get it signed in fynk.
Use it in fynk for freeHow to keep track of what is owed
Payment clauses only work if invoices and payment dates are tracked against the contract. In fynk, the fee schedule, payment terms and billing cycle are fields in each agreement, dashboards show contract values by client or supplier, and reminders flag milestones that should be invoiced.
Which contracts contain payment for services rendered?
Service and consulting agreements, independent contractor agreements, software development contracts, agency and virtual assistant contracts, and professional services agreements. These free templates include one:
Free templates with this clause
Software development contract templateThe client pays the developer fees for services rendered by its employees, under payment terms set out in an exhibit.
Use the free template
Virtual assistant contract templateEach invoice lists the services rendered, hours worked, milestones achieved and expenses for the billing period.
Use the free template
Related clauses
- Payment terms and conditions Payment terms and conditions outline the specifics of how and when a party will be compensated for goods or services provided. They typically include details on the payment method, due dates, any interest or penalties for late payments, and any discounts available for early payments.
- Compensation and payment The "Compensation and Payment" clause outlines the terms under which the party providing services or goods will be remunerated. It details the agreed payment amount, schedule, method, and any conditions for adjustments, ensuring clarity and mutual understanding between the contracting parties.
- Late payment penalty A Late Payment Penalty clause stipulates that if a payment is not made by its due date, the party responsible for the payment will incur an additional fee or penalty. This clause incentivizes timely payments and compensates the payee for any inconvenience or financial impact caused by the delay.
- Scope of services The "Scope of Services" clause outlines the specific duties, responsibilities, and deliverables that a party is obligated to perform under a contract. It defines the parameters of the work to be completed, ensuring both parties have a clear understanding of what is expected and reducing the potential for disputes.
Frequently asked questions
To make a payment. Render payment and payment rendered are formal ways of saying pay and paid, as in payment rendered in full.
Usually yes, for the work done up to the cancellation, unless the contract says otherwise or the work was defective. Most service contracts state this directly.
An invoice for work already done. It lists the services, the period, the hours or deliverables, the rate and the total due.
Courts generally require payment of a reasonable amount for services the client asked for and received. Clear payment terms avoid that argument.
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Payment terms and conditions
Payment terms and conditions outline the specifics of how and when a party will be compensated for goods or services provided. They typically include details on the payment method, due dates, any interest or penalties for late payments, and any discounts available for early payments.
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Penalty clause
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.
19 example clauses
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