| Payment Type | Basis of Payment | How Payment is Made | Key Responsibilities |
|---|---|---|---|
| Cost Reimbursement (Cost Basis) | Actual expenses incurred | SPAC issues invoices based on project costs recorded in Quantum Financials and charged to the Project(s) for the award | Any amount advanced by the sponsor but not expended for project costs must be returned to the sponsor |
| Fixed Price (Scheduled or Volume) | Completion of agreed deliverables or milestones | Payment made for agreed-upon work (deliverables) for the contracted amount, whether the out-of-pocket expenses are greater than or less than the amount of the agreed fee | UMB, through the PI, ensures all deliverables are completed |
