Contract Sum and Payment. The Owner shall pay to the Contractor for performance of the Work encompassed by this Agreement, and the Contractor will accept as full compensation therefore the sum of:
a. Monthly, partial, progress payments shall be made by the Town to the Contractor for the percentage of the Work completed, subject to inspection by Town staff to verify percentage of completion. The Town alone shall determine when work has been completed and progress payments shall not constitute a waiver of the right of the Town to require the fulfillment of all terms of this Agreement and the delivery of all improvements embraced in this Agreement in a complete and satisfactory manner to the Town in all details. The Town, before making any payment, may require the Contractor to furnish releases or receipts from any or all persons performing work under this Agreement and/or supplying material or services to the Contractor, or any subcontractor if this is deemed necessary to protect the Town’s interest. The Town, however, may in its discretion make payment in part or full to the Contractor without requiring the furnishing of such releases or receipts.
b. By the 15th day of each month, Contractor shall submit to the Town for review and approval, an application for payment fully completed and signed by Contractor covering the work completed through the last day of the prior month and accompanied by such supporting documentation as is required by these Contract Documents, including without limitation, time sheets, invoices, receipts, bills of lading, and all other documents the Town may require. These invoices for payment should be emailed to xx@xxxxxxxxxxx.xxx or mailed to Town of Xxxxx, X.X. Xxx 00, Xxxxx, CO 80540. Materials on hand but not complete in place may or may not be included for payment at the discretion of the Town. Each subsequent application for payment shall include an affidavit of Contractor providing that all previous progress payments received on account of the work have been applied to discharge in full all of Contractor's obligations reflected in prior applications for payment. Notwithstanding the progress payments, it is the intent and purpose of the Town to withhold at least five percent (5%) of payments to Contractor for any contract exceeding One Hundred Fifty Thousand Dollars ($150,000.00) in accordance with Article 91, Title 24, C.R.S.
Contract Sum and Payment. The first sentence of Section 5.00 of the Original Agreement entitled “Contract Sum and Payment” is hereby amended to read in full as follows: The Owner shall pay to the Contractor for performance of the Work encompassed by this Agreement, and the Contractor will accept as full compensation therefore the not-to-exceed sum of: Seventy-One Thousand One Hundred Ninety-Six Dollars ($71,196.00) subject to adjustment as provided by the Contract Documents (“Contract Price”).
Contract Sum and Payment. Section 2.1 of the Original Agreement entitled “Commencement and Compensation for Services” is hereby amended to read in full as follows: The Owner shall pay to the Contractor for performance of the Work encompassed by this Agreement, and the Contractor will accept as full compensation therefore the not- to-exceed sum of: FOUR HUNDRED SIXTY-EIGHT THOUSAND SEVEN HUNDRED NINTEEN DOLLARS AND NO CENTS ($468,719.00) subject to adjustment as provided by the Contract Documents (“Contract Price”).
Contract Sum and Payment. The first sentence of Section 5.00 of the Original Agreement entitled “Contract Sum and Payment” is hereby amended to read in full as follows: The Owner shall pay to the Contractor for performance of the Work encompassed by this Agreement, and the Contractor will accept as full compensation therefore the not-to- exceed sum of: ONE MILLION EIGHT HUNDRED TWENTY-FOUR THOUSAND TWO HUNDRED TWENTY-SEVEN DOLLARS AND SIXTY-NINE CENTS ($1,824,227.69); subject to adjustment as provided by the Contract Documents (“Contract Price”).
Contract Sum and Payment. The second sentence of Section 2.1 of the Original Agreement entitled “Commencement of and Compensation for Services” is hereby amended to read in full as follows: Compensation to be paid hereunder shall not exceed SEVENTEEN THOUSAND THIRTY DOLLARS AND NO CENTS ($17,030.00) unless a different amount is agreed to by and between the Parties in accordance with the amendment requirements of this Agreement.
Contract Sum and Payment. The Owner shall pay to the Contractor for performance of the Work encompassed by this Agreement, and the Contractor will accept as full compensation therefore the sum of:
Contract Sum and Payment. Contract Sum The Contract Sum shall not be adjusted or altered in any way whatsoever otherwise than in accordance with the express provisions of the Contract. Interim Payment The Contractor shall be entitled to interim payments during the course of the Contract Works either on a monthly or bimonthly basis as set out in section 2.11 of the Pre-Order Meeting Minutes. In the event that the basis is not set out in section 2.11 of the Pre-Order Meeting Minutes the interim payments shall be on a monthly basis. Interim Application for Payment The Contractor shall provide a written application for interim payment ("Interim Application") to the Company complying with the requirements of this clause 11: in the case of interim payments to be made on a monthly basis by the 19th of each month or if the 19th of a particular month is not a working day then the last working day before the 19th (such date being an "Application Date"); or in the case of interim payments to be made on a bimonthly basis by the 6th and 19th of each month or if the 6th or 19th of a particular month is not a working day then the last working day before the 6th or 19th (both such dates being an "Application Date"). The Application Date for any Interim Application shall be the fixed date next following the date of receipt being 19th of each month for payments on a monthly basis and 6th and 19th for payments on a bimonthly basis or, in either case, the last previous working day. Payment Due Date Payment of any amount ascertained in accordance with the Contract under an Interim Application (if any) to the Contractor shall become due 24 days after the Application Date ("Payment Due Date"). Content of the Interim Application Subject to 11.7 the Interim Application shall state the amount the Contractor considers will become due on the Payment Due Date which shall be the amount due to the Contractor in respect of the Contract Works carried out by the Contractor up to and including the last working day of the month within which the Interim Application is made and where interim payments are to be made on a bi monthly basis then the Interim Application to be made on the 6th day of a month and the Interim Application to be made on the 19th day of a month shall be the amount the Contractor considers will be due in respect of such part of the Contract Works carried out up to the last working day prior to the 15th of such month and the last working day of such month respectively. Where the Company provides a f...
Contract Sum and Payment. The Owner will pay the Contractor an amount not to exceed One Million Eight Hundred Fifty-Two Thousand Dollars ($1,852,000.00), with no exceptions unless modified by Change Order. Based upon progress of the work and Applications for Payment submitted by the Contractor, the Owner will make progress payments to the Contractor on account of the Contract Sum. The period covered by each Application for Payment will be one calendar month ending on the twenty-fifth (25th) day of the month. The Owner will make payment to the Contractor not later than thirty (30) calendar days following receipt of the Contractor’s billing in a form acceptable to the Owner. Interest on any late payments will be paid in accordance with the Texas Prompt Payment Act. Applications for Payment will indicate the percentage of completion of each portion of the work as of the end of the period covered by the Application for Payment. Each progress payment will be reduced by retainage in the amount of five percent (5%) of the Contractor’s Application for Payment. Final payment, constituting the entire unpaid balance of the Contract Sum including retainage, will be made to the Contractor when the Contract has been fully performed by the Contractor.
Contract Sum and Payment. The second sentence of Section 2.A of the Original Agreement is hereby amended to read as follows: ($449,782.00) unless such amendment is amended in accordance with the amendment requirements of this Contract.”
