Common use of Contract Sum and Payment Clause in Contracts

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 Owner will pay the Contractor an amount not to exceed One Million Eight Five Hundred FiftyNine Thousand Four Hundred Twenty-Two Thousand Three Dollars and Zero Cents ($1,852,000.00509,423.00), 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 Owner will pay the Contractor an amount not to exceed One Million Sixty Three Thousand Four Hundred Thirty-Eight Hundred Fifty-Two Thousand Dollars and Zero Cents ($1,852,000.0063,438.00), 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 Owner will pay the Contractor an amount not to exceed One Million Eight Ninety-Three Thousand Five Hundred Fifty-Two Thousand Dollars and Zero Cents ($1,852,000.0093,500.00), 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.