Common use of Form of Payment for Supplies Clause in Contracts

Form of Payment for Supplies. The Authority shall make partial payments for the supply of materials and/or equipment specifically mentioned in the Bid Schedule and in accordance with the Solicitation Document. The Contracting Officer may pay up to a maximum of 80% of the value of the materials and/or equipment, in conformity with that which is indicated in the entry in the Bid Schedule or the corresponding commercial invoice, whichever has the lesser value. Payment shall be made once the Authority has inspected and accepted the materials placed at the site of the project. Of the remaining quantity of the entry in the Bid Schedule, 50% shall be paid when the materials and/or equipment are installed and accepted, and the final 50% after final acceptance of the project by the Authority. To request payment for supplies, the Contractor shall submit to the Contracting Officer a copy of the corresponding commercial invoice.