Common use of Guarantee Payment Clause in Contracts

Guarantee Payment. (1) Subject to the provisions of the second paragraph of this Section, at the expiration of one (1) year after the Fund has accepted all the work covered by the Contract, the Contractor shall prepare and submit to the Fund and the Consultant, for their approval, a guarantee application for payment, which the Fund, within thirty (30) days after its approval of same, shall pay. Such application and payment shall be in an amount equal to the monies retained by the Fund for the Contractor's guarantee obligations under the Agreement, less any monies deducted by the Fund under this Section. The Contractor shall not be entitled to any interest on the monies retained by the Fund pursuant to subdivision c of Section 4.18 of the Agreement. (2) In the event the Contractor does not, in accordance with the terms and provisions of the Contract, complete all corrective work or comply with and fulfill its contractual obligations, the Fund may use and apply all or any part of the monies retained by it to have such work or obligations performed or fulfilled by a person, firm or corporation other than the Contractor. The obligations of the Contractor, under the terms and provisions of the Contract, shall not, however, be limited to the monies retained by the Fund pursuant to the provisions of the Contract. (3) No payments may be made under this agreement for work completed more than 365 days after the completion date unless the date/duration listed on page A-1, is extended in writing by the Fund.

Guarantee Payment. (1) Subject to the provisions of the second paragraph of this Section, at the expiration of one (1) year after the Fund has accepted all the work covered by the Contract, the Contractor shall prepare and submit to the Fund and the Consultant, for their approval, a guarantee application for payment, which the Fund, within thirty (30) days after its approval of same, shall pay. Such application and payment shall be in an amount equal to the monies retained by the Fund for the Contractor's guarantee obligations under the Agreement, less any monies deducted by the Fund under this Section. The Contractor shall not be entitled to any interest on the monies retained by the Fund pursuant to subdivision c of Section 4.18 of the Agreement. (2) In the event the Contractor does not, in accordance with the terms and provisions of the Contract, complete all corrective work or comply with and fulfill its contractual obligations, the Fund may use and apply all or any part of the monies retained by it to have such work or obligations performed or fulfilled by a person, firm or corporation other than the Contractor. The obligations of the Contractor, under the terms and provisions of the Contract, shall not, however, be limited to the monies retained by the Fund pursuant to the provisions of the Contract. (3) No payments may be made under this agreement for work completed more than 365 days after the completion date August 17, 2018 unless the date/duration listed on page A-1, is extended in writing by the Fund.

Guarantee Payment. (1) Subject to the provisions of the second paragraph of this Section, at the expiration of one (1) year after the Fund University has accepted all the work covered by the Contract, the Contractor shall prepare and submit to the Fund University and the Consultant, for their approval, a guarantee application for payment, which the FundUniversity, within thirty (30) days after its approval of the same, shall pay. Such application and payment shall be in an amount equal to the monies retained by the Fund University for the Contractor's guarantee obligations under the Agreement, less any monies deducted by the Fund University under this Section. The Contractor shall not be entitled to any interest on the monies retained by the Fund University pursuant to subdivision c of Section 4.18 of the Agreement. (2) In the event the Contractor does not, in accordance with the terms and provisions of the Contract, complete all corrective work or comply with and fulfill its contractual obligations, the Fund University may use and apply all or any part of the monies retained by it to have such work or obligations performed or fulfilled by a person, firm or corporation other than the Contractor. The obligations of the Contractor, under the terms and provisions of the Contract, shall not, however, be limited to the monies retained by the Fund University pursuant to the provisions of the Contract. (3) No payments may be made under this agreement for work completed more than 365 days after the completion date unless {Insert Contract Closing Date} Unless the date/duration listed on page A-1one of this Agreement, is extended in writing by the FundUniversity.

Guarantee Payment. (1) Subject to the provisions of the second paragraph of this Section, at the expiration of one (1) year after the Fund has accepted all the work covered by the Contract, the Contractor shall prepare and submit to the Fund and the Consultant, for their approval, a guarantee application for payment, which the Fund, within thirty (30) days after its approval of same, shall pay. Such application and payment shall be in an amount equal to the monies retained by the Fund for the Contractor's guarantee obligations under the Agreement, less any monies deducted by the Fund under this Section. The Contractor shall not be entitled to any interest on the monies retained by the Fund pursuant to subdivision c of Section 4.18 of the Agreement. (2) In the event the Contractor does not, in accordance with the terms and provisions of the Contract, complete all corrective work or comply with and fulfill its contractual obligations, the Fund may use and apply all or any part of the monies retained by it to have such work or obligations performed or fulfilled by a person, firm or corporation other than the Contractor. The obligations of the Contractor, under the terms and provisions of the Contract, shall not, however, be limited to the monies retained by the Fund pursuant to the provisions of the Contract. (3) No payments may be made under this agreement for work completed more than 365 days after the completion date unless Unless the date/duration listed on page A-1, is extended in writing by the Fund, and approved by OSC.