INTERIM PAYMENTS FOR BASIC FEE Sample Clauses

INTERIM PAYMENTS FOR BASIC FEE. 7.2.1 The Owner shall make interim progress payments to the Professional on account of the basic fee under Article 6 as indicated in the following Subparagraphs when the total Owner-approved construction cost estimate is in excess of five million dollars ($5,000,000.00). 7.2.2 Prior to completion of the Design Development Phase and at the approximate midpoint (1/2) of the Design Development Phase, a sum equal to twenty percent (20%) of the basic fee, less any previous payments, computed upon an Owner approved estimate of construction cost, shall be due. The Owner shall be the sole judge as to whether the Professional is at the mid-point (1/2) of the Design Development Phase and due the interim payment. 7.2.3 Prior to completion of the Construction Document Phase and at approximately one third (1/3) of the Construction Document Phase, a sum equal to forty percent (40%) of the basic fee, less any previous payments computed upon an Owner approved estimate of construction cost, shall be due. The Owner shall be the sole judge as to whether the Professional is at the one third (1/3) point of the Construction Document Phase and due the interim payment. 7.2.4 Prior to completion of the Construction Document Phase and at approximately two thirds (2/3) of the Construction Document Phase, a sum equal to fifty percent (50%) of the basic fee, less any previous payments computed upon an Owner approved estimate of construction cost, shall be due. The Owner shall be the sole judge as to whether the Professional is at the two thirds (2/3) point of the Construction Document Phase and due the interim payment. 7.2.5 The Professional shall prepare and submit to the Owner sufficient sketches, drawings, written material, product information, calculations, and estimates to enable the Owner to determine, without doubt, that the Professional is at or beyond the point of work necessary to receive interim payments. The Owner is the sole judge of the sufficiency of the submitted material. The Professional shall submit simultaneously the data required to the institution or agency and to the Owner. 7.2.6 The Professional shall continue the work on the specific phase during the review of the interim payment request. Project work shall not stop because phase approval has not been given. The only result of the submittal will be payment of the specified interim payment amount. 7.2.7 The payment of interim Design Development Phase or Construction Document Phase requests in no way approves an...
Sample 1Sample 2Sample 3See All (21)
AutoNDA by SimpleDocs

Related to INTERIM PAYMENTS FOR BASIC FEE

  • Monthly Fee The fee for the parking spaces shall be $ per month for parking space(s). each all

  • Monthly Fees ACS will xxxx Customer each month during the term of this Agreement based on number of "Actions" which occurred during the prior month. The definition of "Actions" and fees for each Action will be documented in each Task Order. Customer shall cause ACS to be paid the foregoing fees on a monthly basis within thirty (30) days of ACS' delivery of an invoice for the preceding month's Actions.

  • Interim payment At the end of each of the periods indicated in Annex I the Contractor shall submit to the Agency a formal request for payment accompanied by those of the following documents which are provided for in the Special Conditions: ➢ an interim technical report in accordance with the instructions laid down in Xxxxx X; ➢ the relevant invoices indicating the reference number of the Contract and of the order or specific contract to which they refer;

  • Interim Payments Interim payments may be made by Department, at its discretion, if the completion of deliverables to date have first been accepted in writing by Department's Grant Manager.

  • Payment of valuation expenses Without prejudice to the generality of the Borrowers’ obligations under Clauses 21.2, 21.3 and 22.3, the Borrowers shall, on demand, pay the Agent the amount of the fees and expenses of any Approved Broker or other expert instructed by the Agent under this Clause 15 and all legal and other expenses incurred by any Creditor Party in connection with any matter arising out of this Clause 15.

  • Basic Fee One-twelfth of the annual Basic Fee Rate for a class shall be applied to the average of the net assets of the class of the Fund (computed in the manner set forth in the Trust’s Declaration of Trust or other organizational document) determined as of the close of business on each business day throughout the month. The resulting dollar amount comprises the monthly Basic Fee for the class.

  • Annual Fee As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee (the “Annual Fee”) with respect to each Annual Period prior to the termination of the Issuer, in an amount equal to $5,000.

  • Total Servicing Fee; Payment of Certain Expenses by Servicer On each Distribution Date, the Servicer shall be entitled to receive out of the Collection Account the Base Servicing Fee and any Supplemental Servicing Fee for the related Collection Period (together, the “Servicing Fee”) pursuant to Section 5.7. The Servicer shall be required to pay all expenses incurred by it in connection with its activities under this Agreement (including taxes imposed on the Servicer, expenses incurred in connection with distributions and reports made by the Servicer to the Noteholders and all other fees and expenses of the Owner Trustee, the Trust Collateral Agent or the Trustee; provided, however, the Servicer shall not be required to pay taxes levied or assessed against the Trust or claims against the Trust in respect of indemnification unless such taxes and claims are expressly stated to be for the account of GM Financial). The Servicer shall be liable for the fees and expenses of the Owner Trustee, the Trust Collateral Agent, the Trustee, the Custodian and the Independent Accountants. Notwithstanding the foregoing, if the Servicer shall not be GM Financial, a successor to GM Financial as Servicer permitted by Section 9.3 shall not be liable for taxes levied or assessed against the Trust or claims against the Trust in respect of indemnification, or the fees and expenses referred to above.

  • Annual Fees The annual rental fee of a standard individual 12 x 14 plot is $40 per plot. Please note this rental fee is non-refundable and must be paid at the time of application. This fee is used to offset expenses associated with the Garden. Please make checks payable to Xxxxxx Township Recreation.

  • CONTRACT FEE An annual charge for administration expenses made on each contract anniversary prior to the Maturity Date.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!