Common use of Invoice Payment Clause in Contracts

Invoice Payment. 7.1 The CONTRACTOR shall submit an itemized invoice to the CITY for approval prior to receiving compensation. The CONTRACTOR shall be paid within thirty (30) days of receipt of an approved invoice for work. 7.2 If the CITY disputes any invoice or part of an invoice, CITY shall notify the CONTRACTOR within a reasonable time after receipt of the invoice. CITY reserves the right to off-set, reduce or withhold any payment to the CONTRACTOR until the dispute is resolved. 7.3 Payment to the Contractor shall be made pursuant Florida’s Prompt Payment Act (for construction services), section 218.735, Florida Statutes, except as provided herein. Specifically, the City will withhold ten percent (10%) of each payment from a work order to the CONTRACTOR as retainage until fifty percent (50%) of the work order price is paid to the CONTRACTOR. Upon payment of fifty percent (50%) of the work order price to the CONTRACTOR, the CITY will withhold only five percent (5%) of each work order payment made to the CONTRACTOR. Upon written request from the CONTRACTOR, the Contract Administrator may agree in writing with the CONTRACTOR to release a portion of the retainage upon payment of fifty percent (50%) of the work order price being paid to the CONTRACTOR (not to exceed fifty percent (50%) of the total retainage amount). 7.4 Upon substantial completion, the CONTRACTOR shall establish a punch-list of items that must be completed by the CONTRACTOR. The punch-list shall be provided to the CITY within ten (10) days of substantial completion. The CITY shall have five (5) business days to review the punch-list and revise the same. The CITY shall return the punch-list to the CONTRACTOR. The CONTRACTOR shall complete all items identified on the punch-list prior to the CONTRACTOR submitting its final payment request including the request for all retainage.

Invoice Payment. 7.1 The CONTRACTOR shall submit an itemized invoice to the CITY for approval prior to receiving compensation. The CONTRACTOR shall be paid within thirty (30) days of receipt of an approved invoice for work. 7.2 If the CITY disputes any invoice or part of an invoice, CITY shall notify the CONTRACTOR within a reasonable time after receipt of the invoice. CITY reserves the right to off-set, reduce or withhold any payment to the CONTRACTOR until the dispute is resolved. 7.3 Payment to the Contractor shall be made pursuant Florida’s Prompt Payment Act (for construction services), section 218.735, Florida Statutes, except as provided herein. Specifically, the City will withhold ten percent (10%) of each payment from a work order to the CONTRACTOR as retainage until fifty percent (50%) of the work order price is paid to the CONTRACTOR. Upon payment of fifty percent (50%) of the work order price to the CONTRACTOR, the CITY City will withhold only five percent (5%) of each work order payment made to the CONTRACTOR. Upon written request from the CONTRACTOR, the Contract Administrator may agree in writing with the CONTRACTOR to release a portion of the retainage upon payment of fifty percent (50%) of the work order price being paid to the CONTRACTOR (not to exceed fifty percent (50%) of the total retainage amount). 7.4 Upon substantial completion, the CONTRACTOR shall establish a punch-list of items that must be completed by the CONTRACTOR. The punch-list shall be provided to the CITY within ten (10) days of substantial completion. The CITY shall have five (5) business days to review the punch-list and revise the same. The CITY shall return the punch-list to the CONTRACTOR. The CONTRACTOR shall complete all items identified on the punch-list prior to the CONTRACTOR submitting its final payment request including the request for all retainage.