Common use of Lump Sum Agreement Clause in Contracts

Lump Sum Agreement. 7.1.5 If Design-Builder fails to make payment to the Subcontractor within the time frame and provisions specified in Section 7.1.3 and 7.1.4 above, the Subcontractor shall notify the Department and the Design-Builder’s bonding company in writing. The Design-Builder’s bonding company shall be responsible for insuring payment to the Subcontractor.