Miscellaneous Payment Provisions. 4.7.1 Nothing contained in this Article 4 shall relieve the Contractor of its obligation to give Notice of claims pursuant to any other provision of this Contract. 4.7.2 The Contractor’s acceptance of Final Payment from the Owner is a specific waiver and release of any and all claims the Contractor may have against the Owner or the City on account of or arising out of the Contract Work. 4.7.3 All payments due under this Contract in excess of $100,000 may be made by Electronic Funds Transfer. Upon execution of this Contract, and in no event later than its submission of its first Requisition, the Contractor shall complete and submit to the Owner the “EFT Vendor Payment Enrollment Form” annexed as Appendix F11. The Contractor shall update such information to the extent necessary for EFT payments to be made. The Owner shall not be obligated to make any payment in excess of $100,000 unless such information is provided and shall be entitled to rely solely on the information provided by the Contractor. 4.7.4 All payments by the Owner may be: 4.7.4.1 in the form of one or more separate checks and/or EFTs which together total the amount due; and 4.7.4.2 made payable, at the option of the Owner, either to the Contractor, to the Contractor and one or more of its Subcontractors, or directly to its Subcontractors. If the Owner issues checks or makes EFTs to any parties other than or in addition to the Contractor, said checks or EFTs shall have the full payment value as presented on the face of the checks or as recorded for the EFTs in satisfaction of the Owner’s obligation to pay the Contractor that the checks and EFTs would have if they were made payable only to the Contractor.
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Samples: Construction Contract, Construction Contract, Construction Contract
Miscellaneous Payment Provisions. 4.7.1 Nothing contained in this Article 4 shall relieve the Contractor of its obligation to give Notice of claims pursuant to any other provision of this Contract.
4.7.2 The Contractor’s acceptance of Final Payment from the Owner is a specific waiver and release of any and all claims the Contractor may have against the Owner or the City on account of or arising out of the Contract Work.
4.7.3 All payments due under this Contract in excess of $100,000 may be made by Electronic Funds Transfer. Upon execution of this Contract, and in no event later than its submission of its first Requisition, the Contractor shall complete and submit to the Owner the “EFT Vendor Payment Enrollment Form” annexed as Appendix F11. The Contractor shall update such information to the extent necessary for EFT payments to be made. The Owner shall not be obligated to make any payment in excess of $100,000 unless such information is provided and shall be entitled to rely solely on the information provided by the Contractor.
4.7.4 All payments by the Owner may be:
4.7.4.1 in the form of one or more separate checks and/or EFTs which together total the amount due; and
4.7.4.2 made payable, at the option of the Owner, either to the Contractor, to the Contractor and one or more of its Subcontractors, or directly to its Subcontractors. If the Owner issues checks or makes EFTs to any parties other than or in addition to the Contractor, said checks or and EFTs shall have the full payment value as presented on the face of the checks or as recorded for the EFTs in satisfaction of the Owner’s obligation to pay the Contractor that the checks and EFTs would have if they were made payable only to the Contractor.
4.7.5 All payments hereunder shall be subject to all applicable City, State and Federal laws, regulations, requirements and practices.
4.7.6 Any monies the Contractor shall receive in payment for the Contract Work shall be received in trust and used by the Contractor to discharge all of its financial obligations with respect to the Contract Work.
4.7.7 Payments to the Owner shall be made by check unless the Contractor is Notified to make payments by EFT.
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Samples: Construction Contract, Construction Contract