OWNER PAYMENT OBLIGATIONS Clause Samples
The OWNER PAYMENT OBLIGATIONS clause defines the owner's responsibility to make timely and complete payments as specified in the contract. It typically outlines when payments are due, the acceptable methods of payment, and any conditions that must be met before payment is released, such as completion of certain project milestones or submission of invoices. This clause ensures that the contractor or service provider receives compensation as agreed, reducing the risk of payment disputes and providing financial predictability for both parties.
OWNER PAYMENT OBLIGATIONS. Owner shall review each Request for Payment and may make such exceptions in accordance with the terms of this Agreement. Not later than forty-five (45) Days after its receipt of a Request for Payment and supporting documentation in the manner, with such detail and at the time herein required, Owner shall make payment to Contractor in the amount required, less (i) any disputed portion of such Request for Payment, (ii) any undisputed amounts payable by Contractor to Owner hereunder from the immediately preceding billing period and (iii) any other Owner withholding rights explicitly set forth herein. Owner shall make payment of the net amount specified in each Request for Payment submitted in accordance with Section 6.3, less (i) any disputed portion of such Request for Payment, (ii) any undisputed amounts payable by Contractor to Owner hereunder from the immediately preceding billing period and (iii) any other Owner withholding rights explicitly set forth herein, not later than the last Business Day of the month immediately following the month in which such Request for Payment was received by Owner; provided, however, that if Contractor submits such Request for Payment to Owner after the 15th day of the relevant month, the time period within which Owner shall be obligated to make payment hereunder shall be extended by such number of days following such 15th day for which such Request for Payment was not submitted. See Exhibit B-4 for an example of such payment procedures.