Pay When Paid Sample Clauses
A pay-when-paid clause is a contractual provision that makes a contractor’s obligation to pay its subcontractors contingent upon the contractor first receiving payment from the project owner. In practice, this means that if the owner delays or withholds payment, the contractor is not required to pay the subcontractor until the funds are received. This clause helps contractors manage cash flow and reduces their financial risk by ensuring they are not out-of-pocket for work performed by subcontractors before being paid themselves.
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Pay When Paid. 7.6.1 In the event of delayed payment or non-payment by Owner, Design-Build Subcontractor agrees that its claim for payment against Design-Builder (and the surety on any payment bond applicable to Design-Builder) shall be suspended and abated, on an interest-free basis, until such time as Design-Builder has had the opportunity to fully exhaust all of its legal remedies for payment against Owner, Owner’s property and /or any construction lender to Owner. Nothing herein shall be deemed to deny or limit Design-Build Subcontractor’s separate mechanic’s lien or stop payment notice rights against the Project property or funds.
Pay When Paid. 7.6.1 In the event of delayed payment or non-payment by Owner, Design-Build Subcontractor agrees that its claim for payment against Design-Builder (and the surety on any payment bond applicable to Design-Builder) shall be suspended and abated, on an interest-free basis, until such time as Design-Builder has had the opportunity to fully exhaust all of its legal remedies for payment against Owner, Owner’s property and /or any construction lender to Owner. Nothing herein shall be
Pay When Paid. Unless the Commissions prepay Track Access Hosts prior to submitting Track Access Fee Reimbursement Forms, the Commissions shall remit payment to Track Access Hosts within five business days of receipt of payment from VPRA. If, for any reason, the Commissions cannot remit payment to one or more Track Access Hosts within five days, the Commissions shall immediately notify the Chief Financial Officer of VPRA (“CFO”) in writing, inform the CFO of the date the Commissions will remit payment to their Track Access Hosts, and deposit the payment received from VPRA in an interest-bearing account. The Commissions shall use all interest proceeds toward the applicable track access fees, reducing dollar-for-dollar the corresponding VPRA Funding Commitment. Depending upon the Commissions’ revised Track Access Host payment date, VPRA may require the Commissions to repay the funds to VPRA, rather than hold them in an interest-bearing account. If the Commissions fail to comply with this provision, VPRA may require the Commissions to prepay Track Access Hosts prior to submitting Track Access Fee Reimbursement Forms.
Pay When Paid. 6.6.1 Design Consultant agrees that all payments owed to Design Consultant hereunder, whether progress or final payment, or for changes or delays to the Services, shall not be due until
Pay When Paid. The Commissions shall remit payment to Contractors within five business days of receipt of reimbursement from VPRA. If, for any reason, the Commissions cannot remit payment to one or more Contractors within five days, the Commissions shall immediately notify the Chief Financial Officer of VPRA (“CFO”) in writing, inform the CFO of the date the Commissions will remit payment to their Contractors, and deposit the reimbursement funds received in an interest-bearing account. The Commissions shall use all interest proceeds toward the applicable Project, reducing dollar-for-dollar the corresponding VPRA Funding Commitment. Depending upon the Commissions’ revised Contractor payment date, VPRA may require the Commissions to repay the funds to VPRA, rather than hold them in an interest-bearing account. If the Commissions fail to comply with this provision, VPRA may require the Commissions to prepay Contractors prior to submitting Project Reimbursement Forms.
Pay When Paid. Subcontractor understands that receipt of payment from the Owner to Contractor is a condition precedent to payment of invoices by Contractor to Subcontractor. Prior to any payment by Contractor to Subcontractor, Subcontractor must submit its applicable invoice to Contractor with reference to the Subcontract Order Number clearly visible on the first page. Contractor/Purchaser will pay Subcontractor for its Work within seventy-five (75) days of Contractor’s receipt of: (a) an appropriate invoice from Subcontractor; (b) any lien waivers from the Subcontractor’s vendors, if required by Contractor; and (c) payment from the applicable project Owner(s) for Subcontractor’s Work.