PAYMENT FOR CONSTRUCTION PHASE SERVICES Clause Samples
The 'Payment for Construction Phase Services' clause defines the terms and conditions under which the contractor or service provider will be compensated for work performed during the construction phase of a project. It typically outlines the payment schedule, such as progress payments based on completed milestones or monthly invoices, and may specify requirements for documentation or approval before payment is released. This clause ensures that both parties have a clear understanding of when and how payments will be made, reducing the risk of disputes and providing financial predictability throughout the construction process.
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PAYMENT FOR CONSTRUCTION PHASE SERVICES. 10.1 PROGRESS PAYMENTS
PAYMENT FOR CONSTRUCTION PHASE SERVICES. Basis of Compensation. 4.3.2 Submission of Applications for Payment.
PAYMENT FOR CONSTRUCTION PHASE SERVICES. SECTION 5 AGREEMENT FORMS EXHIBITS CONSTRUCTION MANAGEMENT GENERAL REQUIREMENTS TABLE OF CONTENTS SECTION 1 - GENERAL PART 1 - GENERAL
PAYMENT FOR CONSTRUCTION PHASE SERVICES. 10.1 PROGRESS PAYMENTS [ ]
10.1.1 On the [ ] 5TH Day of each month after the Construction Phase has commenced, the Design-Builder shall submit to the Owner an application for payment consisting of the Cost of the Work performed up to the LAST Day of the previous month, along with a proportionate share of the Design-Builder's Fee. Prior to submission of the next application for payment, the Design-Builder shall furnish to the Owner a statement accounting for the disbursement of funds received under the previous application. The extent of such statement shall be as agreed upon between the Owner and the Design-Builder.
10.1.2 Within seven (7) Days after receipt of each monthly application for payment, the Owner shall give written notice to the Design-Builder of the Owner's acceptance or rejection, in whole or in part, of such application for payment. Within fifteen (15) Days after accepting such application, the Owner shall pay directly to the Design-Builder the appropriate amount for which application for payment is made, less amounts previously paid by the Owner. If such application is rejected in whole or in part, the Owner shall indicate the reasons for its rejection. If the Owner and the Design -Builder cannot agree on a revised amount then, within fifteen (15) Days after its initial rejection in part of such application, the Owner shall pay directly to the Design-Builder the appropriate amount for those items not rejected by the Owner for which application for payment is made, less amounts previously paid by the Owner. Those items rejected by the Owner shall be due and payable when the reasons for the rejection have been removed.
10.1.3 If the Owner fails to pay the Design-Builder at the time payment of any amount becomes due, then the Design-Builder may, at any time thereafter, upon serving written notice that the Work will be stopped within seven (7) Days after receipt of the notice by the Owner, and after such seven
PAYMENT FOR CONSTRUCTION PHASE SERVICES. Basis of Compensation. Submission of Applications for Payment. Timing of Payments. Payments Withheld. Retainage. Subcontractor’s Retainage Release. Supplier’s Retainage Release. CM/GC’s Warranty on Applications for Payment. Special Provisions for Payments of CM/GC under a Component or GMP Change Order. Applications for Payment. Processing of Applications for Payment. Representations of CM/GC. Design Professional’s Certificate Not Acceptance of Work Payment Not Acceptance of Work. Payment for Change Order Work. Payment Due. Late Payment and Interest.
PAYMENT FOR CONSTRUCTION PHASE SERVICES