Payment of Contract Sum Sample Clauses

Payment of Contract Sum. Owner shall make full payment of the Contract Sum to Developer upon full execution of this Agreement by deposit in Developer’s parking deck construction account (the “Account”) held by State Bank and Trust Company. Draws from the Account shall be administered by State Bank and Trust Company pursuant to standard draw procedures established by Developer and State Bank. Except as expressly set forth herein, (i) if the cost of the Work exceeds the Contract Sum, Developer shall be responsible for such excess cost, and (ii) if the Contract Sum exceeds the cost of the Work, Developer shall retain all such excess. Notwithstanding the foregoing, in the event there are funds remaining in the “Contingency” line item of Developer’s budget for the Project after Final Completion, Developer agrees that Owner shall be entitled to seventy-five percent (75%) of such remaining funds in the “Contingency” line item; provided, however, that if the Project is complete to the extent that it can be used on April 10, 2018, in connection with “opening day” of the GreenJackets Stadium, Owner shall be entitled to only fifty percent (50%) of such remaining funds in the “Contingency” line item. Owner and Developer acknowledge that the “Contingency” line item in Developer’s budget totals $198,190.
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Payment of Contract Sum. Where the Contract Sum is a fixed lump sum, the Council must pay the Contract Sum in accordance with Item 14 of the Schedule. Where the Contract Sum is determined by the Schedule of Rates in Annexure C, the Council must pay the Contract Sum at the time and in the manner specified in Annexure C.
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Payment of Contract Sum. EPC Contractor shall submit payment applications on account of Services and Work performed consistent with the intervals for performance set forth in Schedule #6 (informed by the schedule of values set forth in Schedule #21) of this Agreement and otherwise monthly on account of other reimbursable costs and expenses as expressly provided in this Agreement. Each payment application shall include (i) a completed disbursement request, in the form of Schedule #16 attached hereto and (ii) the items listed in Schedule #17.
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Payment of Contract Sum. Owner shall make full payment of the Contract Sum to Developer upon full execution of this Agreement by deposit in Developer’s hotel and conference facility construction account (the “Account”) held by State Bank and Trust Company. Draws from the Account shall be administered by State Bank and Trust Company pursuant to standard draw procedures established by Developer and State Bank. Except as expressly set forth herein, (i) if the cost of the Work exceeds the Contract Sum, Developer shall be responsible for such excess cost, and (ii) if the Contract Sum exceeds the cost of the Work, Developer shall retain all such excess.
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Payment of Contract Sum. EPC Contractor shall submit payment applications on account of Services and Work performed consistent with the intervals for performance set forth in the Payment Schedule of this Agreement and otherwise monthly on account of other reimbursable costs and expenses as expressly provided in this Agreement. Each payment application shall include (i) a completed disbursement request, in the form satisfactory to Client, and (ii) any applicable requirements and documents of the Milestone set forth in the Milestone checklist, attached hereto as Schedule #8. The Parties acknowledge and agree that no retention shall be withheld from any of the milestone progress payments, and Holdback Amount payment is not earned by EPC Contractor until the Warranty Period, does not represent “retainage” as that term is defined in Connecticut General Statutes §42-158i(3), and therefore the limitation on per cent retainage set forth in Connecticut General Statutes §42-158k does not apply to this Agreement, and neither the final payment amount nor any other portion of the Contract Sum need be placed in a depositary escrow account pursuant to Connecticut General Statutes §42-158p.
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Payment of Contract Sum. The Contractor shall pay or cause to be paid the Contract Sum to the Subcontractor in monthly progress payments. Applications for monthly progress payments shall be in writing and shall state the estimated percentage of the Work that has been satisfactorily completed and shall be submitted to contractor on or before the fifteenth (15) day of each month. Payments to Subcontractor shall be due seven (7) days from the time payment is received by the Contractor from the client. The Subcontractor agrees that, as a condition precedent to any payments hereunder, the Contractor shall be under no obligation to make any payments to the Subcontractor for materials delivered or for work performed by the Subcontractor unless and until the Contractor is first paid for such materials and work by the Owner.
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Payment of Contract Sum 
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Related to Payment of Contract Sum

  • CONTRACT SUM 9.1.1 The Contract Sum is stated in the State-Contractor Agreement and, including authorized adjustments thereto, is the total amount payable by the State to the Contractor for the performance of the Work under the Contract Documents.

  • Payment of Wages (i) The contractor shall fix wage periods in respect of which wages shall be payable. (ii) No wage period shall exceed one month. (iii) The wages of every person employed as contract Labour in an establishment or by a contractor where less than one thousand such persons are employed shall be paid before the expiry of seventh day and in other cases before the expiry of tenth day after the last day of the wage period in respect of which the wages are payable. (iv) Where the employment of any worker is terminated by or on behalf of the contractor, the wages earned by him shall be paid before the expiry of the second working day from the date on which his employment is terminated. (v) All payment of wages shall be made on a working day at the work premises and during the working time and on a date notified in advance and in case the work iscompleted before the expiry of the wage period, final payment shall be made within 48 hours of the last working day. (vi) Wages due to every worker shall be paid to him direct by contractor through bank or ECS or online transfer to his Bank account. (vii) All wages shall be paid through Bank or ECS or online transfer (viii) Wages shall be paid without any deductions of any kind except those specified by the Central Government by general or special order in this behalf or permissible under the Payment of Wages Act, 1956. (ix) A notice showing the wages period and the place and time of disbursement of wagesshall be displayed at the place of work and a copy sent by the contractor to the Corporation under acknowledgment. (x) It shall be the duty of the contractor to ensure the disbursement of wages through bank account of Labour. (xi) The contractor shall obtain from the Junior Engineer or any other authorized representative of the Corporation as the case may be, a certificate under his signature at the end of the entries in the “Register of Wages” or the “Wage-cum- Muster Roll” as the case may be in the following form: “Certified that the amount shown in Column No. has been paid to the xxxxxxx concerned through his/her bank account on / / at .“

  • Progress Payments; Retainage A. Owner shall make progress payments on account of the Contract Price on the basis of Contractor’s Applications for Payment on or about the first day of each month during performance of the Work as provided in Paragraph 6.02.A.1 below, provided that such Applications for Payment have been submitted in a timely manner and otherwise meet the requirements of the Contract. All such payments will be measured by the Schedule of Values established as provided in the General Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no Schedule of Values, as provided elsewhere in the Contract. 1. Prior to Substantial Completion, progress payments will be made in an amount equal to the percentage indicated below but, in each case, less the aggregate of payments previously made and less such amounts as Owner may withhold, including but not limited to liquidated damages, in accordance with the Contract a. 95 percent of Work completed (with the balance being retainage). If the Work has been 50 percent completed as determined by Engineer, and if the character and progress of the Work have been satisfactory to Owner and Engineer, then as long as the character and progress of the Work remain satisfactory to Owner and Engineer, there will be no additional retainage; and

  • Payment and Contract Price C1 Contract Price C1.1 In consideration of the Contractor’s performance of its obligations under the Contract, the Authority shall pay the Contract Price in accordance with clause C2 (Payment and VAT). C1.2 The Authority shall, in addition to the Contract Price and following evidence of a valid VAT invoice, pay the Contractor a sum equal to the VAT chargeable on the value of the Services supplied in accordance with the Contract. C2 Payment and VAT C2.1 The Authority shall pay all sums due to the Contractor within thirty (30) days of receipt of a valid invoice, submitted Monthly in arrears. C2.2 The Authority shall pay all sums by direct credit transfer into a suitable bank account or by other electronic payment methods as appropriate. C2.3 The Contractor shall ensure that each invoice contains a valid purchase order number. All appropriate references and a detailed breakdown of the Services supplied and any other documentation reasonably required by the Authority to substantiate the invoice should be supplied in accordance with Schedule 2. C2.4 Where the Contractor enters into a sub-contract for the purpose of performing its obligations under the Contract, it shall ensure that a provision is included in such a sub-contract which requires payment to be made of all sums due by the Contractor to the Sub-contractor within a specified period not exceeding thirty (30) days from the receipt of a valid invoice. C2.5 The Contractor shall add VAT to the Contract Price at the prevailing rate as applicable and the Authority shall pay the VAT to the Contractor following its receipt of a valid VAT invoice. C2.6 The Contractor shall indemnify the Authority on a continuing basis against any liability, including any interest, penalties or costs incurred, which is levied, demanded or assessed on the Authority at any time in respect of the Contractor’s failure to account for or to pay any VAT relating to payments made to the Contractor under the Contract. Any amounts due under this clause C2.5 shall be paid by the Contractor to the Authority not less than five (5) Working Days before the date upon which the tax or other liability is payable by the Authority. C2.7 The Contractor shall not suspend the supply of the Services unless the Contractor is entitled to terminate the Contract under clause H2.3 (Termination on Default) for failure to pay undisputed sums of money. Interest shall be payable by the Authority on the late payment of any undisputed sums of money properly invoiced in accordance with the Late Payment of Commercial Debts (Interest) Xxx 0000. C2.8 Where payment by the Authority of all or any part of any invoice rendered or other claim for payment by the Contractor is disputed, this dispute shall be resolved in accordance with the disputed claims procedure as set out in Schedule 2. C3 Recovery of Sums Due C3.1 Wherever under the Contract any sum of money is recoverable from or payable by the Contractor (including any sum which the Contractor is liable to pay to the Authority in respect of any breach of the Contract), the Authority may unilaterally deduct that sum from any sum then due, or which at any later time may become due to the Contractor under the Contract or under any other agreement or contract with the Authority. C3.2 Any overpayment by either Party, whether of the Contract Price or of VAT or otherwise, shall be a sum of money recoverable by the Party who made the overpayment from the Party in receipt of the overpayment. C3.3 The Contractor shall make all payments due to the Authority without any deduction whether by way of set-off, counterclaim, discount, abatement or otherwise unless the Contractor has a valid court order requiring an amount equal to such deduction to be paid by the Authority to the Contractor. C3.4 All payments due shall be made within a reasonable time unless otherwise specified in the Contract, in cleared funds, to such bank or building society account as the recipient Party may from time to time direct. C4 Price adjustment on extension of the Initial Contract Period C4.1 The Contract Price shall apply for the Initial Contract Period. In the event that the Authority agrees to extend the Initial Contract Period pursuant to clause F8 (Extension of Initial Contract Period), the Authority may, where applicable, in the six (6) Month period prior to the expiry of the Initial Contract Period, enter into good faith negotiations with the Contractor (for a period of not more than thirty (30) Working Days) to agree a variation in the Contract Price. For the avoidance of doubt both Parties accept and acknowledge that any Variation to the Contract Price shall not have the effect of altering the economic balance of the Contract during the period of extension in favour of the Contractor in a manner not provided for in the terms of the Contract. C4.2 If the Parties are unable to agree a variation in the Contract Price in accordance with clause C4.1, the Contract shall terminate at the end of the Initial Contract Period. C4.3 If a variation in the Contract Price is agreed between the Authority and the Contractor, the revised Contract Price will take effect from the first day of any period of extension and shall apply during such period of extension. C4.4 Any increase in the Contract Price pursuant to clause C4.1 shall not exceed the percentage change in the Office of National Statistics’ Consumer Prices Index (CPI) (or another such index specified in the Prices & Rates Schedule) between the Commencement Date and the date six (6) Months before the end of the Initial Contract Period.] C5 Euro C5.1 Any requirement of Law to account for the Services in Euro (or to prepare for such accounting) instead of and/or in addition to sterling, shall be implemented by the Contractor at nil charge to the Authority. C5.2 The Authority shall provide all reasonable assistance to facilitate compliance with clause C5.1 by the Contractor. C6 Third Party Revenue C6.1 The Contractor may not obtain any third party revenue, income or credit based on the Services and/or copyright works delivered under this Contract without the express prior written agreement of the Authority.

  • Payment of Compensation Consultant shall submit to City a monthly itemized statement which indicates work completed and hours of Services rendered by Consultant. The statement shall describe the amount of Services and supplies provided since the initial commencement date, or since the start of the subsequent billing periods, as appropriate, through the date of the statement. City shall, within 30 days of receiving such statement, review the statement and pay all approved charges thereon.

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