Payment of the Contract Price. The District will make payment of the Contract Price upon completion of the Work, the Contractor’s full performance of all other obligations under this Contract and the Contractor’s submission of a properly itemized invoice. All invoices shall be sent to Xxxxx Le at xxxxxxx@xxxxxx.xxx. Upon receipt of the Contractor’s invoice, the District Representative will promptly verify that the Work has been completed and that the Contractor has performed all other obligations hereunder. Within thirty (30) days of the District Representative’s confirmation of the completion of Work and the Contractor’s performance of other obligations hereunder, the District will make payment of the Contract Price. If the Contract Time is a duration of sixty (60) days or more, the Contractor may submit invoices on a monthly basis for the value of Work completed in the prior month, whereupon the District Representative and Inspector Of Record will promptly verify that the Work has been completed as indicated in the Contractor’s invoice. Within thirty (30) days of the date of such verification, the District will make payment equal to ninety five percent (95%) of the value of the Work completed. Within sixty (60) days of completion of all Work and all other of the Contractor’s obligations hereunder, amounts previously retained from prior invoices will be released to the Contractor. The District may, in its sole discretion, condition payment of the Contract Price, or any portion thereof, upon: (a) the Contractor’s preparation of a Schedule of Values for review and acceptance by the District’s Representative; (b) the submittal of executed Waivers and Releases (on Progress Payment or Final Payment, as applicable) for the Contractor and all Subcontractors receiving any portion of the Contract Price; and/or (c) delivery of Certified Payroll records of the Contractor and Subcontractors. The District may withhold payment of the Contract Price if: (a) there are claims or the probability of claims being submitted by Subcontractor, Material Suppliers or others in connection with the Work; (b) defective or non- conforming Work which is not remedied; or (c) there are any uncured Contractor defaults.
Payment of the Contract Price. 5.1 Payment of the Contract Price shall be made by the Employer to the Contractor in the following progress payment instalments:
5.1.1. The first instalment being 30% (Thirty) of the Contract Price shall be paid on completion of the first section of the Works namely:
5.1.1.1. All foundations completed, and
5.1.1.2. Brickwork to plinth height, backfilling and floors cast, and
5.1.1.3. Brickwork internal and external walls completed except gables and beam filling.
5.1.2. The second instalment being 30% (Thirty) of the Contract Price shall be paid on completion of the second section of the Works namely:
5.1.2.1. Roof trusses and roof covering, and
5.1.2.2. Brickwork gables and beam filling completed, and
5.1.2.3. Internal and external walls plastered, and
5.1.2.4. Ceilings and cornices fixed, and
5.1.2.5. Cupboard carcasses fitted, and
5.1.2.6. Doors hung with locks fitted, and
5.1.2.7. Electrical tubing fitted, and
5.1.2.8. Plumbing pipes and drainage fitted, and
Payment of the Contract Price. 20.1.1. In consideration of the Contractor carrying out the Works in accordance with this Contract the Principal agrees to pay to the Contractor the Contract Price.
20.1.2. The Contract Price is inclusive of:
a. all costs, expenses, disbursements, levies and taxes incurred by the Contractor in carrying out and completing the Works; and
b. all ancillary and other works and expenditure, whether separately or specifically mentioned or described in the Contract Documents or not, which are necessary to carry out and bring to completion the Works as described in the Contract Documents.
20.1.3. The Contract Price will be paid progressively by progress payments monthly upon the Contractor performing the Works to the satisfaction of the Principal‟s Representative.
20.1.4. The Contractor must at the end of each month during the term of this Contract prepare and submit to the Principal‟s Representative for approval and payment a correct tax invoice for the Works completed in the previous month.
20.1.5. The tax invoice shall set out the Contractor‟s claim for that part of the Contract Price that it considers payable for Works completed during the relevant month.
20.1.6. The form and content of the tax invoice shall be determined by the Principal.
20.1.7. Whenever called upon so to do by the Principal‟s Representative or the Project Manager, the Contractor must:
a. provide additional information and documentation; and
b. allow access to all records relating to the Works, in order to check the accuracy of the tax invoices submitted by the Contractor.
20.1.8. The Principal‟s Representative may ask a Contract Administrator to inspect the works and provide advice on the claimed invoiced works.
20.1.9. The Principal‟s Representative will assess tax invoices submitted by the Contractor and, subject to this clause 20, pay the amount claimed or such proportion thereof that it considers payable within 30 days of receipt.
20.1.10. Where the amount determined as payable by the Principal‟s Representative is less than the amount claimed by the Contractor, the Principal‟s Representative will provide to the Contractor with written reasons for the difference.
20.1.11. If the Principal exercises its rights under this clause, the 30 day period for payment will be extended by a period equivalent to that which it takes the Contractor to rectify any deficiency in a tax invoice or performance of the Works to the satisfaction of the Principal.
20.1.12. The Principal may, without derogating f...
Payment of the Contract Price. The Authority shall pay to the Contractor the Contract Price in respect of each Payment Period, which shall be calculated in accordance with Schedule 5 (Pricing and Payment Mechanism).
Payment of the Contract Price. 1. Payments of the Contract Price will be made monthly as Work progresses. Payment Applications, covering labor, material, equipment, supplies, and other items completed, delivered or suitably stored on site during a period ending on the last calendar day of each month, shall be submitted to the City by the Contractor on the current edition of AIA Documents G702 and G703, within five (5) days after end of the period. Payment Applications shall be notarized shall be supported by such data substantiating the Contractor's right to payment as the City may require, and reflect retainage, if any, as is provided. All payments shall be subject to any offset or retainage provisions of the Contract.
2. Each payment made to the Contractor shall be on account of the total amount payable to the Contractor, and title to all Work covered by a paid partial payment shall thereupon pass to the City. Nothing in this section shall be construed as relieving the Contractor from the sole responsibility for care and protection of materials and Work upon which payments have been made, for restoration of any damaged Work, or as a waiver of the right of the City to require fulfillment of all terms of Contract Documents.
3. The City, within seven (7) days after receipt of the Payment Application, will either issue a Certificate for Payment for such amount as is properly due or issue written notice of the reasons for withholding such a certificate.
4. The issuance of a Certificate for Payment will constitute a representation by the City, observations at the site and the data comprising the Application for Payment, that the Work is in accordance with the Contract Documents (subject to an evaluation of the Work for conformance with the Contract Documents upon Substantial Completion, to the results of any subsequent tests required by or performed under the Contract Documents, to minor deviations from the Contract Documents correctable prior to completion, and to any specific qualifications stated in his certificate); and that the Contractor is entitled to payment in the amount certified.
5. Payment may be withheld in whole or in part to protect the City on account of:
a. Unsatisfactory job progress as determined by the City.
b. Defective Work or materials not remedied.
c. Disputed Work or materials.
d. Claims or other encumbrances filed or reasonable evidence indicating probable filing of claims or other encumbrances by Subcontractors or Suppliers, or others.
e. Failure of the Contractor...
Payment of the Contract Price. 5.1 Cash Payments of the Contract Price shall be made by the Employer to the Contractor in progress payment instalments as Works progress as follows:
Payment of the Contract Price. 5.1 Payment of the Contract Price shall be made by the Employer to the Contractor in the following progress payment instalments:
5.1.1. The first instalment being 25% (Twenty-Five) of the Contract Price shall be paid on completion of the first section of the Works namely:
5.1.1.1. All foundations completed, and
5.1.1.2. Brickwork to slab height, backfilling and floors cast on ground floor, and
5.1.1.3. Brickwork internal and external walls completed on ground floor.
5.1.2. The second instalment being 25% (Twenty-Five) of the Contract Price shall be paid on completion of the first section of the Works namely:
5.1.2.1. First floor slab completed, and
5.1.2.2. Brickwork to plinth height, internal and external walls completed except gables.
5.1.3. The third instalment being 30% (Thirty) of the Contract Price shall be paid on completion of the second section of the Works namely:
5.1.3.1. Roof trusses and roof covering, and
5.1.3.2. Brickwork gables and beam filling completed, and
5.1.3.3. Internal and external walls plastered, and
5.1.3.4. Ceilings and cornices fixed, and
5.1.3.5. Cupboard carcasses fitted, and
5.1.3.6. Doors hung with locks fitted, and
5.1.3.7. Electrical tubing fitted, and
5.1.3.8. Plumbing pipes and drainage fitted, and
Payment of the Contract Price. 5.1 Payment of the Contract Price shall be made by the Employer to the Contractor in accordance with the standard building draw practice of the Employer’s mortgage bank. In the event that the Employer is not drawing from a mortgage bond, the standard building draw practice of Standard Bank, will apply.
5.2 If the works are financed by a bank, or by any other financial institution acceptable to the Contractor, the Employer by executing this agreement, empowers and authorizes the Contractor to apply for and receive progress payments from the bank or financial institution. It is recorded that the financing institution will itself ensure that it does not pay more than the value of the work done by the Contractor as part of the bank’s service offering to the Employer, and as such the Employer will not dispute the timing or amount of the progress draws submitted by the Contractor. In cases where the works are financed, the progress instalments may differ from the breakdown provided. In the event of this agreement being subject to the Employer obtaining mortgage finance, then the Contractor will submit the necessary documents required by the financing institutions (called “Draw Documents”) to effect payment of progress instalments for signature by the Employer. So as not to delay the completion of the works, the Employer will ensure that the Draw Documents are signed by it and returned to the Contractor within 3 (three) days. Should the Draw Documents not be delivered to the Contractor timeously, or the Contractor not receive the progress payment in terms of such Draw Documents within 10(ten) days of the delivery of the Draw Documents, the Employer shall be liable for and shall pay, without demand by the Contractor, penalty interest on the total outstanding contract sum at prime rate per annum, calculated from the date that the Draw Documents are furnished to when the progress payment is received by the Contractor, and without prejudice to the Contractor’s rights. In the event of the works not being financed, payment in accordance with clause 5.1 will be made within 3 (three) days of the Contractor’s request. Should the Contractor not receive the progress payment within 3 (three) days of the Contractor’s request, the Employer shall be liable for and shall pay, without demand by the Contractor, penalty interest on the total outstanding Contract Sum at prime rate per annum, calculated from the date that the progress payment was due up to and including the date on w...
Payment of the Contract Price. 18.1. The Owner will pay the Contract Price, in United States funds, to the Contractor as follows:
(a) percent (%) of the Supply Price upon execution of this Agreement by both parties;
(b) percent (%) of the Supply Price upon receipt by the Owner of the Contractor’s general arrangement drawings for review and comment;
(c) percent (%) of the Supply Price upon ;
(d) percent (%) of the Supply Price upon delivery of all of the Equipment to the Mill, provided that the Contractor has delivered to the Owner the letter of credit specified in section 19. [NTD: amend accordingly]
(e) percent (%) of the Installation Price, days after completion of installation of all of the Equipment and successful start-up of the Equipment.
18.2. Payment terms are net forty-five (45) days from receipt of a non-disputed invoice at the Owner’s Accounts Payable department.
Payment of the Contract Price. 5.1 Payment of the Contract Price shall be made by the Employer to the Developer in the following progress payment instalments:
5.1.1 The first instalment being 50% (Fifty) of the Contract Price shall be paid on completion of the first section of the Works namely:
5.1.1.1 All foundations completed, and
5.1.1.2 Brickwork to plinth height, backfilling and floors cast, and
5.1.1.3 Brickwork internal and external walls completed except gables and beam filling.
5.1.2 The second instalment being 30% (Thirty) of the Contract Price shall be paid on completion of the second section of the Works namely:
5.1.2.1 Roof trusses and roof covering, and
5.1.2.2 Brickwork gables and beam filling completed, and
5.1.2.3 Internal and external walls plastered, and
5.1.2.4 Ceilings and cornices fixed, and
5.1.2.5 Cupboard carcasses fitted, and
5.1.2.6 Doors hung with locks fitted, and
5.1.2.7 Electrical tubing fitted, and
5.1.2.8 Plumbing pipes and drainage fitted, and
