PAYMENT OF THE CONTRACT SUM. 4.1 Where this AGREEMENT is not subject to mortgage finance being obtained by the EMPLOYER, payment of the CONTRACT SUM will be made by the EMPLOYER to the CONTRACTOR in progress payment instalments as the WORKS progress, and the amount of the payments will be calculated as the following percentages of the CONTRACT SUM:
PAYMENT OF THE CONTRACT SUM. The Contract Sum shall be paid in accordance with Article 10 of the UGC, subject to any Supplementary General Conditions or Special Conditions or as provided below.
PAYMENT OF THE CONTRACT SUM. Before issuance of any payment, the Contractor shall submit evidence satisfactory to the Board that all payrolls, material bills, and all other indebtedness connected with the work have been paid, including waivers of lien from any sub-contractor for whose work payment has been requested. The County shall pay the Contractor the total sum of the Contract within forty-five (45) days after Contractor’s substantial completion of the Contract to the satisfaction of the County, provided, however, that the Contractor may receive partial payments each thirty (30) day period the work is in progress by submitting a proper written xxxx or estimate for work completed and approved by the County and architect/engineer. Said partial payments shall not exceed ninety-two percent (92%) of the value of the work performed and/or material furnished with the exception that no portion of the estimate shall be withheld for any labor performed after the Contract is fifty percent (50%) completed upon the Board’s receipt of documentation from the Contractor to substantiate the allocation or percentage of said estimate or estimates for labor. In addition to all other partial payments on account of work performed, the County shall pay to the Contractor a sum at the rate of ninety-two percent (92%) of the invoice costs, not to exceed the bid price in a unit price Contract, of material delivered on the site of the work or other approved storage site, provided such materials have been inspected and found to meet the specifications of the Contract. The eight percent (8%) balance of such invoiced value shall be paid to the Contractor when such material is incorporated into and becomes a part of the building, construction, addition, improvement, alteration, or installation provided for in the Contract.
PAYMENT OF THE CONTRACT SUM. 3.1 Payment of the contract sum shall be made by the Purchaser to the Builder in progress payment instalments as the Works progress as follows:
PAYMENT OF THE CONTRACT SUM. 5.1 Payment of the contract sum shall be made by the Employer to the Contractor in the following progress payment instalments:
5.1.1 The first instalment being 20% (Twenty percent) of the Contract Sum shall be paid on completion of the first section of the Works, namely:
5.1.1.1 All foundations completed,
5.1.1.2 Brickwork to plinth height, backfilling and floors cast.
5.1.2 The second instalment being 20% (Twenty percent) of the Contract Sum shall be paid on completion of the second section of the Works, namely:
5.1.2.1 Brickwork internal and external completed except gables and beam filling.
5.1.3 The third instalment being 30% (Thirty percent) of the Contract Sum shall be paid on completion of the third section of the Works, namely:
5.1.3.1 Roof trussed 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 External doors and windows installed, and
5.1.3.6 Electrical tubing fitted, and
5.1.3.7 Plumbing pipes and drainage fitted.
5.1.4 The fourth instalment being 35% (Thirty five percent) of the Contract Sum shall be paid on completion of the fourth section of the Works, namely:
5.1.4.1 Cupboards fitted; and
5.1.4.2 Painting and xxxxxx finished, and
5.1.4.3 Electrical and plumbing work completed, and
5.1.4.4 All remaining work done as per specifications, and
5.1.4.5 All builder’s rubble removed and site clean.
5.1.5 The fifth and final instalment being 5% (Five percent) of the Contract Sum shall be paid on completion of the Works prior to the Employer taking occupation of the Works.
5.2 The Upgrade to Specifications and Additional Costs will be included in the Contract Sum and be payable as set out above.
5.3 Any agreed payments not paid on due date will bear interest in accordance with the provisions of Clause 12 below from due date to date of final payment.
5.4 If the Building Works are financed by a Financial Institution, the Employer hereby empowers and authorises the Contractor to receive progress payments from the financial institution as determined by them, the Employer will furthermore be liable for any and all interim interest charges by the Financial Institution.
5.5 In the event of an Employer failing or refusing to authorize payment of any interim or final draws, the Contractor shall be entitled without prejudice to any other rights which he may have in terms of this contract in law to discontinue the Works forthwith an...
PAYMENT OF THE CONTRACT SUM. 3.1 Payment of the contract sum shall be made by the Employer to the Contractor in progress payments either via the Transferring Attorney (cash transaction) or via the Bank in building draws (Building Loan).
3.2 Should there be any dispute between the parties as to the amount due in terms of any one of the progress payments then the matter will be referred to the Principal Agent, who shall act as an expert and not as an arbitrator and whose determination shall be final and binding on the parties.
3.3 In the event of the contract sum being entirely financed by a building loan secured by a mortgage bond obtained from a bank or other approved financial institution then:
3.3.1 payment of the contract sum shall be made in accordance with the standard procedure of the financial institution concerned.
3.4 In the event of the contract sum being paid in cash then the contractor must receive payment as follows: Event Percentage of the contract sum Window sill Height 25% Roof Plate Height 25% Complete installation of roof 15% Practical completion The balance
3.5 as security for due payment the Employer irrevocably cedes to the Contractor the total proceeds of the building loan;
3.6 the Contractor is hereby irrevocably authorised and empowered to receive direct payment of the progress payments and final payment from the financial institution concerned and the Employer agrees, on demand, to sign the necessary authorities for such payments as and when required to by the Contractor. Should the Employer neglect and/or refuse to sign the authority for such payments and/or final payment and remain in default for a period of 3 days after receiving written notification by the Contractor to sign same, then the Principal Agent appointed by the Contractor is hereby irrevocably instructed to sign the progress payments and/or the final payment on behalf of the Purchaser. The signature of the Purchaser to this agreement constitutes an irrevocable Power of Attorney to the Principal Agent to sign same.
3.7 Should only a portion of the contract sum be financed by a building loan, the progress payments shall at the request of the Contractor be made directly by the transfer attorneys to the Contractor until that portion of the contract sum, which is financed by the Employer, has been paid in full and the balance of the progress payment shall be made as set out herein. Should the whole of the contract sum be financed by the Employer, the progress payments shall be made as indicated in cl...
PAYMENT OF THE CONTRACT SUM. 5.1 Payment of the contract sum shall be made by the employer to the contractor in progress payment installments as per annexure b and according to the standard procedure of the financial institution concerned, where a bond is applicable. in a case where a part of the contract price is financed by a bond the employer undertakes to pay the first part of the contract price as indicated on annexure b and the bond be utilized for the later payments.
5.2 Should there be any dispute between the parties, then the matter will be referred to the architect whose determination will be final and binding on the parties.
5.3 Any agreed payments not paid on the due date will bear interest in accordance with the Provisions of Clause 6 below from due date to date of final payment.
5.4 In the event of any part of the contract sum being payable from the proceeds of a building loan secured by a mortgage bond obtained from a financial institution then the employer irrevocable cedes the contractual sum equal to the outstanding balance of the contract sum or the total proceeds of the building loan, whichever is the lesser.
5.5 In the event of an employer failing or refusing to authorize payment of any interim of final draws, the contractor shall be entitled without prejudice to any other rights which he may have in terms of this contract in law to discontinue the works forthwith and all damages arising, costs include that additional interest accrued shall be for the account of the employer.
PAYMENT OF THE CONTRACT SUM. 4.1 A deposit of 10% (ten percent) of the CONTRACT SUM shall be paid to the attorneys (Miltons Matsemela Inc, ref: Xxxxxx Xxxxxxx) in cash or by bank guaranteed cheque or by electronic funds transfer on signature of this AGREEMENT by the EMPLOYER. This deposit shall be held in trust by the attorneys, who shall invest same in an interest bearing savings account, which interest shall accrue to the EMPLOYER.
4.1.1 The EMPLOYER hereby instructs the attorney to invest the deposit into an interest bearing savings account with a registered bank of their choice, in terms of section 78(2)(A) of the Attorneys Act, with interest accruing to the EMPLOYER. It is in the EMPLOYER’S interest to invest the monies in this fashion, as interest on the attorneys regular trust account does not accrue to the EMPLOYER. Although the attorneys will select one of the reputable South African banks for the investment of the deposit, the EMPLOYER acknowledges that the deposit will not be protected in the unlikely event that the bank goes insolvent.
4.2 Where this AGREEMENT is not subject to mortgage finance being obtained by the EMPLOYER, payment of the CONTRACT SUM will be made by the EMPLOYER to the CONTRACTOR in progress payment instalments as the WORKS progress, and the amount of the payments will be calculated as the following percentages of the CONTRACT SUM:
4.2.1 25% on completion of the floor slab;
PAYMENT OF THE CONTRACT SUM. Payment to TSP will be made at the completion of each shipment and within thirty (30) days from receipt of a correct invoice or billing statement in accordance with the Texas Government Code, Chapter 2251, Texas Prompt Payment Act. An invoice is considered received on the date it is date stamped by TFC. TSP shall be paid for completion of work accepted and approved by the TFC Contract Administrator.
PAYMENT OF THE CONTRACT SUM. 3.1 Payment of the contract sum shall be made by the Employer to the Contractor in progress payment instalments as Works progress.
3.2 In the event of the contract sum being entirely financed by a building loan secured by a mortgage bond obtained from a bank or other approved financial institution then:
3.2.1 Payment of the contract sum shall be made in accordance with the standard procedure of the financial institution concerned;
3.2.2 as security for due payment the Employer irrevocably cedes to the Contractor the total proceeds of the building loan;
3.2.3 the Contractor is hereby irrevocably authorised and empowered to receive direct payment of the progress payments from the financial institution concerned and the Employer agrees, on demand, to sign the necessary Authorities for such payments as and when required so to do by the Contractor,
3.3 In the event of the whole or only part of the contract sum not being financed by a financial institution as provided for in the preceding paragraph then the progress payments will be made by the Employer directly until the portion of the contract sum which is being financed by the Employer’s own funds are fully paid with the balance of the progress payments then to be made as prescribed in the preceding paragraph. Such payments by the Employer will be made in the following instalments:
