Common use of Payments limited to progress Clause in Contracts

Payments limited to progress. The formula established in the immediately preceding paragraph notwithstanding, in all cases UGAA’s obligation to pay is absolutely and proportionately limited to actual progress of the Work – as determined by multiplying the GMP times the percentage of overall completion of the Work (as determined in good faith by XXXX), less retainage, backcharges, setoffs, and other withholding and deductions permitted hereunder. UGAA is, at all times, permitted to withhold payment from Design-Builder amounts determined in good faith by UGAA to be required for UGAA to pay remaining contract obligations and to complete the Work using Separate Contractors, hypothetically presuming Design-Builder’s discontinuance of performance and the Work.

Appears in 3 contracts

Samples: Standard Form of Agreement, Design Build Agreement, Construction Contract

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Payments limited to progress. The formula established in the immediately preceding paragraph notwithstanding, in all cases UGAA’s obligation to pay is absolutely and proportionately limited to actual proportionate progress of the Work – as determined by multiplying the GMP Contract Price times the percentage of overall completion of the Work (as determined in good faith by XXXXUGAA), less retainage, backcharges, setoffsset- offs, and other withholding and deductions permitted hereunder. UGAA is, at all times, permitted to withhold payment from Design-Builder Contractor amounts determined in good faith by UGAA to be required for UGAA to pay remaining contract obligations and to complete the Work using Separate Contractors, hypothetically presuming Design-BuilderContractor’s discontinuance of performance and the Work.

Appears in 1 contract

Samples: Construction Contract

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