Preparing Progress Payment Requests Clause Samples
The "Preparing Progress Payment Requests" clause outlines the procedures and requirements for submitting requests for interim payments during the course of a project. Typically, this clause specifies the documentation that must accompany each request, such as detailed breakdowns of work completed, supporting invoices, and certifications of progress. It may also set deadlines for submission and describe the review process by the owner or architect. The core function of this clause is to ensure that payment requests are accurate, timely, and substantiated, thereby facilitating smooth cash flow and minimizing disputes over payment during the project.
Preparing Progress Payment Requests. In preparing construction estimates, the Contractor may request a progress payment based on the actual percentage of work completed during the preceding month. The estimate shall contain a breakdown of the total Contract amount; to include a separate breakdown of all approved change orders, into principal items of construction, showing the estimated quantity, unit price, and total for each item. In preparing progress payment requests, the material delivered on the site and preparatory work done may be taken into consideration, if properly documented, or as may be required by the Division Manager so that quantities can be verified. In addition to material delivered on the site, material such as large pieces of equipment and items purchased specifically for the project, but stored off the site, may be considered for payment, provided prior written approval is given by the Division Manager.
Preparing Progress Payment Requests. In preparing construction estimates, the Contractor may request a progress payment based on the actual percentage of work completed during the preceding month. The estimate shall contain a breakdown of the total Contract amount, to include a separate breakdown of all approved change orders, into principal items of construction, showing the estimated quantity, unit price, and total for each item. In preparing progress payment requests, the material delivered on the site and preparatory work done will not be taken into consideration. In addition to material delivered on the site, material such as large pieces of equipment and items purchased specifically for the project, will not be taken into consideration.