Common use of Processing of Payments and Schedule of Values Clause in Contracts

Processing of Payments and Schedule of Values. Contractor shall develop the schedule of values for the Project and implement procedures for the review, reconciliation, and processing of payment applications for progress and final payments. Contractor shall review and prepare the master monthly payment application based on percentages of work completed by the trades and the Contractor’s compensation. Upon approval by the District, Architect, and IOR, it will be forwarded to the District for processing..

Processing of Payments and Schedule of Values. Contractor Construction Manager shall develop the schedule of values for the Project and implement procedures for the review, reconciliation, reconciliation and processing of payment applications for progress and final payments. Contractor Construction Manager shall review and prepare the master monthly payment application based on percentages of work completed by the trades and the ContractorConstruction Manager’s compensation. Upon approval by the District, Architect, Architect and IORproject inspector, it will be forwarded to the District for processing...