Prompt Payment and Retainage. Contractor shall pay each subcontractor for satisfactory performance under its contract no later than 10 calendar days from receipt of each payment Contractor receives from ODOT (or local agency when applicable) for the subcontracted work. In addition, within 10 calendar days of receipt of retainage from ODOT (or local agency when applicable), Contractor shall pay to each subcontractor the retainage that pertains to the work of that subcontractor.
Prompt Payment and Retainage. Contractor shall pay each subcontractor for satisfactory performance of its contract no later than 10 calendar days from receipt of each payment Consultant receives from ODOT (or local agency when applicable). In addition, Contractor shall return any retainage payments to each subcontractor within 10 calendar days after the subcontractor's work is satisfactorily completed. Reporting Requirements: Contractor shall complete and submit initial, interim and final Paid Summary Reports [form 734-2882] per the instructions on the form. Contractor must report payment information for all subcontractors and suppliers used under the Contract throughout the period of performance.
Prompt Payment and Retainage. The prime subgrantee agrees to pay each subcontractor under this prime grant for satisfactory performance of its contract no later than 30 days from the receipt of each payment the prime subgrantee receives from ARC. The prime subgrantee agrees further to return retainage payments to each subcontractor within 30 days after the subcontractors work is satisfactorily completed. Any delay or postponement of payment from the above referenced time frame may occur only for good cause following written approval of ARC. This clause applies to both DBE and non-DBE subcontracts. Any subgrantee found not to be in compliance with this clause will be considered in breach of contract and any further payments will be withheld until corrective action is taken. If subgrantee does not take corrective action, subgrantee may be subject to contract termination.
Prompt Payment and Retainage. Contractor is required to pay its subcontractors, suppliers and consultants performing services related to this Agreement for satisfactory performance of those services no later than fifteen (15) days following Contractor’s receipt of payment for that work from IPTC. Contractor may not hold retainage from its subcontractors, suppliers and consultants. Failure to carry out prompt payment is considered a breach of the Agreement. IPTC will not reimburse Contractor for work performed by subcontractors, suppliers and consultants unless and until Contractor ensures that all subcontractors, suppliers and consultants are promptly paid. IPTC may not award future contracts to Contractors who refuse to pay promptly in accordance with this provision.
