Common use of Prompt Payment and Retainage Clause in Contracts

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 under of its contract no later than 10 calendar days from receipt of each payment Contractor Consultant receives from ODOT (or local agency when applicable) for the subcontracted work). In addition, Contractor shall return any retainage payments to each subcontractor within 10 calendar days of receipt of retainage from ODOT (or local agency when applicable), Contractor shall pay to each subcontractor after the retainage that pertains to the subcontractor's work of that subcontractoris satisfactorily completed.

Prompt Payment and Retainage. Contractor shall pay each subcontractor for satisfactory performance under of its contract no later than 10 calendar days from receipt of each payment Contractor Consultant receives from ODOT (or local agency when applicable) for the subcontracted workAgency. In addition, Contractor shall return any retainage payments to each subcontractor within 10 calendar days of receipt of retainage from ODOT (or local agency when applicable), Contractor shall pay to each subcontractor after the retainage that pertains to the subcontractor's work of that subcontractoris satisfactorily completed.

Prompt Payment and Retainage. Contractor shall pay each subcontractor for satisfactory performance under of 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, Contractor shall return any retainage payments to each subcontractor within 10 calendar days of receipt of retainage from ODOT (or local agency when applicable), Contractor shall pay to each subcontractor after the retainage that pertains to the subcontractor's work of that subcontractoris satisfactorily completed.