Provisional Payment Only Clause Samples
The 'Provisional Payment Only' clause establishes that any payments made under the contract are considered temporary and subject to adjustment. In practice, this means that amounts paid may be revised later based on final calculations, completion of work, or resolution of outstanding issues such as defects or variations. This clause ensures that payments do not represent final settlement, protecting both parties by allowing for corrections and preventing disputes over under- or over-payment as the project progresses.
Provisional Payment Only. Credit that we give you with respect to any funds-transfer credit entry is provisional until we receive final settlement for the entry. If we do not receive final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to you in connection with the entry. In that instance, the originator of the funds transfer (the party making payment to you) will be deemed not to have paid you the amount of the entry.