Common use of Receipts and Payments Clause in Contracts

Receipts and Payments. 6.1 The First Party shall co-ordinate all requests from the Participants for payment to the Client. 6.2 All payments made by the Client to the Consortium shall be made to a bank account opened in the joint names of the Participants. Upon receipt of such payments the Consortium shall immediately remit to the Participants the amounts due to them in accordance with their requests for payment. 6.3 The Consortium shall only be obliged to make such payments as and when payment is made by the Client. 6.4 If full payment is not received in accordance with the amount invoiced to the Client, any part payments received shall be distributed to the Participants in proportion to their respective requests for payment unless the Client’s deduction or non-payment is specifically related to any particular item in their requests in which case such deduction shall be carried by the Participant responsible for the work referred to in such item. 6.5 The Second Party shall reimburse the First Party for its share of the payments made by the First Party in the discharge of its duties under Articles 4.8 and 4.9 (including premiums, bank fees and charges). Such reimbursement shall be within ten (10) working days of the date of the First Party’s relevant invoice.