SECTION 107.01 - PAYMENTS Sample Clauses
SECTION 107.01 - PAYMENTS establishes the procedures and requirements for making payments under the contract. It typically outlines when and how the contractor will submit payment requests, the documentation required to support those requests, and the timeline for the owner or client to review and process payments. This clause ensures that both parties have a clear understanding of the payment process, reducing the risk of disputes and delays related to compensation.
SECTION 107.01 - PAYMENTS. The Superintendent may issue monthly payment equal to 100% of the value of the work, depending upon the acceptance of the Certificate of Final Quantities by the Contractor, after the Superintendent has issued a Certificate of Substantial Completion and the Contractor has submitted a Statutory Declaration that all monies the Contractor owes in carrying out the work have been paid. In the absence of implementing a 15 % hold back, the Department will not release the bid deposit until all the appropriate paperwork has been submitted and approved by the Department. Notwithstanding the foregoing, no payment shall be construed to be an acceptance of any defective work or material.
SECTION 107.01 - PAYMENTS. Progress payments equal to 85% of the value of work completed, as determined by the Engineer, will be made monthly to the Contractor as the work progresses. Such progress payments shall be based on a written progress estimate prepared by the Engineer. Notwithstanding the foregoing, no payment shall be construed to be an acceptance of any defective work or material. The Superintendent may issue payment equal to 100% of the value of the work, depending upon the acceptance of the Certificate of Final Quantities by the Contractor, after the Superintendent has issued a Certificate of Substantial Completion and the Contractor has submitted a Statutory Declaration that all monies the Contractor owes in carrying out the work have been paid. The Engineer shall deduct any liquidated damages and/or deficiencies from the final payment made to the Contractor. Substantial completion will be considered to occur when all stockpiles have been fully supplied.