Balance of the Contract Price definition

Balance of the Contract Price as used in this paragraph, shall mean the total amount payable by Procuring Entity to Contractor under the Contract, less the amount properly paid by Procuring Entity to Contractor; or

Balance of the Contract Price as used in this paragraph, shall mean the total amount payable by the Employer to the Service Provider under the Contract, less the amount properly paid by the Employer to the Service Provider; or

Balance of the Contract Price means the total amount payable by the CRCNV to the Contractor under the Contract after all proper adjustments have been made, including allowances to the Contractor of any amounts received or to be received by the CRCNV in settlement of insurance or other claims for damages to which the Contractor is entitled, reduced by all valid and proper payments made to or on behalf of the Contractor under the Contract.

Examples of Balance of the Contract Price in a sentence

• When the Surety acts under paragraph C1, C2 or C3 above, the Owner will agree to pay the Balance of the Contract Price to the Surety in accordance with and subject to the terms of the Contract or to a contractor selected to perform and complete the Contract in accordance with and subject to the terms of the contract between the Owner and contractor.

• When the Surety acts under paragraph C1 or C2 above, the Surety’s obligation to perform and complete the Contract is not limited by the amount of this Performance Bond and the Balance of the Contract Price.

• Such Contractor Default shall not be declared earlier than twenty (20) days after the Contractor and the Surety have received; and (C) The Owner has agreed to pay the Balance of the Contract Price to the Surety in accordance with the terms of the Construction Contract or to a Contractor selected to perform the Construction Contract in accordance with the terms of the Contract with the Owner.

• Payment will be made on the basis of construction progress as follows: Deposit upon Contract acceptance 10% of the Contract Price Deposit upon completion of rough construction and mechanicals 40% of the Contract Price Deposit upon Substantial Completion of the Work 40% of the Contract Price Balance of the Contract Price upon project completion and acceptance by the Municipality.

• Such Contractor Default shall not be declared earlier than 20 days after Contractor and Surety have received notice as provided in Paragraph 2.1; and2.3 Owner has agreed to pay the Balance of the Contract Price to:1.

More Definitions of Balance of the Contract Price

Balance of the Contract Price means the total amount payable by the City to the Contractor under the Contract after all proper adjustments have been made, including change orders and credits due the City, reduced by all valid and proper payments made to or on behalf of the Contractor under the Contract and reduced further by all direct costs and expenses incurred by the City as a result of the Contractor Default, including costs of additional supervision or inspection by the City of the Contractor’s work under the Contract and fees and expenses paid to consultants or others hired by the City for purposes of monitoring or investigating the Contractor’s work under the Contract.

Balance of the Contract Price means the total amount payable by the Obligee to the Principal under the Contract less the amount properly paid by the Obligee to the Principal.

Balance of the Contract Price as used in this paragraph, shall mean the total amount payable by Owner to Contractor under the Contract and any amendments thereto, less the amount properly paid by Owner to Contractor.

Balance of the Contract Price. , as used in this Bond, shall mean the total amount payable by the City to Contractor under the Contract and any approved change orders thereto, less the amount properly paid by the City to Contractor. ( C) Either way, the Surety shall pay the City all remaining losses, delay and disruption damages, expenses, costs, and statutory attorney’s fees , including those incurred in appellate proceedings, that the City sustains because of a default by Contractor under the Contract; or

Balance of the Contract Price as used in this paragraph shall mean the total amount payable by the Owner to Bidder under the Contract and any amendments thereto, less the amount properly paid by the Owner to the Bidder; or

Balance of the Contract Price as used in this paragraph shall mean the total amount payable to Contractor/Principal by DISTRICT under the contract and any modifications thereto, less the amount previously properly paid by DISTRICT to the Contractor/Principal.

Balance of the Contract Price as used in this paragraph, shall mean the total amount payable by COUNTY to Principal under the Contract and any amendments thereto, less the amount properly paid by COUNTY to Principal.