Common use of ASSIGNMENT OF CONTRACT PAYMENTS Clause in Contracts

ASSIGNMENT OF CONTRACT PAYMENTS. (a) The Contractor may assign to a bank, trust company, or other financing institution funds due or to become due as a result of the performance of this contract. (b) Any assignment shall cover all unpaid amounts payable under this contract, and shall not be made to more than one party. (c) Notwithstanding an assignment of contract payments, the Contractor, not the assignee, is required to prepare invoices. Where such an assignment has been made, the original copy of the invoice must refer to the assignment and must show that payment of the invoice is to be made directly to the assignee as follows: “Pursuant to the instrument of assignment dated , make payment of this invoice to (name and address of assignee).”