Common use of Contract Price and Payments Clause in Contracts

Contract Price and Payments. a) This is a Fixed Price Contract not to exceed One Hundred Ninety-Six Thousand Eight Hundred and Fifty Dollars. ($196,850.00). Owner shall pay Contactor, in current funds for the performance of the Work, subject to additions and deductions by written Change Order agreed by the parties. 100% of the Contract Price shall be paid upon the total completion of the Work as the Work is specified in Composite Exhibit “A”. b) Any objections to Work performed shall be given in writing to Contractor. If no objections are made, then at the time of the total completion of the Work as the Work is specified in Composite Exhibit “A”, payment shall be tendered to Contractor, and Contractor shall submit simultaneously a Contractor's Final Affidavit and final Release of Lien, utilizing forms which the Owner approves indicating that all subcontractors, laborers, rnaterial men and suppliers have been paid for the Work completed. Failure of Owner to make objection provided for in this paragraph shall not waive any right the Owner has under this Contract nor relieve the Contractor from any of its obligations under this Contract, nor shall payment by the Owner constitute a waiver of any claims it may have against the Contractor. In no event shall Owner be required to make payments which are not proper under Chapter 713, Florida Statutes c) As a prerequisite to receiving the payment provided in Paragraph 3(a), the Contractor shall submit to the Owner Contractor’s Final Affidavit and Final Release of Lien for Work completed or materials supplied or, and Final Releases of lien all persons or entities who supplied labor or materials for the Work, or to the job, who are not in privity with the Owner. All Work under this Contract shall be subject to the approval of the Owner, and no payment shall be due under the Contract if Owner does not approve of the Work completed. The payment described in paragraph 3(a) may be withheld by Owner on account of defective Work not remedied, claims filed, reasonable evidence indicating probability of filing claims, failure of Contractor to make payments properly to subcontractor or for material or labor, or the reasonable belief of Owner after consultation with the O.R. or Engineer that the Work to be performed under this Contract which remains unfinished cannot be completed for the balance then unpaid. If any of the foregoing said causes is not removed or timely cured or if Contractor at any time shall refuse or neglect to adequate and competent supervision or sufficient properly skilled Workmen or materials of the proper quality or quantity necessary for the performance of Work hereunder or fail in any respect to prosecute the Work with promptness and diligence or fail to perform or to adhere to any agreement on its part herein contained, Owner shall have the option, after three (3) days written notice to Contractor and without prejudice to any other remedy it may have, to pay such claims and provide for such labor or materials and to deduct the cost thereof from any money due or thereafter to become due by Owner to Contractor. In addition to the foregoing rights and remedies, Owner shall be at liberty to terminate the employment of Contractor under this Contract and to enter upon the premises and take possession of all materials of any kind whatsoever, thereon and to employ any other person or persons to finish the Work and to provide the materials therefor, and in case of such discontinuance of the employment of Contractor, he shall not be entitled to receive any payment under this Contract which might be due him, until said Work shall be finished and payment in full therefor shall be made by Owner at which time, if the unpaid balance of the amount to be paid under this Contract shall exceed the expenses incurred by Owner in finishing Contractor's Work, such excess shall be paid by Owner to Contractor, but if such expenses shall exceed such unpaid balance Contractor shall pay the difference to Owner. Contractor's right to payment under this Contract shall also be subject to those conditions for payment set forth in other paragraphs of this Contract. If there exists any default or threatened default by Contractor in his performance of this Contract, then Owner shall have the right to withhold any and all monies due or to become due to Contractor under this Contract. A ten percent (10%) retainage on the total price shall be withheld until Contractor has fulfilled all its obligation under this Contract including, but not limited to, all punch list items, warranty issuance, cleanup, repair or replacement of damaged property, and issuance of appropriate lien waivers. If Contractor shall at any time prior or subsequent to the execution of this Contract, have entered into another contract with Owner and if there exists any default or threatened default by Contractor in his performance of this contract, then Owner shall have the right to withhold any and all monies due or to become due to Contractor under such contracts.

Contract Price and Payments. a) This is a Fixed Price Contract not 3.1 In consideration of the complete and timely performance of all Subcontract Work, Contractor shall pay to exceed One Hundred Ninety-Six Thousand Eight Hundred and Fifty Dollars. the Subcontractor the sum of TEN THOUSAND NINE HUNDRED DOLLARS AND ZERO CENTS ($196,850.00). Owner shall pay Contactor, in current funds for the performance of the Work10,900.00) , subject to any additions and deductions by written Change Order agreed by for changes made pursuant to this Agreement. Any sales taxes are included in the partiesprice. 100% # Budget Code Description Amount 1 15-3000.S Fire Protection.Subcontractors Fire sprinkler $10,900.00 Grand Total: $10,900.00 3.2 Within seven (7) days after the Subcontractor completes its work on each phase of the Contract Price Project described below, the Subcontractor shall deliver to the Contractor an invoice for the of the Subcontract Work done on that phase of the Project. Application #1 will not be paid until ▇▇▇▇▇-▇▇▇▇▇, Inc. has received the following: A) Proof subcontractor's materials have been ordered B) Confirmation of delivery dates for materials C) Copy of any required state and/or city permits 3.3 If this agreement provides for installment payments on the price as the Subcontract Work progresses, each installment shall be paid upon the total completion satisfaction of all the Work as the Work is specified in Composite Exhibit “A”. b) Any objections to Work performed shall be given in writing to Contractor. If no objections are made, then at the time of the total completion of the Work as the Work is specified in Composite Exhibit “A”, conditions for payment shall be tendered to Contractor, and Contractor shall submit simultaneously a Contractor's Final Affidavit and final Release of Lien, utilizing forms which the Owner approves indicating that all subcontractors, laborers, rnaterial men and suppliers have been paid for the Work completed. Failure of Owner to make objection provided for in this paragraph Agreement. No progress payment shall be made if the Subcontractor is in default in any of the Subcontractor Work, of this Agreement, or if Insurance Certificate has not waive been submitted. Also, no progress payment shall be due until after the Contractor has received lien waivers (in a form acceptable to Contractor and Owner or as may otherwise be requested by Contractor), plus any right other proof required by Contractor showing that Subcontractor's labor, materials and other bills respecting the Owner has under this Contract nor relieve Project have been paid and that the labor and materials covered by the progress payment have been provided by the Subcontractor. Furthermore, receipt of payment by the Contractor from any of its obligations under this Contract, nor shall the Owner for the Subcontractor's work is a condition precedent to payment by the Owner constitute a waiver of any claims it may have against the Contractor. In no event shall Owner be required to make payments which are not proper under Chapter 713, Florida Statutes c) As a prerequisite to receiving the payment provided in Paragraph 3(a), the Contractor shall submit to the Owner Contractor’s Final Affidavit and Final Release of Lien for Work completed or materials supplied or, and Final Releases of lien all persons or entities who supplied labor or materials for Subcontractor. The Subcontractor hereby acknowledges that it relies on the Work, or to the job, who are not in privity with the Owner. All Work under this Contract shall be subject to the approval credit of the Owner, and no not the Contractor, for payment shall be due under the Contract if Owner does not approve of the Work completedSubcontractor's work. The payment described in paragraph 3(a) may be withheld by Owner on account of defective Work not remedied, claims filed, reasonable evidence indicating probability of filing claims, failure of Contractor to make Progress payments properly to subcontractor or for material or labor, or received from the reasonable belief of Owner after consultation with the O.R. or Engineer that the Work to be performed under this Contract which remains unfinished cannot be completed owner for the balance then unpaid. If any Subcontractor for satisfactory performance of the foregoing said causes is not removed or timely cured or if Contractor at any time shall refuse or neglect to adequate and competent supervision or sufficient properly skilled Workmen or materials of the proper quality or quantity necessary for the performance of Work hereunder or fail in any respect to prosecute the Work with promptness and diligence or fail to perform or to adhere to any agreement on its part herein contained, Owner shall have the option, after three (3) days written notice to Contractor and without prejudice to any other remedy it may have, to pay such claims and provide for such labor or materials and to deduct the cost thereof from any money due or thereafter to become due by Owner to Contractor. In addition to the foregoing rights and remedies, Owner shall be at liberty to terminate the employment of Contractor under this Contract and to enter upon the premises and take possession of all materials of any kind whatsoever, thereon and to employ any other person or persons to finish the Work and to provide the materials therefor, and in case of such discontinuance of the employment of Contractor, he shall not be entitled to receive any payment under this Contract which might be due him, until said Work shall be finished and payment in full therefor Subcontractor's work shall be made no later than seven (7) days after receipt by the Contractor of payment from the Owner at which time, if for the unpaid balance Subcontractor's work. 3.4 Final Payment shall be made to Subcontractor after completion of the amount Subcontract Work and upon satisfaction of all of the following conditions: final payment has been received by the Contractor for the Subcontract Work, the Subcontractor has paid all charges incurred by it for labor, materials and services related to be the Project (including customary fringe benefits and payments due under collective bargaining agreements); the Subcontractor has paid in full any subcontractors or materialmen of the Subcontractor providing labor, materials or services related to the Project; the Subcontractor has provided the Contractor with the final lien waivers from the Subcontractor and any subcontractors or materialmen of the Subcontractor; and, hereunder, the Subcontractor has provided the Contractor with a warranty letter and as-built drawings. Receipt of final payment by the Contractor for the Subcontract Work is a condition precedent to the Contractor paying the Subcontractor for the Subcontract Work and the Subcontractor acknowledges that the Subcontractor relies upon the credit of the Owner for the payment of the Subcontract Work. 3.5 The Contractor may deduct from any payment due to the Subcontractor hereunder any sum owed to Contractor by the Subcontractor including sums due under this Contract shall exceed Agreement. In the expenses incurred event of any breach of this Agreement by Owner the Subcontractor, or in finishing the event of the assertion by others of any claim or lien against the Owner, Contractor, or Contractor's Worksurety, such excess shall be paid by Owner to Contractorwhich claim or lien arises out of an act or omission of the Subcontractor, the Contractor may, but if such expenses shall exceed such unpaid balance is not required to, retain out of any payments due to Subcontractor an amount sufficient to protect Contractor shall pay the difference to Owner. Contractor's right to payment under this Contract shall also be subject to those conditions for payment set forth in other paragraphs of this Contract. If there exists any default or threatened default by Contractor in his performance of this Contract, then Owner shall have the right to withhold from any and all monies due loss, damage or to become due to Contractor under this Contract. A ten percent (10%) retainage on expense therefrom, until the total price shall be withheld until Contractor claim or lien has fulfilled all its obligation under this Contract including, but not limited to, all punch list items, warranty issuance, cleanup, repair or replacement of damaged property, and issuance of appropriate lien waivers. If Contractor shall at any time prior or subsequent been adjusted by the Subcontractor to the execution satisfaction of this Contractthe Contractor, even though Subcontractor may have entered into another contract with Owner and if there exists any default posted a payment or threatened default by Contractor in his performance of this contract, then Owner shall have the right to withhold any and all monies due or to become due to Contractor under such contractsbond.