Common use of Contract Price Payment Clause in Contracts

Contract Price Payment. General Contractor shall pay the Subcontractor in the total amount set forth in the pertinent project PROPOSAL, and payment in full is due no later than 15 days following completion of the performance of the Scope of Work . Any additional work requested by General Contractor or its agents and employees shall be added to the Contract Price in a reasonable and standard amount pursuant to the Subcontractors cost schedule. (a) All payments received by Subcontractor shall be applied exclusively for the labor, material, and equipment utilized on this Project, and shall first be applied by Subcontractor to the payment of subcontractor’s laborers, material suppliers, and equipment providers utilized on this Project. After receipt of the total payment, Subcontractor agrees to keep the Project free from mechanic’s liens. (b) Subcontractor agrees that payments hereunder shall be made to Subcontractor or jointly to Subcontractor and his laborers, material suppliers, equipment providers, or sub-subcontractors.