Delayed Payments by Owner Sample Clauses
The 'Delayed Payments by Owner' clause establishes the procedures and consequences when the owner fails to make timely payments as required by the contract. Typically, this clause outlines the contractor's rights in the event of late payments, such as the ability to suspend work, charge interest on overdue amounts, or seek additional compensation for costs incurred due to the delay. Its core practical function is to protect the contractor from financial harm caused by the owner's payment delays and to incentivize prompt payment, thereby ensuring the smooth progress of the project.
Delayed Payments by Owner. If the Owner should fail to pay the Construction Manager within 30 days after the receipt of an approvable payment request from the Construction Manager, then the Construction Manager may, upon thirty (30) additional days written notice to the Owner and the Architect-Engineer, stop the Project until payment of the Amount owing has been received.
Delayed Payments by Owner. Owner shall comply with the Local Government Prompt Payment Act as set forth in Florida Statutes s. 218.70 et seq.
Delayed Payments by Owner. The Owner shall submit a payment request for all undisputed amounts to the Chief Financial Officer for payment no more than twenty (20) days after receipt of an approvable payment request. If the Owner should fail to pay the Construction Manager within thirty (30) days after the receipt of an approvable payment request from the Construction Manager, then the Construction Manager may, upon seven (7) additional days written notice to the Owner and the Architect-Engineer stop the Project until payment of the Amount owing has been received.
Delayed Payments by Owner. The Owner shall have to right to withhold payment from the Construction Manager in such amounts as may be reasonably necessary to protect the Owner’s rights, including, but not limited to, the right to liquidated damages for delay, the right to be indemnified against third party claims, as protection against the cost of correcting nonconforming Work, and otherwise pursuant to this Agreement. Subject to the preceding sentence, if the Owner should fail to pay the Construction Manager within thirty (30) days after the receipt of an Architect-Engineer approved payment request from the Construction Manager, then the Construction Manager may, upon seven (7) additional days written notice to the Owner and the Architect- Engineer stop the Project until payment of the amount owing has been received. Payments for Materials and Equipment - Payments will be made for material and equipment not incorporated in the Work but delivered and suitably stored at the site or another location subject to prior written approval and acceptance by the Owner on each occasion (and subject to such conditions as the Owner may, in the Owner’s sole and absolute discretion, impose, including, but not limited to, insurance and storage at a bonded warehouse).
Delayed Payments by Owner. If Owner should fail to pay Contractor within 20 days after the receipt of an approvable payment request from the Contractor, then Contractor may, upon seven (7) additional days written notice to Owner stop Work until payment of the amount owing has been received. Owner shall be responsible for any additional costs incurred as a result of the work stoppage.