Common use of Delayed Payments by Owner Clause in Contracts

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).