Initial Breakdown and Periodical Payments Sample Clauses

The 'Initial Breakdown and Periodical Payments' clause establishes how payments are to be structured and made over the course of a contract. Typically, it outlines an initial payment or deposit, followed by a schedule of regular payments—such as monthly or quarterly installments—based on project milestones or time intervals. This approach ensures that the service provider receives compensation in stages, which can help manage cash flow and incentivize ongoing performance, while also providing the client with a clear understanding of their financial obligations throughout the contract term.
Initial Breakdown and Periodical Payments. Each Application for Payment shall be submitted at least ten days before each payment falls due, and the Contractor shall, before the first application, shall submit to the Design Professional a Schedule of Values of the various parts of the work, including quantities, aggregating the total sum of the Contract, divided in the same manner set forth in the Application for Payment Form set forth in Section 7 showing the Contractor’s right to the payment claimed and so arranged and so itemized as to meet the approval of the Design Professional and, further, if requested, supported by such evidence as to its correctness as the Design Professional may direct.
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Initial Breakdown and Periodical Payments. If payments are made on valuation of work done, such application shall be submitted at least ten days before each payment falls due. Before the first application, the Design-Builder shall submit to the Program Manager and Program Manager a schedule of values of the various parts of the work, including quantities, aggregating the total sum of the contract, divided in such manner as to facilitate payments to Trade Contractors, Suppliers, and subcontractors, on a form to be furnished by the Owner with a complete breakdown of the Lump Sum Price so arranged and so itemized as to meet the approval of the Program Manager and Program Manager and, if requested, supported by such evidence as to its correctness as the Program Manager and Program Manager may direct. The schedule, designated herein the "initial breakdown" (specimen of which will be supplied on request), when approved by the Program Manager and Program Manager, shall be used as a basis for certificates of payment unless it be found to be in error. In applying for payments, the Design-Builder shall submit a statement based upon this schedule on the periodical estimate form and, if requested by the Program Manager and Program Manager or Owner, said statement shall be itemized in such form and supported by such evidence as the Program Manager and Program Manager or Owner may direct, showing the Design-Builder’s right to the payment claimed on the periodical estimate. Materials stored.–If periodic payments are made on account of materials delivered and suitably stored at the site but not incorporated in the work, they shall, if required by the Owner or the Program Manager and Program Manager, be conditional upon submission by the Design-Builder of bills of sale or such other procedure as will establish the Owner's title to such material or otherwise adequately protect the Owner's interest. The Design-Builder is responsible for the existence, protection, and, if necessary, replacement of materials until issuance of the Final Certificate by the Program Manager and Program Manager. The Owner shall not pay for any materials stored off site.
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Initial Breakdown and Periodical Payments. Each Application for Payment shall be submitted at least ten days before each payment falls due, and the Design-Builder shall, before the first application, shall submit to the Program Manager a Schedule of Values as required by Paragraph 4.3.1.2 above of the various parts of the work, including quantities, aggregating the total sum of the Contract, divided in the same manner set forth in the Application for Payment Form set forth in Exhibit K and so arranged and so itemized as to meet the approval of the Program Manager and, further, if requested, supported by such evidence as to its correctness as the Program Manager may direct.
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Initial Breakdown and Periodical Payments. If payments are made on valuation of work done, such application shall be submitted at least ten days before each payment falls due. Before the first application, the Design-Builder shall submit to the Executive Administrator and Program Manager a schedule of values of the various parts of the work, including quantities, aggregating the total sum of the contract, divided in such manner as to facilitate payments to Trade Contractors, Suppliers, and subcontractors, on a form to be furnished by the Owner with a complete breakdown of the Lump Sum Price so arranged and so itemized as to meet the approval of the Executive Administrator and Program Manager and, if requested, supported by such evidence as to its correctness as the Executive Administrator and Program Manager may direct. The schedule, designated herein the "initial breakdown" (specimen of which will be supplied on request), when approved by the Executive Administrator and Program Manager, shall be used as a basis for certificates of payment unless it be found to be in error. In applying for payments, the Design-Builder shall submit a statement based upon this schedule on the periodical estimate form and, if requested by the Executive Administrator and Program Manager or Owner, said statement shall be itemized in such form and supported by such evidence as the Executive Administrator and Program Manager or Owner may direct, showing the Design-Builder’s right to the payment claimed on the periodical estimate.
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Initial Breakdown and Periodical Payments. Before the first application, the Contractor shall submit a Schedule of Values of the various parts of the work, including quantities, aggregating the total sum of the Contract. The Schedule of Values shall be submitted through the Owner‟s Electronic Payment Application System and, if requested, shall be supported by such evidence as to its correctness as the Design Professional may direct.
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Initial Breakdown and Periodical Payments. If payments are made on valuation of Work done, such application shall be submitted at least ten days before each payment falls due, and the Contractor shall, before the first application, submit to the Architect a schedule of values of the various parts of the Work, including quantities, aggregating the total sum of the contract, divided in such manner as to facilitate payments to subcontractors in accordance with GC-37, on a form to be furnished by the Owner with a complete breakdown of the contract price so arranged and so itemized as to meet the approval of the Architect and, if requested, supported by such evidence as to its correctness as the Architect may direct. The schedule designated herein the “initial breakdown” [specimen of which will be supplied to the Contractor on request], when approved by the Architect shall be used as a basis for certificates of payment, unless it be found to be in error. In applying for payments, the Contractor shall submit a statement based upon this schedule on a periodical estimate form to be supplied by the Owner [specimen of which will be supplied to the Contractor], and, if requested by the Architect or Owner, itemized in such form and supported by such evidence as the Architect or Owner may direct showing the Contractor’s right to the payment claimed on the periodical estimate.
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Related to Initial Breakdown and Periodical Payments

  • Disbursements, Reimbursement (a) Immediately upon the issuance of each Letter of Credit, each LC Participant shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the LC Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such LC Participant’s Pro Rata Share of the face amount of such Letter of Credit and the amount of such drawing, respectively. (b) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the LC Bank will promptly notify the Administrator and the Seller of such request. Provided that it shall have received such notice, the Seller shall reimburse (such obligation to reimburse the LC Bank shall sometimes be referred to as a “Reimbursement Obligation”) the LC Bank prior to 12:00 p.m., New York time on each date that an amount is paid by the LC Bank under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the amount so paid by the LC Bank. In the event the Seller fails to reimburse the LC Bank for the full amount of any drawing under any Letter of Credit by 12:00 p.m., New York time, on the Drawing Date, the LC Bank will promptly notify each LC Participant thereof, and the Seller shall be deemed to have requested that a Funded Purchase be made by the Purchasers in the Purchaser Group for the LC Bank and the LC Participants to be disbursed on the Drawing Date under such Letter of Credit in accordance with Section 1.1(b). Any notice given by the LC Bank pursuant to this Section 1.15(b) may be oral if immediately confirmed in writing; provided that the lack of any such written confirmation shall not affect the conclusiveness or binding effect of the oral notice. (c) Each LC Participant shall upon any notice pursuant to Section 1.15(b) above make available to the LC Bank an amount in immediately available funds equal to its Pro Rata Share of the amount of the drawing. If any LC Participant so notified fails to make available to the LC Bank the amount of such LC Participant’s Pro Rata Share of such amount by no later than 2:00 p.m., New York time on the Drawing Date, then interest shall accrue on such LC Participant’s obligation to make such payment, from the Drawing Date to the date on which such LC Participant makes such payment (i) at a rate per annum equal to the Federal Funds Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Capital on and after the fourth day following the Drawing Date. The LC Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the LC Bank to give any such notice on the Drawing Date or in sufficient time to enable any LC Participant to effect such payment on such date shall not relieve such LC Participant from its obligation under this Section 1.15(c); provided that such LC Participant shall not be obligated to pay interest as provided in clauses (i) and (ii) above until and commencing from the date of receipt of notice from the LC Bank or the Administrator of a drawing. Each LC Participant’s Commitment shall continue until the last to occur of any of the following events: (A) the LC Bank ceases to be obligated to issue or cause to be issued Letters of Credit hereunder; (B) no Letter of Credit issued hereunder remains outstanding and uncancelled; or (C) all Persons (other than the Seller) have been fully reimbursed for all payments made under or relating to Letters of Credit.