Issue of Interim Payment Certificates Sample Clauses

The 'Issue of Interim Payment Certificates' clause defines the process by which the contractor receives periodic payments for work completed during a project, rather than waiting until the entire project is finished. Typically, the contractor submits applications detailing the value of work performed up to a certain date, and the engineer or contract administrator reviews and certifies these amounts through interim payment certificates. This mechanism ensures the contractor maintains cash flow throughout the project, reducing financial strain and incentivizing timely progress.
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Issue of Interim Payment Certificates. No amount will be certified or paid until the Employer has received and approved the Performance Security and the relevant Advance Payment Bonds required to be submitted by the Contractor in accordance with clause 4.2 [Performance Security and Advance Payment Bonds]. Thereafter, the Engineer shall, within 28 days after receiving a Statement and supporting documents, issue to the Employer an Interim Payment Certificate which shall state the amount which the Engineer determines to be due in accordance with the Contract, with supporting particulars. However, prior to issuing a Taking-Over Certificate for the Works, the Engineer shall not be bound to issue an Interim Payment Certificate in an amount which would (after any deductions) be less than the minimum amount of Interim Payment Certificates (if any) stated in the Appendix to Tender. In this event, the Engineer shall give notice to the Contractor accordingly. An Interim Payment Certificate shall not be withheld for any other reason, although: (a) if anything supplied or work done by the Contractor is not in accordance with the Contract, the cost of rectification or replacement may be withheld until rectification or replacement has been completed; and/or (b) if the Contractor was or is failing to perform any work or obligation in accordance with the Contract, and had been so notified by the Engineer, the value of this work or obligation may be withheld until the work or obligation has been performed. The Engineer may in any Payment Certificate make any correction or modification that should properly be made to any previous Payment Certificate. A Payment Certificate shall not be deemed to indicate the Engineer's acceptance, approval, consent or satisfaction.
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Issue of Interim Payment Certificates. No amount will be certified or paid until the Employer has received and approved the Performance Security and the relevant Interim Bonds required to be submitted by the Contractor in accordance with clause 4.2 [
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Issue of Interim Payment Certificates. Delete the words “supporting documents” in line 3 paragraph 1 and replace by “all supporting documents from the contractor,”
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Issue of Interim Payment Certificates. In Sub-Clause 14.6, the first paragraph, delete “within 28 days” and substitute “within the time stated in the Appendix to Tender”.
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Issue of Interim Payment Certificates. In the 2nd line of the 1st paragraph replace “28” with “14” “No Interim Payment Certificate will be issued or paid unless the monthly progress reports in accordance with amended Sub-Clause 4.21 [Progress Reports] are not submitted. After the Engineer has certified the Interim Payment Certificate, the Contractor shall issue a tax invoice to accompany the certified Interim Payment Certificate.”
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Issue of Interim Payment Certificates. The first paragraph of Sub-Clause 14.6 shall be deleted, and the following substituted: "The Contractor and the Engineer shall confer on or about the last working day of each month in order to discuss and (if possible) agree the amounts to which the Contractor is entitled. Thereafter, the Engineer shall, within 14 (fourteen) days after receiving a Statement and supporting documents, issue to the Employer an Interim Payment Certificate which shall state the amount which the Engineer fairly determines to be due, with supporting particulars."
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Related to Issue of Interim Payment Certificates

  • Replacement Certificates If, on the date a Securityholder’s escrow securities are to be released, the Escrow Agent holds a share certificate or other evidence representing more escrow securities than are to be released, the Escrow Agent will deliver the share certificate or other evidence to the Issuer or its transfer agent and request replacement share certificates or other evidence. The Issuer will cause replacement share certificates or other evidence to be prepared and delivered to the Escrow Agent. After the Escrow Agent receives the replacement share certificates or other evidence, the Escrow Agent will send to the Securityholder or at the Securityholder’s direction, the replacement share certificate or other evidence of the escrow securities released. The Escrow Agent and Issuer will act as soon as reasonably practicable.

  • Prepayment Certificate Concurrently with any prepayment of the Loans pursuant to Sections 2.14(a) through 2.14(e), Borrower shall deliver to Administrative Agent a certificate of an Authorized Officer demonstrating the calculation of the amount of the applicable net proceeds or Consolidated Excess Cash Flow, as the case may be. In the event that Borrower shall subsequently determine that the actual amount received exceeded the amount set forth in such certificate, Borrower shall promptly make an additional prepayment of the Loans in an amount equal to such excess, and Borrower shall concurrently therewith deliver to Administrative Agent a certificate of an Authorized Officer demonstrating the derivation of such excess.

  • CERTIFICATES FOR PAYMENT 9.4.1 The Architect will, within seven days after the receipt of the Contractor's completed Application for Payment, either issue a Certificate for Payment to the State, with a copy to the Contractor, for such amount as the Architect determines is properly due, or notify the Contractor in writing his or her reasons for withholding a Certificate as provided in Subparagraph 9.6.1

  • Accountant's Certificates Within the period provided in paragraph (b) above, a certificate of the accountants who render an opinion with respect to such financial statements, stating that they have reviewed this Agreement and stating further whether, in making their audit, such accountants have become aware of any Default or Event of Default under any of the terms or provisions of this Agreement insofar as any such terms or provisions pertain to or involve accounting matters or determinations, and if any such condition or event then exists, specifying the nature and period of existence thereof;

  • Secretary’s Certificates The Administrative Agent shall have received a certificate of each Loan Party, dated the Closing Date, substantially in the form of Exhibit D, with appropriate insertions and attachments, satisfactory in form and substance to the Administrative Agent, executed by a Responsible Officer and the Secretary or any Assistant Secretary of such Loan Party.