Payment and Completion Clause Samples
The PAYMENT AND COMPLETION clause defines the terms and conditions under which payments are made and the project or service is considered finished. It typically outlines the schedule for payments, such as progress payments or lump sums, and specifies the criteria or documentation required to confirm completion, like inspections or delivery of final materials. This clause ensures both parties understand when payments are due and what constitutes fulfillment of contractual obligations, thereby reducing disputes and providing a clear roadmap for financial and project closure.
Payment and Completion. That the Contractor, in accordance with is Proposal Documents, agrees to subcontract <insert %> of the above Contract Amount (including all alternatives and allowances) to Disabled Veteran Business Enterprises (DVBE).
Payment and Completion. The Contract Sum shall include all items and services necessary for the proper execution and completion of the Work. Based on Contractor’s Application for Payment, Owner shall pay to Contractor as follows: net (30) days after invoice. Invoices shall be submitted monthly for completed in-place quantities – per attached schedule of values. Owner will hold a ten percent (10%) retainage on all invoices until fifty percent (50%) completion, five percent (5%) retainage on all invoices up to and including the date of substantial completion and will a hold two percent (2%) retainage until one (1) year after final completion of the Project (determined by the completion of all punch-list items). The Contract Sum stated in the Agreement, including authorized adjustments, is the total amount payable in accordance with the values stated in the Agreement. Such application shall be supported by such data substantiating the Contractor’s right to payment as Owner may reasonably require and reflecting retainage, as provided herein. Contractor shall guarantee all materials and workmanship to be free from any defects for a period of one year from final acceptance by the Owner. Contractor warrants that title to all Work covered by an Application for Payment will pass to Owner no later than the time of payment. Contractor further warrants that upon submittal of an Application for Payment, all Work for which the Application for Payment is made shall, to the best of the Contractor’s knowledge, information and belief, be free and clear of liens, claims, security interests or other encumbrances adverse to Owner’s interests. No later than upon receipt of payment from Owner, Contractor shall promptly pay each Subcontractor and material supplier on account of such entities’ portion of the Work. Owner shall have no responsibility for payment of money to any Subcontractor or material supplier. Any payment or progress payment, or partial or entire use or occupancy of the project by Owner shall not constitute acceptance of the Work not in accordance with the requirements of the Contract Documents. Substantial completion is that stage in the progress of the Work when the Work or designated portion thereof is sufficiently complete in accordance with the Contract Documents so that Owner can occupy or utilize the Work for its intended use. When the Work or designated portion thereof is substantially complete, Owner shall issue a Certificate of Substantial Completion and Contractor and Owner s...
Payment and Completion. That the CM, in accordance with its Bid Proposal documents, agrees to subcontract <insert %> of the above Contract amount (including all alternatives, allowances and change orders) to Disabled Veteran Business Enterprises (DVBE).
Payment and Completion. Add the following to 8.01
Payment and Completion. 6.11.1 The District reserves the right to occupy all or any part of the Project prior to completion of the Work, upon written notice. In this event, the Design/Builder shall be relieved of responsibility to the District for injury or damage that results from occupancy and use by the District. If, by reason of the District’s occupancy, the premium for the Design/Builder’s bodily injury and property damage insurance is increased, the ▇▇▇▇▇▇ Community College District will reimburse the Design/Builder for the additional amount necessarily incurred allocable to the area and the period of District’s occupancy up to the date of Final Completion.
6.11.2 The District’s occupancy does not constitute acceptance by the District of the Work, or any portion of the Work, nor will it relieve the Design/Builder of responsibility for correcting defective Work or materials found at any time before Final Completion, as set forth in Paragraph 3.18, Guarantee, or during the guarantee period after District’s acceptance, as set forth in Subparagraph 6.11.6, Final Payment. However, when the Project includes separate buildings, and one or more of the buildings is entirely occupied by the District, then upon written request by the Design/Builder and by written consent from the District, the guarantee period will commence to run for a building or buildings from the date of the District’s Beneficial Occupancy of a building or buildings.
Payment and Completion. The consideration under the Jinse ▇▇▇▇▇▇ Agreement will be funded by internal resources of the Company and shall be payable in cash within ten days of the date of the Jinse ▇▇▇▇▇▇ Agreement. Completion of the Jinse ▇▇▇▇▇▇ Agreement shall take place on the same day upon payment of consideration.
Payment and Completion. Purchase Consideration 2
Payment and Completion. The consideration under the Car Park Agreement will be funded by internal resources of the Company and shall be payable in cash within 10 days of the date of the Car Park Agreement and completion of the Car Park Agreement shall take place on the same day upon payment of consideration.
Payment and Completion. Contractor requested the Small Business Preference and is either a Certified Small Business OR classifies as a Non-Small Business and commits to subcontract at least 25% of the contract value with one or more small businesses. Yes No