Common use of Payment for Project Clause in Contracts

Payment for Project. A. The County shall be responsible to request payment, first from LCRBDC, and thereafter from the Town and County in pro rata shares, for payment of claims filed by the contractor and related vendors. B. Each of the Parties shall promptly pay its requested share of each claim. Upon receipt, the County shall place the receipts in a separate bank account from which the receipts of payment shall be used exclusively for costs of the Project. C. Payments to the County shall be payable on a draw basis or in a lump sum as each of the Parties shall determine. D. The County shall account to the LCRBDC for claims submitted, payments made, and the balance remaining in the account on a monthly basis. E. In exchange for each payment to a contractor or vendor, the County shall obtain a partial or full waiver of lien, and other documents required by the contract. F. The County’s disbursing officer shall account for all monies of the joint undertaking.