Payment for Stored Material Sample Clauses
The 'Payment for Stored Material' clause establishes the contractor's right to receive payment for materials that have been purchased and stored off-site, but not yet incorporated into the project. Typically, this clause requires the contractor to provide documentation such as invoices, proof of ownership, and evidence of proper storage and insurance before payment is released. By allowing payment for stored materials, the clause helps contractors manage cash flow and ensures that essential materials are secured in advance, reducing the risk of project delays due to material shortages.
Payment for Stored Material. The Owner may at its discretion pay the Contractor the cost of the material that is to be used in the performance of the Work provided the material complies with the requirements of the Contract and the following conditions are satisfied:
i. The Contractor stores the material in a manner acceptable to the Owner at the Work site or other site that is acceptable to the Owner.
ii. The Contractor furnishes evidence of the quantity and quality of the stored material that is acceptable to the Owner.
iii. The Contractor furnishes legal title (free of liens or encumbrances of any kind) for the stored material that is acceptable to the Owner.
iv. The Contractor furnishes evidence the stored material is insured against loss, damage or disappearance thereof prior to use in the Work that is acceptable to the Owner. The transfer of title to, or the payment for, the stored material by the Owner shall in no way relieve the Contractor of responsibility for placing the material in accordance with the requirements of the Contract. If payment is being sought for material not specifically purchased for the Work, but taken from the Contractor’s stock, then in lieu of an invoice, the Contractor shall submit to the Owner a statement and accompanying affidavit certifying that the material was taken from the Contractor’s stock and that the claimed material and transportation costs represent the actual costs to the Contractor. The progress ▇▇▇▇ requesting payment for the stored material shall not exceed the Contract price for such material or the price for the Contract item comprising the material used by the Contractor.
Payment for Stored Material. 1. Payment for material stored on the jobsite will be 100% of a valid invoice less applicable retainage. No payment will be made for materials stored off the job site unless otherwise authorized by SCC, in accordance with Section XIII.C.2. Materials stored on the job site that cannot be incorporated in the finished Work within a reasonable period of time, may be included in the progress payment if the following documents are submitted with the request for payment:
a. Paid invoices showing the cost of material or equipment;
b. Waiver of lien from the supplier indicating that the cost of the material or equipment had been paid; and
c. Inspection tickets showing that material or equipment had been inspected and accepted by SCC. In addition, Contractor must ensure the materials stored, against the risk of loss, theft or damage, until the installment of the work.
2. Payment for material stored off-site, if authorized, will be 100% of a valid invoice less applicable retainage when the contractor has provided documents and complied with the requirements below:
a. A paid invoice from the supplier showing the unit, quantity, description of the material or equipment and costs;
b. A waiver of lien from the supplier for the total amount of the material purchased;
c. Inspection for all of the material stored;
d. The Contractor will furnish SCC with a certified statement giving the exact location of the materials or equipment, and stating that: such materials are suitably stored and maintained at a bonded, secure and environmentally appropriate location agreed upon and subject to such conditions required or established by SCC; the Contractor has complied with procedures satisfactory to SCC to establish the City’s and SCC’s interest therein, including but not limited to, insurance, storage and transportation to the Project Site for such materials stored off-site, as SCC may reasonably require; the materials, equipment and associated fabricated components will not be diverted away from the Project;
e. The risk of loss will remain with the Contractor. The Contractor will provide SCC with a certificate of insurance coverage for the stored material upon which payment is requested;
f. Immediately upon receipt of payment for such material, the Contractor will prepare and execute any and all documents required to transfer title to SCC, including without limitation, any Uniform Commercial Code Documentation necessary to perfect transfer of title; and
g. All material and Work cov...
Payment for Stored Material. 1. Whether stored on- or off-the job site, the risk of loss for stored material will remain with you, and you must insure the stored materials against the risk of loss, theft or damage until its installment in the Work.
2. Payment for material stored on the job site will be 100% of a valid invoice. No payment will be made for materials stored off the job site unless otherwise authorized by the Commissioner in accordance with Section XIII.C.3. If Materials stored on the job site cannot be incorporated in the finished Work within a reasonable period of time you may include them in the monthly progress payment, but only if the following documents are submitted with the request for payment:
a. Paid invoices showing the cost of material or equipment;
b. Waiver of lien from the supplier indicating that the cost of the material or equipment was paid; and
c. Inspection tickets showing that material or equipment had been inspected and accepted by the City.
3. Payment for material stored off-site, if authorized, will be 100% of a valid invoice when you have provided the Commissioner with the documents and assurances listed and complied with the requirements below:
a. A paid invoice from the supplier showing the unit, quantity, description of the material or equipment and costs;
b. A waiver of lien from the supplier for the total amount of the material purchased;
c. Inspection for all of the material stored;
d. A certified statement giving the exact location of the materials or equipment, stating that: