Common use of PAYMENT OF THE CONTRACT SUM Clause in Contracts

PAYMENT OF THE CONTRACT SUM. Before issuance of any payment, the Contractor shall submit evidence satisfactory to the Board that all payrolls, material bills, and all other indebtedness connected with the work have been paid, including waivers of lien from any sub-contractor for whose work payment has been requested. The County shall pay the Contractor the total sum of the Contract within forty-five (45) days after Contractor’s substantial completion of the Contract to the satisfaction of the County, provided, however, that the Contractor may receive partial payments each thirty (30) day period the work is in progress by submitting a proper written ▇▇▇▇ or estimate for work completed and approved by the County and architect/engineer. Said partial payments shall not exceed ninety-two percent (92%) of the value of the work performed and/or material furnished with the exception that no portion of the estimate shall be withheld for any labor performed after the Contract is fifty percent (50%) completed upon the Board’s receipt of documentation from the Contractor to substantiate the allocation or percentage of said estimate or estimates for labor. In addition to all other partial payments on account of work performed, the County shall pay to the Contractor a sum at the rate of ninety-two percent (92%) of the invoice costs, not to exceed the bid price in a unit price Contract, of material delivered on the site of the work or other approved storage site, provided such materials have been inspected and found to meet the specifications of the Contract. The eight percent (8%) balance of such invoiced value shall be paid to the Contractor when such material is incorporated into and becomes a part of the building, construction, addition, improvement, alteration, or installation provided for in the Contract.

PAYMENT OF THE CONTRACT SUM. Before issuance of any payment, the Contractor shall submit evidence satisfactory to the Board that all payrolls, material bills, and all other indebtedness connected with the work have been paid, including waivers of lien from any sub-contractor for whose work payment has been requested. The County shall pay the Contractor the total sum of the Contract within forty-five (45) days after Contractor’s substantial completion of the Contract to the satisfaction of the County, provided, however, that the Contractor may receive partial payments each thirty (30) day period the work is in progress by submitting a proper written ▇▇▇▇ bill or estimate for work completed and approved by the County and architect/engineer. Said partial payments shall not exceed ninety-two percent (92%) of the value of the work performed and/or material furnished with the exception that no portion of the estimate shall be withheld for any labor performed after the Contract is fifty percent (50%) completed upon the Board’s receipt of documentation from the Contractor to substantiate the allocation or percentage of said estimate or estimates for labor. In addition to all other partial payments on account of work performed, the County shall pay to the Contractor a sum at the rate of ninety-two percent (92%) of the invoice costs, not to exceed the bid price in a unit price Contract, of material delivered on the site of the work or other approved storage site, provided such materials have been inspected and found to meet the specifications of the Contract. The eight percent (8%) balance of such invoiced value shall be paid to the Contractor when such material is incorporated into and becomes a part of the building, construction, addition, improvement, alteration, or installation provided for in the Contract.