Common use of Payment Statements Clause in Contracts

Payment Statements. The Contract Administrator: must, within 10 business days of receiving a payment claim submitted or purported to be submitted in accordance with clause 11.2; or may, if the Contractor fails to submit any such claim in accordance with clause 11.2, at any time, give the Contractor (with a copy to the Principal), on behalf of the Principal, a payment statement which is in the form approved by the Contract Administrator which states: the payment claim to which it relates (if any); the Contractor's total value of entitlement to payment under the Contract; the amount already paid to the Contractor; the amount (if any) which the Contract Administrator believes to be then payable by the Principal to the Contractor on account of the Contract Price and otherwise in accordance with the Contract and which the Principal proposes to pay to the Contractor taking into account (if applicable) clause 11.5(a); and if the amount in paragraph (f) is less than the amount claimed in the payment claim: the reason why the amount in paragraph (f) is less than the amount claimed in the payment claim; and if the reason for the difference is that the Principal has retained, deducted, withheld or set-off payment for any reason, the reason for the retention, deduction, withholding or setting-off. Any evaluation, or issue of a payment statement, by the Contract Administrator will not constitute: approval of any work nor will it be taken as an admission or evidence that the part of the Works covered by the payment statement has been satisfactorily carried out in accordance with the Contract; or