Payments to Developer Clause Samples
The "Payments to Developer" clause defines the terms and conditions under which the developer will receive compensation for their work on a project. It typically outlines the payment schedule, such as milestone-based or periodic payments, and specifies the amounts, methods, and timing of each payment. This clause ensures that both parties have a clear understanding of when and how the developer will be paid, thereby reducing the risk of disputes and providing financial predictability for the developer.
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Payments to Developer. 23.1 Each time a Recoupment Contribution is paid to the Council, the Council is to deposit an amount equal to the amount of that contribution, plus any interest earned by Council on that contribution into the Council’s trust fund referred to in s411 of the Local Government Act 1993 in an account styled GDC Recoupment Contributions – Googong Development (Recoupment Trust Fund).
23.2 Within 14 days of the Council providing its consent, pursuant to clause 24.3.2, to a notice issued by the Developer pursuant to clause 24.3.1, if the Developer has provided Contribution Items with a combined Contribution Value and Phase Value (Item Value) in excess of the Contribution Obligation at the date of the notice, then Council will pay the Recoupment Contributions held in the Recoupment Trust Fund to the Developer.
23.3 The Council is not obliged to pay Recoupment Contributions to the Developer pursuant to clause 23.2 which would result in the amount paid to the Developer, when added to the Contribution Obligation at the date of the notice referred to in clause 23.2, exceeding the Item Value at the date of that notice.
23.4 Once the sum of the payments made to the Developer under this clause (not including any interest earned on Recoupment Contributions by the Council) equals the Surplus Value, the Council has no further obligation to make any payments under this clause.
23.5 For the purposes of s7.11(3) and s7.12(3) of the Act, the Parties agree that immediately prior to the imposition of a condition pursuant to s7.11 or s7.12 of the Act on a Development Consent granted to an Other Developer requiring the payment of a Recoupment Contribution, the Council incurs a liability to pay the Developer an amount equal to the Recoupment Contribution.
23.6 The Parties further agree that immediately prior to the imposition of a pre- condition to the issuing of a certificate of compliance pursuant to s306 of the Water Management Act 2000 in relation to a Development Consent granted to an Other Developer requiring the payment of a Recoupment Contribution, the Council incurs a liability to pay the Developer an amount equal to the Recoupment Contribution.
23.7 The Parties further agree that immediately prior to the imposition of any other requirement to pay a Recoupment Contribution on an Other Developer, the Council incurs a liability to pay the Developer an amount equal to the Recoupment Contribution.
23.8 For the avoidance of doubt, nothing in this Agreement imposes any obligation o...
Payments to Developer. 19.3.5.1 Within thirty (30) days after approval of the Application for Payment, Developer shall be paid a sum equal to ninety-five percent (95%), of the value of the Tenant Improvement Payment (as verified by Architect and Inspector and certified by Developer) up to the last day of the previous month, less the aggregate of previous payments and amount to be withheld. The value of the Work completed shall be Developer’s best estimate. No inaccuracy or error in said estimate shall operate to release Developer, or any Surety upon any bond, from damages arising from such Work, or from the District's right to enforce each and every provision of the Contract Documents, and the District shall have the right subsequently to correct any error made in any estimate for payment.
19.3.5.2 Developer may not be entitled to have payment requests processed, or may be entitled to have only partial payment made for Work performed, so long as any direction given by the District concerning the Work, or any portion thereof, remains incomplete.
Payments to Developer. Within thirty (30) days after District approval of the Application for Tenant Improvement Payment, Developer shall be paid a sum equal to ninety percent (90%) of the value of the Work performed (as verified by Architect and Inspector and certified by Developer) up to the last day of the previous month, less the aggregate of previous payments and amount to be withheld as allowable herein. The value of the Work completed shall be Developer’s best estimate. No inaccuracy or error in said estimate shall operate to release the Developer, or any Surety upon any bond, from damages arising from such Work, or from the District's right to enforce each and every provision of this Contract, and the District shall have the right subsequently to correct any error made in any estimate for payment.
Payments to Developer. 14.1 Consideration for D&C Work
Payments to Developer. 19.3.5.1 Within thirty (30) days after approval of the Application for Payment, Developer shall be paid a sum equal to ninety-five percent (95%), of the value of the Tenant Improvement Payment (as verified by Architect and Inspector and certified by Developer) up to the last day of the previous month, less the aggregate of previous payments and amount to be withheld. The value of the Work completed shall be Developer’s best estimate. No inaccuracy or error in said estimate shall
19.3.5.2 Developer may not be entitled to have payment requests processed, or may be entitled to have only partial payment made for Work performed, so long as any direction given by the District concerning the Work, or any portion thereof, remains incomplete.
Payments to Developer. 18.3.11.1 Within thirty (30) days after approval of the Application for Payment, Developer shall be paid a sum equal to ninety percent (90%) of the value of the Work performed (as verified by Architect and Inspector and certified by Developer) up to the last day of the previous month, less the aggregate of previous payments and amount to be withheld. The value of the Work completed shall be Developer’s best estimate. No inaccuracy or error in said estimate shall operate to release the Developer, or any Surety upon any bond, from damages arising from such Work, or from the District's right to enforce each and every provision of the Contract Documents, and the District shall have the right subsequently to correct any error made in any estimate for payment.
18.3.11.2 The Developer may not be entitled to have payment requests processed, or may be entitled to have only partial payment made for Work performed, so long as any lawful or proper direction given by the District concerning the Work, or any portion thereof, remains incomplete.
18.3.11.3 If the District fails to make any Tenant Improvement Payment within thirty (30) days after receipt of an undisputed and properly submitted Application for Payment from the Developer, the District shall pay interest to the Developer equivalent to the legal rate set forth in subdivision (a) of Section 685.010 of the Code of Civil Procedure.
Payments to Developer. The District agrees to make payments to the Developer for repayment of the Developer Advances described in the Bright Agreement in accordance with the terms and conditions of this Agreement (the "Developer Payments").
Payments to Developer. No developer fees or other fees, expenses or reimbursements shall be paid to the Borrower or its Affiliates:
(a) On or before the Closing Date, other than a One Million Seven Hundred Thousand Dollar ($1,700,000) developer incentive fee to be payable in preferred stock and a total of Three Hundred Thousand Dollars ($300,000) for the salary and benefits of ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ and ▇▇▇▇▇▇▇ ▇▇▇▇▇▇;
(b) During the period after the Closing Date and until the Casino is Operating, to the extent the sum of fees, expenses and reimbursements payable during such period would exceed One Million Two Hundred Thousand Dollars ($1,200,000), excluding reimbursement for reasonable and documented travel and related expenses included in the Construction Disbursement Budget of approximately Two Hundred Twenty Five Thousand Dollars ($225,000) in the aggregate for any twelve (12) month period during such period, plus a Six Hundred Thousand Dollar ($600,000) completion bonus to be payable only out of the contingency in the Completion Reserve Account and the Hyatt Gaming Completion Reserve Account, on a pro rata basis as set forth in the Cash Collateral and Disbursement Agreement; and
(c) In excess of Three Hundred Fifty Thousand Dollars ($350,000) per year for each year after the Casino is Operating and until such time as all Obligations of the Borrower under this Agreement, the Note and the other Loan Documents are paid in full; provided, however, that no amounts permitted to be paid to the Borrower or its Affiliates pursuant to this Section 4.4(C) shall be paid during any year unless and until the Incentive Fee (as defined in the Management Agreement) shall have been paid for such period pursuant to the terms of the Management Agreement.
Payments to Developer. 3.1 In full consideration of the full and complete performance of the Work and all other obligations of the Developer hereunder, CRA shall pay to the Developer the Contract Sum for the Work, subject to additions and deductions as provided in this Agreement including deductions for any Liquidated Damages.
3.2 Following Final Completion of the Townhouse Component, the Developer shall submit to the CRA for its approval an original Request for Payment in the standard AIA form. Submission of any original certificates, waivers of liens and claims, or other documents required in this Agreement to be submitted, is a condition precedent to CRA’s obligation to pay Developer hereunder. The Request for Payment shall show a complete breakdown of (a) the Cost of the Work for all requested costs for permitting, engineering and construction of the Project components including all labor and materials, (b) an itemization of all disbursements to the General Contractor, Major Subcontractors, and subcontractors, materialmen, vendors and miscellaneous suppliers and shall be accompanied by originals of vendors’ original invoices, payroll registers (when requested by the CRA) or a schedule of values and labor burden, original payment requests of the General Contractor, Major Subcontractors, subcontractors. subconsultants, vendors and miscellaneous suppliers, and other original data and documentation reasonably satisfactory to the CRA substantiating actual expenditures, and (c) such supporting evidence as may be required by CRA including, but not limited to, the documents set forth in Section 3.4 below, all in a form and substance acceptable to the CRA. The Request for Payment shall constitute a representation to the CRA that (i) the Developer has achieved Final Completion, (ii) the quality of the Work is in accordance with the Plans and Specifications, and (iii) the Developer has paid in full the General Contractor, appropriate Major Subcontractors, subcontractors, subconsultants, materialmen, vendors and miscellaneous suppliers. Provided that the Developer submits all required documentation as required herein, CRA shall tender payment to the Developer within thirty (30) calendar days of receipt of the Request for Payment less any Liquidated Damages and minus amounts, if any, for which CRA has withheld funds pursuant to its rights under any portion of the Agreement. Inadequately supported charges are subject to disallowance, however, CRA will make payments of the balance of the R...
Payments to Developer. Payments to Developer, except as provided herein, will be in compliance with Article 6 of the DBIA 535. Payments made to Developer of the Contract Price shall be made as follows: