Common use of Performance Payment Clause in Contracts

Performance Payment. The Contractor must execute and complete the Works and Viterra must pay the Contractor: (a) for work for which Viterra accepted a lump sum, the lump sum; (b) for work for which Viterra accepted rates, the sum ascertained by multiplying the measured quantity of each section or item of work actually carried out under this Contract by the rate accepted by Viterra for the section or item, adjusted by any additions or deductions pursuant to this Contract (Contract Sum).