PROGRESS PAYMENTS AND FINAL PAYMENT Clause Samples

The "Progress Payments and Final Payment" clause establishes the procedures and timing for making payments to a contractor or service provider as work is completed. Typically, it outlines that payments will be made in installments based on the achievement of specific milestones or the completion of certain portions of the work, with a final payment issued upon full completion and acceptance of the project. This clause ensures that the contractor receives compensation throughout the project, helping to maintain cash flow, while also protecting the client by tying payments to verified progress and satisfactory completion.
POPULAR SAMPLE Copied 1 times
PROGRESS PAYMENTS AND FINAL PAYMENT. The Owner shall make Progress Payments and Final Payment on account of the Contract as provided in Sections 9.4 and 9.9, respectively, of the Standard General Conditions.
View SourceView Similar (2)
PROGRESS PAYMENTS AND FINAL PAYMENT. The Owner shall pay to the Design Professional the value of the Services, and any additional sums for approved change orders within 30 days of Owner’s receipt of a proper invoice based on the percent complete achieved against an agreed upon Schedule of Values. Invoices shall be submitted at the end of each month. Payment is not an acceptance of Design Professional’s work or waiver of any right of Owner. Final Payment shall be payable thirty days after the Services are completed and accepted by the Owner. The Owner reserves the right to check with any Sub-consultants of the Design Professional to determine the current status of indebtedness and may at its discretion make checks payable jointly to Design Professional and said sub-consultant or directly to the sub-consultant. Design Professional agrees to timely pay all of its sub-consultants and to hold the Owner harmless from any and all claims, liens, demands, losses, debts, or expenses of any nature (including reasonable attorney’s fees) incurred by Owner as a result of alleged non- payment of Design Professional’s employees, vendors, agents or sub-consultants.
View SourceView Similar (2)
PROGRESS PAYMENTS AND FINAL PAYMENT. During the Implementation Period, PEA will make monthly progress payments (“Progress Payments”) to ESCO for the portion of the Work complete at the end of each month in accordance with the terms of this Contract, including the terms set forth in Schedule D (ESCO Compensation and Payment Schedule). The Estimated Progress Payments in Schedule D (ESCO Compensation and Payment Schedule) shall be reduced by the retainage required under Paragraph 5.4.1 of this Contract. PEA shall ensure that Progress Payments as reduced by the required retainage are made within sixty (60) days after receipt by PEA of a request for payment by ESCO. The last payment to be made to ESCO for Work performed during the Implementation Period (“Final Payment”) shall be paid under the same terms as the Progress Payments.
View Source
PROGRESS PAYMENTS AND FINAL PAYMENT. Subject to the terms and conditions of the Contract, CADA shall cause payments to be made upon demand of Contractor as follows: A. On the first of the month during the Pre‐Construction Phase, the Contractor shall present to CADA an itemized invoice showing the Design services rendered and reimbursable expenses through the twentieth (20) calendar day of the preceding month. CADA shall inspect the invoice and, if approved, CADA shall process the invoice for payment. Compensation for services and reimbursable expenses during the Pre‐Construction Phase are not subject to retention. B. On the first of the month during the Construction Phase, the Contractor shall present to CADA a pay request and associated schedule of values showing the amount of labor and materials incorporated in the Work through the twentieth (20) calendar day of the preceding month. CADA shall inspect the pay request and associate schedule of values. If pay request and schedule of values are approved, CADA shall issue payment for ninety percent (90%) of the amount it shall find to be due. C. No inaccuracy or error in the pay requests shall operate to release Contractor from damages arising from such Work or from enforcement of each and every provision of the Contract Documents, and CADA shall have the right subsequently to correct any error made in any estimate for payment. D. Contractor shall not be paid for any defective or improper Work. E. The remaining ten (10) percent of the value of the Work performed during the Construction Phase, if unencumbered and subject to any deductions or withholdings authorized or required under the Agreement or any applicable Laws or Regulations, shall be due and payable beginning thirty‐five (35) days after completion and final acceptance of the Work by CADA that is evidenced by the recording of the notice of completion, provided that CADA may determine, in its sole discretion, to release up to fifty (50) % of such retention, in whole or in part, at any time. Acceptance by Contractor of the final payment shall constitute a waiver of all claims against CADA arising under the Contract Documents, except for disputed claims in stated amounts that the Contractor specifically reserves in writing, but only to the extent that the Contractor has complied with all procedures and requirements applicable to the presentation and processing of such claim(s) under the Contract Documents. Contractor shall be entitled to substitute securities for retention or to direct tha...
View Source
PROGRESS PAYMENTS AND FINAL PAYMENT 
View Source

Related to PROGRESS PAYMENTS AND FINAL PAYMENT

  • Progress Payments 9.5.1 After the Architect has issued a Certificate for Payment, the State shall make payment in the manner and within the time provided in the Contract Documents. 9.5.2 The Contractor shall promptly pay each Subcontractor, upon receipt of payment from the State, out of the amount paid to the Contractor on account of such Subcontractor's Work, the amount to which said Subcontractor is entitled, reflecting the percentage actually retained, if any, from payments to the Contractor on account of such Subcontractor's Work. The Contractor shall, by an appropriate agreement with each Subcontractor, require each Subcontractor to make payments to his or her Sub-subcontractors in similar manner. 9.5.3 The Architect may, on request and at his discretion, furnish to any Subcontractor, if practicable, information regarding the percentages of completion or the amounts applied for by the Contractor and the action taken thereon by the Architect on account of Work done by such Subcontractor. 9.5.4 Neither the State nor the Architect shall have any obligation to pay or to see to the payment of any moneys to any Subcontractor. 9.5.5 No Certificate for a progress payment, nor any progress payment, nor any partial or entire use or occupancy of the Project by the State, shall constitute an acceptance of any Work not in accordance with the Contract Documents.

  • FINAL COMPLETION AND FINAL PAYMENT 9.9.1 Upon receipt of written notice that the Work is ready for final inspection and acceptance and upon receipt of a final Application for Payment, the Architect will promptly make such 9.9.2 Neither the final payment nor the remaining retained percentage shall become due until the Contractor submits to the Architect (1) an affidavit that all payrolls, bills for materials and equipment, and other indebtedness connected with the Work for which the State or its property might in any way be responsible, have been paid or otherwise satisfied; (2) consent of surety, if any, to final payment; (3) Other data establishing payment or satisfaction of all such obligations, including, but not limited to, receipts, releases, or other supporting documentation. and (4) final waivers of liens arising out of the Contract, to the extent and in such form as may be designated by the State. If any Subcontractor refuses to furnish a release or waiver required by the State, the Contractor may furnish a bond satisfactory to the State to indemnify him against any such lien. If any such lien remains unsatisfied after all payments are made, the Contractor shall refund to the State all moneys that the latter may be compelled to pay in discharging such lien, including all costs and reasonable attorneys' fees. 9.9.3 If, after Substantial Completion of the Work, final completion thereof is materially delayed through no fault of the Contractor or by the issuance of Change Orders affecting final completion, and the Architect so confirms, the State shall, upon application by the Contractor and certification by the Architect, and without terminating the Contract, make payment of the balance due for that portion of the Work fully completed and accepted. If the remaining balance for Work not fully completed or corrected is less than the retainage stipulated in the Contract Documents, and if bonds have been furnished as required by the Contract Documents, the written consent of the surety to the payment of the balance due for that portion of the Work fully completed and accepted shall be submitted by the Contractor to the Architect prior to certification of such payment. Such payment shall be made under the terms and conditions governing final payment, except that it shall not constitute a waiver of claims. 9.9.4 The making of final payment shall constitute a waiver of all claims by the State except those arising from: (a) unsettled liens, (b) faulty or defective Work appearing after Substantial Completion, (c) failure of the Work to comply with the requirements of the Contract Documents, or (d) terms of any special warranties required by the Contract Documents. 9.9.5 The acceptance of final payment shall constitute a waiver of all claims by the Contractor except those previously made in writing and identified by the Contractor as unsettled at the time of the final Application for Payment.

  • PROGRESS PAYMENT ‌ 9.2.1 City shall retain five percent (5%) of the undisputed amount due on each progress payment, or the percentage stated in the Notice Inviting Bids, whichever is greater, as retention to ensure full and complete performance of the Work. Subject to City’s right of withholding under Paragraph 9.4.2 of these General Conditions, City agrees to pay to Contractor within thirty (30) Days of receipt of a properly submitted Application for Payment an amount equal to ninety-five percent (95%), or a lesser amount if corresponding to a higher retention percentage, if applicable, of the sum of the following, excepting therefrom any amounts which are disputed by City: (i) Construction Manager’s determination of the value, expressed as a percentage of the Contract Sum, of the Work in permanent place that has been tested and accepted as of the end of the preceding month. (ii) Construction Manager’s determination of the value of materials suitably stored but not yet incorporated into the Work, subject to Paragraph 9.3.6 of these General Conditions. (iii) Less amounts previously paid. 9.2.2 At any Time after fifty percent (50%) of the Work has been determined by Construction Manager to be completed, City may in its sole discretion, make any of the remaining progress payments in accordance with the calculation in Paragraph 9.2.1 of these General Conditions based on one hundred percent (100%) of City’s determination of the value of the Work in place and of stored materials not yet incorporated into the Work. 9.2.3 Progress payments shall not be construed as City's Acceptance of any or all of the Work and shall not be a waiver of any or all rights City has under the Contract Documents.

  • Final Payment A. Upon final completion and acceptance of the Work in accordance with Paragraph 15.06 of the General Conditions, Owner shall pay the remainder of the Contract Price as recommended by Engineer as provided in said Paragraph 15.06.

  • Progress Payments; Retainage A. Owner shall make progress payments on account of the Contract Price on the basis of Contractor’s Applications for Payment on the third Wednesday of the Month during performance of the Work as provided in Paragraph 6.02.A.1 below, provided that such Applications for Payment have been submitted in a timely manner and otherwise meet the requirements of the Contract. All such payments will be measured by the Schedule of Values established as provided in the General Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no Schedule of Values, as provided elsewhere in the Contract. 1. Prior to Substantial Completion, progress payments will be made in an amount equal to the percentage indicated below but, in each case, less the aggregate of payments previously made and less such amounts as Owner may withhold, including but not limited to liquidated damages, in accordance with the Contract a. 95 percent of Work completed (with the balance being retainage). If the Work has been 50 percent completed as determined by Engineer, and if the character and progress of the Work have been satisfactory to Owner and Engineer, then as long as the character and progress of the Work remain satisfactory to Owner and Engineer, there will be no additional retainage; and