Progressive Payment Clause Samples

A Progressive Payment clause outlines a payment structure where payments are made incrementally as specific milestones or stages of work are completed. Typically, this means the contractor or service provider receives partial payments after reaching agreed-upon benchmarks, such as completion of certain project phases or delivery of materials. This approach helps ensure that the contractor maintains cash flow throughout the project and incentivizes timely progress, while also protecting the client by tying payments to actual performance and deliverables.
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Progressive Payment. For Property in which there is / are outstanding progressive payment(s) due to the Developer:- a. In the event that the Purchaser shall require a loan/financing to enable the completion of the purchase herein, the Purchaser shall notify the Assignee within thirty (30) days from the date of successful sale the details of the loan/financing and the Purchaser’s Financier by providing the Assignee a copy of the letter of offer for financing and on or before the Completion Date, the Purchaser shall cause the Purchaser’s Financier to issue a letter of undertaking to pay the balance progressive payment according to the schedule of the Sale and Purchase Agreement in favour of the Developer and to release the Assignee from its original undertaking. b. In the event that the Purchaser shall not require a loan/financing to enable the completion of the purchase herein, on or before the Completion Date, the Purchaser shall procure a letter of undertaking (acceptable to the Assignee) to pay the balance progressive payment according to the schedule of the Sale and Purchase Agreement in favour of the Developer and to release the Assignee from its original undertaking. c. Any outstanding progressive payment, charges, interests and/or penalty imposed as a result of the delay in settlement of the balance progressive payment or caused by the delay in the issuance of a letter of undertaking as stated above shall be solely borne and paid by the Purchaser.
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Progressive Payment. For Property in which there is / are outstanding progressive payment(s) due to the Developer:- a. In the event that the Purchaser shall require a loan/financing to enable the completion of the purchase herein, the Purchaser shall notify the Assignee within thirty
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Progressive Payment. 1. Invoice for progress payment in original and two (2) copies duly certified by OWNER. 2. Bank guarantee of the amount equal to the progress payment in one (1) copy of the original bank guarantee valid up to completion period issued or counter guaranteed/confirmed by Scheduled bank or in the alternative the guarantee given by the foreign bank duly counter-guaranteed/confirmed by Scheduled bank. The charges for counter guarantee / confirmation; if any, will be to beneficiary's account. 3. Performance certificate from the beneficiary to the effect that progress achieved is equal to progress invoiced, duly certified by OWNER. Certificate in one (1) original plus two (2) copies.
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Progressive Payment. In the case of cash deposits or certified checks, an agreement between the City and the subdivider may provide for progressive payment out of the cash deposit or reduction of the certified check, negotiable bond or irrevocable bank letter of credit, to the extent of the cost of the completed portion of the public improvement, in accordance with a previously entered into agreement.
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Related to Progressive Payment

  • Incentive Payment 11.3.1 An employer may offer and an employee may accept an early retirement incentive based on the age at retirement to be paid in the following amounts Age at Retirement % of Annual Salary at Time of Retirement 11.3.2 An employer may opt to pay the early retirement incentive in three equal annual payments over a thirty-six (36) month period. 11.3.3 Eligible bargaining unit members may opt for a partial early retirement with a pro- rated incentive.

  • Progressive Discipline Both parties endorse the principle of progressive discipline as applied to professionals.

  • PRE-PAYMENT The Tenant shall: (check one)

  • Incentive Payments The Settlement Fund Administrator will treat incentive payments under Section IV.F on a State-specific basis. Incentive payments for which a Settling State is eligible under Section IV.F will be allocated fifteen percent (15%) to its State Fund, seventy percent (70%) to its Abatement Accounts Fund, and fifteen percent (15%) to its Subdivision Fund. Amounts may be reallocated and will be distributed as provided in Section V.D.