Prompt Payment Requirements Clause Samples

Prompt Payment Requirements. The Contractor shall make prompt and full payment to the subcontractor(s) of any retainage held by the prime Contractor after the subcontractor’s work is satisfactorily completed. For purposes of this Special Provision, a subcontractor’s work is satisfactorily completed when all the tasks called for in the subcontract have been accomplished, documented, and accepted as required by the contract documents by VDOT. When VDOT has made partial acceptance of a portion of the prime contract, the Department will consider the work of any subcontractor covered by that partial acceptance to be satisfactorily completed. Payment will be made in accordance with the requirements of Section 107.01, Section 109.08, and Section 109.09 of the Specifications. Upon VDOT’s payment of the subcontractor’s portion of the work as shown on the monthly progress estimate and the receipt of payment by the Contractor for such work, the Contractor shall make compensation in full to the subcontractor for that portion of the work satisfactorily completed and accepted by the Department. For the purposes of this Special Provision, payment of the subcontractor’s portion of the work shall mean the Contractor has issued payment in full, less agreed upon retainage, if any, to the subcontractor for that portion of the subcontractor’s work that VDOT paid to the Contractor on the monthly progress estimate. The Contractor shall make payment of the subcontractor’s portion of the work within seven (7) days of the receipt of payment from VDOT in accordance with the requirements of Section 107.01, Section 109.08, and Section 109.09 of the Specifications. If the Contractor fails to make payment for the subcontractor’s portion of the work within the time frame specified herein, the subcontractor shall contact the Responsible Engineer and the Contractor’s bonding company in writing. The bonding company and VDOT will investigate the cause for non-payment and, barring mitigating circumstances that would make the subcontractor ineligible for payment, ensure payment in accordance with the requirements of Section 107.01, Section 109.08, and Section 109.09 of the Specifications. By bidding on this contract, and by accepting and executing this contract, the Contractor agrees to assume these contractual obligations, and to bind the Contractor’s subcontractors contractually to those prompt payment requirements. Nothing contained herein shall preclude the Contractor from withholding payment to the subcontractor in a...

Prompt Payment Requirements. 30.1. If a Contractor withholds payment of an undisputed amount to its subcontractor, the Department, at its option and in its sole discretion, may take one or more of the following actions: (a) Not process further payments to the Contractor until payment to the subcontractor is verified (b) Suspend all or some of the contract work without affecting the completion date(s) for the contract work; (c) Pay or cause payment of the undisputed amount to the subcontractor from monies otherwise due or that may become due; (d) Place a payment for an undisputed amount in an interest-bearing escrow account; or (e) Take other or further actions as appropriate to resolve the withheld payment.

Prompt Payment Requirements. § 12.6.1 Within seven days after the Architect receives amounts paid for work subject to this Agreement performed by any "subcontractor", as defined in Va. Code § 2.2-4347, the Architect shall take one of the two following actions: a. Pay the subcontractor for the proportionate share of the total payment received from the Owner attributable to the work performed by the subcontractor; or b. Notify the Owner and the subcontractor in writing of the Architect’s intent to withhold all or part of the subcontractor’s payment and the reason for nonpayment. § 12.6.2 The Architect shall provide its Federal Employer Identification Number with each application to the Owner for payment. § 12.6.3 The Architect shall pay interest to any "subcontractor" on all amounts owed by the Architect that remain unpaid after seven days following receipt by Architect of payment from Owner for work performed by such subcontractor relating to this Agreement except as to amounts withheld as allowed by §12.6.1.b. § 12.6.4 Unless otherwise provided under the terms of this Agreement, interest shall accrue at the rate of 1% per month. § 12.6.5 The Architect shall include in its subcontracts a provision requiring each subcontractor to include or otherwise be subject to the same payment and interest requirements with respect to each lower-tier subcontractor. § 12.6.6 No obligation imposed by this §12.6 shall be construed to create any obligation of the Owner. Under Va. Code §2.2-4354, no modification to this Agreement may be made for the purpose of providing reimbursement for the interest charge, and the Architect shall not invoice the Owner for any such charge.

Prompt Payment Requirements. Contractor shall: i. Make payment promptly, as due, to all persons supplying to the Contractor labor or material for the performance of the Services provided for in this Contract. ii. Not permit any lien or claim to be filed or prosecuted against the state or a county, school district, municipality, municipal corporation or subdivision thereof, on account of any labor or material furnished. iii. Pay to the Department of Revenue all sums withheld from employees under ORS 316.167. iv. This does not apply to Services to support the legal representation of Clients assigned to Contractor that are approved and paid directly by OPDC through either OPDC routine expenses or pre-authorized expenses.

Prompt Payment Requirements. Timeliness of payment and any interest to be paid to the Contractor for late payment shall be governed by Article XI-A of the State Finance Law to the extent required by law. For the purposes of Article XI-A of the State Finance Law, the Controller’s Office of the State University Construction University, whose mailing address is The ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇-▇▇▇▇, is the University’s designated payment office.

Prompt Payment Requirements. City adheres to the prompt payment provisions of A.R.S. § 34-221. 1. Contractor shall pay to its sub-contractors or material suppliers and each Sub-contractor shall pay to its Sub-contractors or material supplier, within seven (7) days of receipt of each progress payment, the amounts attributable to the Contractor, Sub-contractors or material supplier for work performed or materials supplied. In addition, any reduction of retainage to Contractor must also result in a like reduction to sub-contractors for their work successfully completed within fourteen (14) calendar days of the reduction of the retainage to the Contractor. No contract between Contractor and its Contractors, Sub- contractors and material suppliers may materially alter the rights of any Contractor, Sub- Contractor or material supplier to receive prompt and timely payment as provided herein. Any diversion by Contractor, or any Sub-contractor, of payments received for work performed on a contract, or failure to reasonably account for the application or use of such payments, constitutes sufficient grounds for City to take any one or more of the following actions: (1) withhold future payments including retainage until proper disbursement has been made; (2) refusal of all future bids or offers from Contractor for a period not to exceed one year; or, 3) cancellation of the contract.

Prompt Payment Requirements. The General Contractor shall include the following language in all subcontracts. 3.1 Subcontracts shall include the following: (1) A payment clause that obligates the Contractor to pay the subcontractor for satisfactory performance of its subcontract within ten (10) days out of such amounts as are paid to the Contractor by the County under this contract. (2) An interest penalty clause, in conformance with OARS 279.435(8-a), that obligates the Contractor to pay to the subcontractor an interest penalty on amounts due in the case of each payment not made in accordance with the payment clause included in the subcontract pursuant to paragraph (1) above. The interest penalty shall be computed at the rate of 1-1/2 percent per month for the period beginning on the day after the required payment date and ending on the date on which payment of the amount due is made. (3) All subcontracts shall also include a provision requiring the subcontractor to include a payment and interest penalty clause conforming to the requirements of paragraphs (1) and (2) above in each of its subcontracts and to require each of its subcontractors to include such clauses in their subcontracts with each lower-tier subcontractor or supplier. (4) All contracts with subcontractors or suppliers shall have provisions making the contract assignable to the County, at the option of the County, if the Contractor terminates, goes out of business, declares bankruptcy, or otherwise is unable to perform provided that the County gives the subcontractor notice of assignment within 14 days of learning of the inability of the Contractor to perform. 3.2 Contractors on a public improvement shall provide to first-tier subcontractors a copy of invoices submitted to public agencies regarding the subcontractor’s work if it is requested by a first-tier subcontractor. Furthermore, a first-tier subcontractor will not be obligated to pay the interest penalty if the only reason payment was not made was that the contractor did not receive payment from the public contracting agency. 3.3 If a contractor or subcontractor in a public works project fails to pay for labor or material, the unpaid contractor may file a complaint with the Construction Contractors Board (CCB). The CCB will be required to maintain and provide access to a list of contractors and subcontractors that are disqualified to work on public improvement contracts based on these complaints. Before adding a contractor or subcontractor to a list, there will b...

Prompt Payment Requirements. (1) For the purposes of Article XI‑A of the State Finance Law, the campus for which the work is being performed is the University's designated payment office. Applications for payment must contain the approval of the Consultant before being submitted to the University. (2) Whenever the Consultant's approval of an application for payment is required under the Contract, the Consultant shall have fifteen (15) calendar days after receipt of such application to inspect the work before acting on the application. (3) This Contract is subject to the approval of the Comptroller of the State of New York. Until such approval is given, the thirty (30) day period referred to in Article XI‑A of the State Finance Law for the payment of invoices without interest shall not begin.

Prompt Payment Requirements. Authority has adopted a DBE Program in compliance with 49 CFR Part 26, and the following requirement will apply to all contracts funded, either wholly or in-part, with DOT financial assistance: Provider agrees to pay each subconsultant under this contract for satisfactory performance of its contract no later than fifteen (15) days from the receipt of each payment Provider receives from Authority. Provider agrees further to return any retainage payments to each subconsultant within thirty (30) days after the subconsultant’s work is satisfactorily completed. Any delay or postponement of payment beyond these time limits may occur only for good cause following written approval of the delay by Authority. This clause applies to both DBE and non-DBE subconsultants.