Common use of REQUIRED PAYMENT DATE Clause in Contracts

REQUIRED PAYMENT DATE. Invoices shall be due and payable within 30 days after the date of invoice, subject to any limitations or conditions precedent as may be set forth within the parties’ Contract or any applicable Project Order. Upon receipt of payment from OWNER of any invoice, the A/E shall remit payment to each and every subcontractor who performed any work or services that were the subject of such invoice, within the time periods required by Virginia Code Sec. 2.2-4354(1). The A/E shall include in each of its subcontracts a provision requiring each subcontractor to include or otherwise be subject to the same payment requirements, with respect to each lower-tier subcontractor.