Subcontract Price and Payments Clause Samples

The 'Subcontract Price and Payments' clause defines the total amount to be paid to the subcontractor and outlines the terms and schedule for making those payments. It typically specifies how the price is determined—whether as a lump sum, unit price, or cost-plus arrangement—and details when and how invoices should be submitted and paid, such as upon completion of milestones or at regular intervals. This clause ensures both parties have a clear understanding of financial obligations and payment timing, reducing the risk of disputes over compensation.
Subcontract Price and Payments. 2.1 Subcontract Price The Subcontract Price to be paid by the Contractor, out of funds received from the Owner, to the Subcontractor for the satisfactory performance and completion of the Subcontract Work, is (Subcontract Price may be set forth in Exhibit AA, Work Order). 2.2 Schedule of Values Subcontractor shall provide a detailed schedule of values, indicating labor, material and equipment costs for each activity, satisfactory to the Contractor and the Owner no more than fifteen (15) days from the date of execution of the Work Order, Exhibit AA. Failure to provide the schedule of values shall be grounds for the Contractor to withhold payment from the Subcontractor. 2.3 Progress Payments Applications Unless otherwise required by the Work Order, Exhibit AA, the Subcontractor shall submit progress payment applications to the Contractor no later than the 25th day of each month. Each progress payment application shall be for Subcontract Work performed up to the end of that month or such portion of the Subcontract Work that Contractor is permitted to requisition under the terms of the Prime Contract.. Payment applications shall be itemized and supported by substantiating data as required by the Contractor, indicating the Subcontract Work completed and, to the extent allowed under hereunder, materials suitably stored during the payment period. Subcontractor shall submit with each request for progress payments completed lien waivers and supplier affidavits, in a form satisfactory to the Owner and Contractor. 2.3.1 Failure to Submit Application In the event the Subcontractor does not submit to the Contractor a request for progress payment as directed, then the Contractor may, at its option, include in its request to the Owner for progress payment for Work performed during the preceding payment period, such amount as Contractor may deem proper for the Subcontract Work for the preceding payment period and the Subcontractor agrees to accept such approved portion thereof in lieu of the progress payment based upon the Subcontractor's estimate. 2.4 Retainage Unless statute or the Work Order, Exhibit AA, requires otherwise, retainage shall be Ten percent (10%) of Contractor's payment by the Owner for the Subcontract Work. 2.5 Time of Payments Progress payments to the Subcontractor for satisfactory performance of the Subcontract Work shall be made no later than ten (10) calendar days after receipt by the Contractor of payment from the Owner for the Subcontract Work.
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Subcontract Price and Payments. 2.1 Subcontract Price The Subcontract Price to be paid by the Contractor, out of funds received from the Owner, to the Subcontractor for the satisfactory performance and completion of the Subcontract Work, is 2.2 Schedule of Values Subcontractor shall provide a detailed schedule of values, indicating labor, material and equipment costs for each activity, satisfactory to the Contractor and the Owner no more
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Subcontract Price and Payments. 2.1 The Subcontract Price is: CONTRACT AMOUNT (WORDS) Canadian Dollars ($xxx.xx CDN), exclusive of HST. 2.2 The Subcontractor shall, if requested, provide a schedule of values satisfactory to the Contractor no more than fifteen (15) days after commencing the performance of the Work, or promptly upon request thereafter, in the form required by the Contractor. The Subcontractor may make monthly progress applications for payment by providing an invoice to the Contractor in a form satisfactory to the Contractor along with any reasonable backup to support the amounts claimed and any statutory declarations or certificates requested by the Contractor. The progress applications shall be provided in a timely fashion to allow the Contractor to incorporate same into the Contractor’s payment application the Owner. 2.3 Notwithstanding anything else in this Agreement, payment by the Owner to the Contractor is a condition precedent to the Contractor paying the Subcontractor, be the payment in relation to the original scope of Work, or a change in the Work. The Subcontractor understands and agrees that it will be paid if, and only after, the Contractor is paid by the Owner for that portion of the Work for which the Subcontractor is seeking payment. Upon acceptance of final payment from the Contractor, the Subcontractor waives all claims it might have in relation to the Work and the Project other than claims for which the Subcontractor has provided the Contractor Notice in Writing of same.
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Subcontract Price and Payments 
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Related to Subcontract Price and Payments

  • Contract Price and Payment In consideration of the Contractor's due and proper performance of its obligations under the Contract, the Contractor may charge the Authority or, as the case may be, any Beneficiary the Contract Price in accordance with this Clause 6. The only sums payable by the Authority or any Beneficiary to the Contractor for the provision of the Services shall be the Contract Price. All other costs, charges, fees and expenses of whatever kind arising out of or in connection with the Contract shall be the responsibility of the Contractor. In accordance with the Contract, where the Contractor is required to provide Deliverables, the Authority or any Beneficiary shall be entitled to withhold payment of the Contract Price pending receipt and acceptance of the Deliverables in accordance with the Specification. Unless otherwise agreed in writing by the Authority or any Beneficiary and the Contractor, within 15 days of the end of each calendar month, the Contractor shall invoice the Authority or, as the case may be, any Beneficiary for any Services provided by the Contractor in that calendar month. Such invoice shall be rendered on the Contractor's own invoice form clearly marked with the Authority’s or the Beneficiary's order number (if any). Invoices must show the period to which they relate and the aspects of the Services for which payment is claimed together with the agreed charging rates and any other details the Authority or the Beneficiary may require. Failure to provide such information will entitle the Authority or the Beneficiary to delay payment of the Contract Price until such information is provided. Subject to Clauses 6.3 and 6.6, the Authority or any Beneficiary shall pay any invoice submitted by the Contractor in accordance with Clause 6.4 within 30 days of receipt by the Authority or the Beneficiary of such invoice. The Authority or the Beneficiary shall pay such invoice(s) by BACS (Bank Automated Clearing System) if it so chooses or any alternate means as agreed between the Authority or the Beneficiary and the Contractor. The Authority and any Beneficiary shall be entitled to deduct from any monies due or to become due to the Contractor any monies owing to the Authority or the Beneficiary from the Contractor. Where the performance of the Contractor does not meet the required standard then a deduction as set out in the Specification or as agreed by the Parties may be made. Except where otherwise stated in the Order, the Contract Price is exclusive of VAT which shall be payable, if applicable, by the Authority or any Beneficiary in addition to such Contract Price. The invoice provided to the Authority or any Beneficiary by the Contractor in accordance with Clause 6.4 shall show the VAT calculations separately. The Contractor will keep accurate books and records in relation to the provision of the Services in accordance with sound and prudent financial management. All such books and records shall be made available to the Authority at regular intervals of not less than quarterly. In the event of the Authority or any Beneficiary breaching Clause 6.5, the Contractor shall be entitled to charge interest on the outstanding amount owed by the Authority or such Beneficiary in accordance with the Late Payment of Commercial Debts (Interest) Act 1998. Subject to Clauses 6.12 and 6.13, the Contract Price shall not be subject to any increase whatsoever by the Contractor during the Contract Period. In the event that the Contract is varied under Clauses 22 or 23 in such a way as to affect the Contract Price and if agreement between the Parties cannot be reached on the adjustment to the Contract Price within 3 months both Parties shall jointly act to resolve the dispute in accordance with Clause 24. If the adjusted Contract Price is not so agreed or certified until after such variation has taken effect, the Authority or any Beneficiary shall continue to pay the Contractor at the rate current prior to the variation but shall pay to the Contractor or be entitled to recover from the Contractor as the case may be such sum if any as is equal to the difference between the amount which should have been paid in accordance with the adjusted Contract Price and the amount which was actually paid. In the event that the Contract ends or is terminated otherwise than at the end of a complete year, the sum payable by the Authority or any Beneficiary under Clause 6 shall be one twelfth of the annual sum which would otherwise have been payable for the complete year for each completed month.

  • Price and Payments 4.1. Prices are as stated in NEVION’s acknowledgement. All quotations are on ex works (factory) terms (as defined in INCOTERMS ®2010) and are exclusive of carriage, insurance, VAT or other charges and duties and also exclude any applicable fees or royalties. The price will include the licence fee for the Customer’s right to use any Software where a software licence is included with the Equipment unless otherwise stated in a quote or licence agreement. 4.2. The Customer is responsible for arranging transport and providing NEVION with timeous transport instructions. 4.3. Unless expressly stated in the order confirmation, receipt of payment in full in cleared funds is a condition precedent to NEVION’s obligation to ship Equipment or supply Services under a Contract. 4.4. Where payment terms require a letter of credit to be issued in favour of NEVION, the Customer shall arrange for an unconditional irrevocable letter of credit to be issued, and if required by NEVION, confirmed, by a first class bank or financial institution approved by NEVION and otherwise on terms as NEVION shall specify. 4.5. Where credit terms have been agreed, should the Customer fail to make payment in full by the due date, without prejudice to any other right or remedy available to NEVION, NEVION may: (a) terminate the Contract or suspend any further deliveries (whether under the same Contract or not) in accordance with condition 11; (b) appropriate any payment made by the Customer as it sees fit; (c) charge a monthly fee of 1.5%; (d) charge storage for any undelivered Equipment at its current rates;

  • Purchase Price and Payment Terms 3.1 The Base Purchase Price for each Aircraft is * . 3.2 The Base Purchase Price shall be adjusted to determine the "Adjusted Base Purchase Price", as follows: 3.2.1 To include the cost of changes to the Customer Specification required by Buyer after the date hereof. 3.2.2 To include the cost of Regulatory Changes pursuant to the terms of Clause 2.3.2, except those paid directly by Buyer. 3.3 The Adjusted Base Purchase Price shall be adjusted to determine the "Purchase Price" to reflect changes in economic conditions * and (iii) the Adjusted Base Purchase Price shall not be adjusted for any period of delay of an Aircraft which is due to * 3.4 Buyer shall pay to Seller the Purchase Price for each Aircraft upon execution by Buyer of the Certificate of Acceptance for such Aircraft, provided, however, that with respect to any Aircraft delivered under a Lease Agreement, Buyer shall pay all amounts specified in the Lease Agreement due upon delivery of such Aircraft. 3.4.1 Subject to the conditions specified herein, the first Aircraft delivered under this Agreement shall be delivered to Buyer under a Lease Agreement. Buyer's obligation to pay the lease rentals due under such Lease Agreement shall be waived until the later of (i) March 1, 1997 or (ii) the date of completion of the J41 modification program currently being performed by Seller on Buyer's existing fleet of Jetstream 41 aircraft (the "Modification Program"), subject to the provisions of Section 3.4.2. 3.4.2 In the event the date of completion of the Modification Program is delayed due to reasons resulting from the acts or omissions of Buyer, the obligation to pay the lease rentals for such Aircraft shall occur on the date the Modification Program would have been completed if such acts or omissions of Buyer had not occurred. 3.5 Upon (i) delivery, acceptance and payment in full of the Purchase Price for each Aircraft in accordance with the terms of this Agreement, or, (ii) execution of a Lease Agreement on the Delivery Date for each Aircraft, * 3.6 All amounts payable by one party to the other pursuant to this Agreement shall be payable in U.S. Dollars in immediately available funds, by Federal Funds transfer or same day book entry transfer to the accounts specified in Exhibit E attached hereto.

  • Purchase Price and Payment The total Purchase Price for the Property is the amount of the successful bid for the Cabin/Home Site at public auction plus the Maximum Value of the Personal Property.

  • Price and Payment Unless stated otherwise, the Charges are exclusive of value added tax (VAT) or any equivalent sales tax in any applicable jurisdiction. Unless stated otherwise, the Supplier shall invoice for the Charges monthly in arrears and all such invoices shall be accompanied by a statement setting out the Services and/or Goods supplied in the relevant month in sufficient detail to justify the Charges charged. Subject to clause 4.4 below, the British Council shall, unless agreed otherwise by the parties in writing, pay each of the Supplier’s valid and accurate invoices by automated transfer into the Supplier’s nominated bank account no later than 30 days after the invoice is received. Where there is an end client, the British Council shall not be obliged to pay any invoice to the extent that it has not received payment relating to that invoice from the end client. If the British Council fails to pay any sum properly due and payable (other than any sum disputed in good faith) by the due date for payment, the Supplier may charge interest on the amount of any such late payment at the rate of 4% per annum above the official bank rate set from time to time by the Bank of England. Such interest will accrue from the date on which payment was due to the date on which payment is actually made. The parties hereby acknowledge and agree that this rate of interest is a substantial remedy for any late payment of any sum properly due and payable Where the Supplier enters into a Sub-Contract, the Supplier shall: pay any valid invoice received from its subcontractor within 30 days following receipt of the relevant invoice payable under the Sub-Contract; and include in that Sub-Contract a provision requiring the counterparty to that Sub-Contract to include in any Sub-Contract which it awards provisions having the same effect as clause 4.6.1 of this Agreement.