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.
Appears in 1 contract
Sources: Master Subcontract Agreement
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.
2.5.1 To the fullest extent permitted by law, receipt of payment from the Owner for the Subcontract Work is a condition precedent to the Contractor’s obligation to make payment to the Subcontractor, except to the extent such non-payment is solely attributable to the acts or omissions of the Contractor. Payment as used in this clause shall include retainage, progress payments, payment for change orders and extra work orders, and final payment. The Subcontractor hereby acknowledges that it relies solely and exclusively on the credit of the Owner, not the Contractor, for payment for its work.
Appears in 1 contract
Sources: Master Subcontract Agreement