Common use of Times of Payments Clause in Contracts

Times of Payments. CONSULTANT shall submit statements for Basic and Additional Services rendered and for Reimbursable Expenses incurred. OWNER shall make prompt payments in response to CONSULTANT’S statements. For these services the OWNER shall make prompt payments to the CONSULTANT based on ▇▇▇▇▇▇▇▇ submitted by the CONSULTANT up to 90% of the maximum fee for each Task as shown on Exhibit C, “Cost Estimate”. The remaining 10% shall be due upon approval of the Final Report for the Project as accepted by OWNER. All deliverable payments shall be subject to 10% retainage. The retainage shall be calculated and subtracted from the total billed amount on each invoice by CONSULTANT. Retained amounts due to CONSULTANT shall be presented on a final, separate invoice and paid upon Final Acceptance by OWNER.