Progress Payment definition
Examples of Progress Payment in a sentence
Owner may withhold from any Progress Payment or Final Payment, whether or not previously approved, or may recover from Consultant, any and all costs, including attorneys’ fees and administrative expenses, incurred by Owner as the result of any Event of Default or as a result of actions taken by Owner in response to any Event of Default.
Consultant shall, as a condition precedent to its right to receive each Progress Payment, submit to Owner an invoice accompanied by such receipts, vouchers, and other documents as may be necessary to establish Consultant’s prior payment for all labor, material, and other things covered by the invoice and the absence of any interest, whether in the nature of a lien or otherwise, of any party in any property, work, or fund with respect to the Services performed under this Contract.
Any remaining Retainage Amounts retained or held, as applicable, for the benefit of Corporation following Substantial Completion of the Project will be released by Corporation to the Design-Builder with each Progress Payment, in an amount equal to the percentage of Construction Work completed between Substantial Completion of the Project and Final Completion, with the final balance paid to the Design-Builder at the final payment under Section 21.10 (Final Payment).
Prompt Progress Payment CONSULTANT or subconsultant shall pay to any subconsultant, not later than fifteen (15) days after receipt of each progress payment, unless otherwise agreed to in writing, the respective amounts allowed CONSULTANT on account of the work performed by the subconsultants, to the extent of each subconsultant’s interest therein.
Failure to provide an acceptable CPM Schedule Update will result in the rejection of the Progress Payment, and no Payment will be made until such time as an acceptable CPM Schedule Update is received.