Approval of Applications for Payment. Based upon Applications for Payment submitted by the Trade Contractor and as approved by the Authority, the Authority shall make payment to the Trade Contractor. The period covered by each Application for Payment shall be one (1) calendar month ending on the last day of the month, or as otherwise agreed to between the Authority and Trade Contractor in writing. Provided that a Trade Contractor Application for Payment is approved for full or partial payment, the Authority shall make payment of the approved amount to the Trade Contractor not later than forty-five (45) Days after the Authority has approved Application for Payment. Each Application for Payment shall be based upon the most recent Schedule of Values submitted by the Trade Contractor and approved by the Authority in accordance with this Trade Contract Agreement. The Application for Payment shall show the percentage completion of each portion of the Trade Contractor Work as of the end of the period covered by the Application for Payment. The percentage completion shall be the percentage of that portion of the Trade Contractor Work which has actually been completed. Subject to other provisions of the Trade Contract Agreement, the amount of each progress payment shall be computed as follows:
Appears in 7 contracts
Samples: Trade Contract Agreement, Trade Contract Agreement, Trade Contract Agreement
