Construction Payments. (a) The Operator designated by the Ownership Agreement pursuant to Section 8 thereof has established a separate trust account (“Construction Trust Account”) in a bank located in the State of Montana and having qualifications meeting all requirements imposed upon depositories for any of the Transmission Owners. Sums of money for Costs of Transmission System Construction shall be deposited therein and Transmission Operator shall withdraw and apply funds therefrom only as necessary to pay Costs of Transmission System Construction.
Construction Payments. 8.2.1 Payments for the Work shall be made as provided for in the UGC and in the Owner’s Specifications (if any), subject to the conditions and terms of this Agreement. All payment requests shall be submitted on an Application for Payment with a Schedule of Values approved by the Owner and shall include all required attachments identifying payments to Historically Underutilized Businesses and to all Subcontractors. Payment for approved Change Orders shall be made as part of the Contractor's Application for Payment. Change Orders shall be listed separately on the Application for Payment form. Failure to submit “HUB Progress Assessment Report Documentation of Subcontracted Work” form with each Application for Payment Application will cause rejection of the pay application by the Owner and its return to the Contractor.
Construction Payments. In the event that the User seeks Port Authority financing for construction of any of the hangars or other improvements the following will apply.
Construction Payments. 8.2.1 Payments for the Work shall be made as provided for in the UGC, subject to the conditions and terms of this Agreement. All payment requests shall be submitted on an Application for Payment with a Schedule of Values approved by the ODSR and shall include all required attachments identifying payments to Historically Underutilized Businesses and to all Subcontractors. Payment for approved Change Orders shall be made as part of the Contractor's Application for Payment. Change Orders shall be listed separately on the Application for Payment form. Failure to submit “HUB Progress Assessment Report Documentation of Subcontracted Work” form with each Application for Payment Application will cause rejection of the pay application by the Owner and its return to the Contractor.
Construction Payments. 1.2.1 The Construction Payments are calculated monthly, from the Effective Date, to the Construction Completion Date, or if applicable, the Termination Date, in accordance with the following formula: 𝐶𝑃𝑡 = (𝑃𝑅𝐴 × 𝑇𝐶 × (𝑃𝐶𝑡 ― 𝑃𝐶𝑡 ― 1)) + 𝐶𝑃𝐴𝐷𝐽𝑡 where: CPt = Construction Payment for month (t); PRA = Payment rate adjustment = 0.80; TC = Total Capital Cost Amount as indicated in Table 6 of Appendix 16A; PCt = Percent Completion for Construction Payment as defined in Section 2.1 for month (t); PCt-1 = Percent Completion for Construction Payment as defined in Section 2.1 for month (t-1); and CPADJt = Construction Payment Adjustment for the month (t) as defined in Section 2.2.
Construction Payments. The balance of the total Contract price, less down payment and work credits is $ . Said balance shall be paid as construction progresses. Builder shall be entitled to draws from the lender or escrow agent at the following times: [Enter Draw Times] The Buyer shall make or authorize payment to the Builder within days after the receipt of each progress payment request provided for above. Builder shall furnish proper waivers of lien to the escrow agent or lender to the extent authorized by the progress payment. If timely payment is not received, Builder shall be entitled to stop work and/or extend Contract time, which shall be treated as a work stoppage to which Section 22 applies. In the event of non-payment, Buyer will be responsible for payments of all progress draws not authorized and received. Xxxxx is responsible for payment in full for the services provided, including but not limited to written and verbal change orders, prior to taking occupancy.
Construction Payments. (a) NMCG shall deposit an amount equivalent to the first Payment Milestonein the Escrow Account in accordance with Clause 9.5 and the Escrow Agreement, prior to the Effective Date. From the Effective Date and during the Construction Period, NMCG shall ensure that the Escrow Account is funded with an amount equivalent to the next Payment Milestone.
Construction Payments. The Authority will make a payment to Project Co after each Building Opening Date in accordance with this Appendix. The amount payable by the Authority to Project Co with respect to each Building will be the lesser of of the Direct Construction Costs for that Building and: Building Maximum Payment Beacon Xxxxxxx Residence Dominion Hotel Gastown Hotel Building Maximum Payment Xxxxxxxxx Hotel Marble Arch Hotel Xxxx Hotel Molson’s Bank Building Orange Hall Rice Block Sunrise Hotel Tamura House Washington Hotel TOTAL (each a “Construction Payment”).
Construction Payments. (a) NMCG shall deposit an amount equivalent to the first 2 Jagjeetpur Payment Milestones and the first 2 Sarai Payment Milestones in the Escrow Account in accordance with Clause 9.5 and the Escrow Agreement, prior to the Effective Date. From the Effective Date and during the Construction Period, NMCG shall ensure that the Escrow Account is funded with an amount equivalent to the next 2 Jagjeetpur Payment Milestones and the next 2 Sarai Payment Milestones for both the Jagjeetpur Facilities and the Sarai Facilities.
Construction Payments. The City will pay Developer for the Parking Improvements monthly, based on a percentage of completion submission. The City acknowledges that Developer, or its contractor, can invoice for materials purchased and delivered to the site but not yet incorporated into the work. An estimate of projected monthly payment increments is attached to this Agreement as Exhibit F (but actual payments shall be subject to a percentage of completion analysis). Notwithstanding the above, payments for soft costs (permitting and design) incurred by Developer shall be made as set forth on Exhibit F without reference to a percentage of completion analysis. Developer shall deliver to the City by the 20th of each month a written request for payment, whereupon the City’s construction inspector shall within ten (10) days of the City’s receipt of Developer’s payment request make a written recommendation for payment. If the City’s construction inspector determines that the request for payment accurately depicts the status of percentage of completion and the work is in compliance with the approved plans and specifications, then the City shall make the corresponding payment to Developer within twenty (20) days of receiving the inspector’s written recommendation for payment, provided that final payment shall require Developer’s delivery of the additional materials outlined below in Section 2(d). The City shall be entitled to hold back as retainage ten percent of all payments, but in no event shall the aggregate amounts held back exceed five percent of the total construction cost. If the City’s construction inspector determines that the percentage of completion is not accurate or that there are deficiencies in the work, the City shall provide written notice thereof to Developer within seventy-two (72) hours of the inspection identifying the specific reasons for its inspector’s determination. Within five (5) days of Developer’s receipt of the City’s notice, Developer shall either correct any inaccuracies in the submission or commence to correct any deficient work identified by the City’s inspector and diligently prosecute such work to completion, or shall provide the City with written notice as to why additional work or corrections is not necessary. Any dispute concerning a request for payment shall be resolved in accordance with the following procedure: Claims must be evaluated first by a mutually agreed-upon neutral third party. Should either party object to the determination made by the...
