Common use of Financial Control Clause in Contracts

Financial Control. i. Review the proposed Payment Schedules (as defined in the relevant Construction Agreement) in conjunction with the Construction Programme and Construction Schedule; ii. Report on the Contractor's control of progress of Works and risks to completion within the time established in accordance with the relevant Construction Contract. iii. Receive the Contractor's application for progress payments for Construction Works and certify amounts due for payment under the Construction Contract. iv. Adjudicate claims for additional payment and extensions of time in terms of the Design/Construction Contracts. v. Certify final amounts due under the Construction Contracts. vi. Review the updated information supplied by the Lenders and the Concessionaire pertaining to the Financial Model and report same to the FBR. vii. Submit bi-monthly status reports covering all aspects of his activities to the FBR and the Concessionaire with a copy to the Lender's Technical Advisor, if any.