First Progress Payment Clause Samples

The 'First Progress Payment' clause defines the terms and conditions under which the initial payment is made to a contractor or service provider after a specified portion of work has been completed. Typically, this payment is triggered once certain milestones or deliverables are verified, such as completion of foundational work or delivery of initial materials. By establishing clear criteria and timing for the first payment, this clause ensures that contractors receive timely compensation for early project progress while providing the client with assurance that payment is tied to measurable achievements, thereby reducing financial risk and promoting project momentum.
First Progress Payment. The first progress payment of five point fifty-two percent (5.52%) of the Contract Price shall be made within ninety (90) calendar days after the Execution Date however no later than October 15, 2022 by bank transfer after receipt of the following documents: - one (1) original of the commercial invoice covering five point fifty-two percent of the Contract Price The first progress payment is not refundable.
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First Progress Payment. Prior to the submission of Architect’s first monthly progress billing for Architect’s performance of the Services under a Service Order, Architect shall submit for each of its Consultants a fee schedule, by phase and amount, matching the Schedule for Basic Compensation included in such Service Order for the Owner's written approval.
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First Progress Payment. An initial progress payment equal to $5,975,923.48 to be applied to the Purchase Price shall be paid within 14 calendar days of the Execution Date. The Initial Deposit shall be applied to this first progress payment (the “First Progress Payment”) so long as the First Progress Payment is timely made. In the event Buyer does not make the First Progress Payment on time, the INITIAL DEPOSIT WILL BE FORFEITED TO SELLER AS LIQUIDATED DAMAGES AND NOT AS A PENALTY AND THIS CONTRACT WILL BE TERMINATED.
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Related to First Progress Payment

  • PROGRESS PAYMENT ‌ 9.2.1 City shall retain five percent (5%) of the undisputed amount due on each progress payment, or the percentage stated in the Notice Inviting Bids, whichever is greater, as retention to ensure full and complete performance of the Work. Subject to City’s right of withholding under Paragraph 9.4.2 of these General Conditions, City agrees to pay to Contractor within thirty (30) Days of receipt of a properly submitted Application for Payment an amount equal to ninety-five percent (95%), or a lesser amount if corresponding to a higher retention percentage, if applicable, of the sum of the following, excepting therefrom any amounts which are disputed by City: (i) Construction Manager’s determination of the value, expressed as a percentage of the Contract Sum, of the Work in permanent place that has been tested and accepted as of the end of the preceding month. (ii) Construction Manager’s determination of the value of materials suitably stored but not yet incorporated into the Work, subject to Paragraph 9.3.6 of these General Conditions. (iii) Less amounts previously paid. 9.2.2 At any Time after fifty percent (50%) of the Work has been determined by Construction Manager to be completed, City may in its sole discretion, make any of the remaining progress payments in accordance with the calculation in Paragraph 9.2.1 of these General Conditions based on one hundred percent (100%) of City’s determination of the value of the Work in place and of stored materials not yet incorporated into the Work. 9.2.3 Progress payments shall not be construed as City's Acceptance of any or all of the Work and shall not be a waiver of any or all rights City has under the Contract Documents.