Common use of First Progress Payment Clause in Contracts

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.