Form and Timing Of Submission And Disbursement Sample Clauses

Form and Timing Of Submission And Disbursement. The CM shall implement a process pursuant to which it collects all of the Trade Contractor’s applications for payment for a given month and submits a single itemized statement to the Owner, no later than the 30th day each month. This statement shall identify the cumulative amount of Trade Contractor xxxxxxxx for which the Owner will issue a check to the CM. The Owner shall issue a check to the CM for the total amount identified in the statement within fifteen (15) days of receipt. The CM will then be responsible for making the payments to the individual Trade Contractors. The statement will also include a separate itemized billing for the compensation due to the CM for its services. Prior to seeking payment for any CM services related to the Trade Contractors, the CM shall compile all of the available Schedule of Values submitted by the Trade Contractors and prepare for the Owner’s review and approval a Master Schedule of Values including all of the Trade Contractors. The Owner shall use this Master Schedule of Values to disburse all payments, but will issue the payments due only to the CM by separate check. CM shall ensure that all such progress payments for Trade Contractors are timely made under applicable law, which requires that payment be made within thirty (30) days of a properly submitted, undisputed payment request pursuant to Section 20104.50 of the Public Contract Code. The CM shall indemnify the Owner against any and all claims arising from or related to the failure of the CM to comply with the prompt payment requirements under the Public Contract Code unless the Owner makes payment to the CM after thirty (30) days and the Owner’s late payment results in the CM receiving payment designated for a Trade Contractor from the Owner, thirty (30) days after the CM’s Application for Progress Payment.
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Related to Form and Timing Of Submission And Disbursement

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