Common use of Form and Timing of Submission and Disbursement Clause in Contracts

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 ▇▇▇▇▇▇▇▇ 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. The Owner shall issue the payments due to the CM by separate check. CM shall ensure that all such progress payments 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.