Incorrect Applications for Payment Sample Clauses
The "Incorrect Applications for Payment" clause defines the procedures and consequences when a party submits a payment application that contains errors or inaccuracies. Typically, this clause outlines the steps the recipient must take to notify the applicant of the mistake, such as providing written notice and specifying the nature of the error, and may set out timelines for correction or resubmission. Its core practical function is to ensure that payment processes remain accurate and transparent, reducing disputes and delays caused by incorrect or incomplete payment requests.
Incorrect Applications for Payment. If an Application for Payment is incorrect, lacks the required Supporting Documents set forth in Section 6.5 of these General Conditions, or when there is a good faith dispute concerning the Work for which it is submitted, Owner Parties shall endeavor to notify Contractor within fifteen (15) Days of its receipt of such Application for Payment, stating the reasons it is rejected. If Contractor corrects the rejected Application for Payment within seven (7) Days of Owner Parties’ notification to Contractor, payments due shall be made in accordance with Section 6.7 below.