INITIAL APPLICATION FOR PROGRESS PAYMENT Sample Clauses
The 'Initial Application for Progress Payment' clause defines the process by which a contractor formally requests payment for work completed up to a certain point in a project. Typically, this involves the contractor submitting documentation detailing the work performed, the value of that work, and any supporting evidence required by the contract, such as invoices or progress reports. This clause ensures that payments are made in accordance with the actual progress of the project, providing a structured mechanism for cash flow and reducing disputes over payment timing and amounts.
INITIAL APPLICATION FOR PROGRESS PAYMENT. 2.4.1 Refer to the UGC and Section 01 32 00 – Project Planning and Scheduling for requirements not identified in this Section.
INITIAL APPLICATION FOR PROGRESS PAYMENT. 2.4.1 Refer to the UTUGCs and Section 01 32 00 – Project Planning and Scheduling for requirements not identified in this Section.
INITIAL APPLICATION FOR PROGRESS PAYMENT. 2.4.1 Refer to the UGC and Section 01 32 00 – Project Planning and Scheduling for requirements not identified in this Section.
2.4.2 The Contractor may submit a request for a progress payment once per month. Such request shall be presented on the University of Texas MD ▇▇▇▇▇▇▇▇ Cancer Center Application for Payment and Schedule of Values (refer to Attachment No. 1 and No. 2) forms supplemented by columnar continuation sheets, which represent updates to the original Contract price or GMP Schedule of Values.
2.4.3 The Contractor shall keep Project accounting records on the basis of generally accepted accounting principles in accordance with cost accounting standards issued by the Federal Office of Management and Budget Cost Accounting Standards Board and organized by each Application for Payment period.
2.4.4 Prior to the submission of the first Application for Payment and within twenty-one (21) days of issuance of the Notice to Proceed with Construction, the Contractor shall submit the following documents to the Architect/Engineer, Owner’s Project Manager, and Owner’s Construction Inspector for review, using the Owner’s Standard Schedule of Values format.