Interim Billing Sample Clauses
The INTERIM BILLING clause establishes the right for a party, typically a service provider or contractor, to issue invoices for partial payments at various stages throughout the duration of a project or contract, rather than waiting until completion. This means that as work progresses or certain milestones are achieved, the provider can bill for the portion of work completed to date. By enabling regular cash flow and reducing financial strain, this clause helps ensure that the provider is compensated in a timely manner and mitigates the risk of non-payment for completed work.
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Interim Billing. Interim ▇▇▇▇▇▇▇▇ and/or retainer replenishment requests may be submitted to the Client from time to time in the event the time charges of the Firm exceed the initial retainer. All interim ▇▇▇▇▇▇▇▇ and retainer replenishments shall be due and payable upon receipt unless otherwise stated. Any ▇▇▇▇ remaining unpaid for a period of ninety (90) days shall be subject to a service charge of one and one-half (1.5%) percent per month from the date the ▇▇▇▇ is rendered. This represents an annual rate of eighteen (18%) percent.
Interim Billing. Subject to the prior approval of the ---------------- Executive Committee, the Disbursing Agent may, from time to time, obtain an interim payment from each Participant by means of an Interim Billing to all Participants, for payment of unanticipated expenditures, which, in the absence of such interim payment, would result in the reduction at the end of the month of the sum of (i) the balance of the Operating Deposit and (ii) the amount of funds then remaining from the routine monthly ▇▇▇▇▇▇▇▇ to the minimum required amount of $5,300,000, or less. To the extent that any Interim Billing would result in the estimated Project Costs exceeding the then current six months' budget, such Interim Billing shall require approval, in advance, as provided in paragraph 37.3(c)(i) and (ii) above. Upon receipt of the aforesaid required approvals, the Disbursing Agent shall without ▇▇▇▇▇ ▇▇▇▇ each Participant for its pro-rata Ownership Share of the Interim Billing which shall -------- be the amount necessary to restore said minimum required balance to $5,300,000. Each Interim Billing shall be due and payable ten business days after issuance by the Disbursing Agent and any amount not paid by such date shall bear interest from said due date until the date of payment at the rate provided elsewhere in this Agreement. Each Interim Billing shall be accompanied by a letter from the Project Manager confirming the amount requested and the reason for the request. The Project Manager shall use its best efforts at all times to manage cash so as to avoid the need for interim ▇▇▇▇▇▇▇▇."