Common use of Material Payments Clause in Contracts

Material Payments. 9.2.13.1 The Owner shall pay the CM at the rate of 100 percent of the scheduled value for materials incorporated into the Project. 9.2.13.2 The Owner shall pay the CM at the rate of 92 percent of the invoice cost, not to exceed the scheduled value, for materials delivered to the Site, or other off-site storage location approved by the A/E, provided the CM provides the following information with the CM Payment Request: .1 a list of the fabricated materials consigned to the Project, giving the place of storage, together with copies of invoices verifying quantity and cost, written evidence of insurance covering the off-site stored materials; and .2 a certification of materials stored off-site, prepared by the CM and signed by the A/E to evidence that the materials are in conformity with the Specifications and have been tagged with the Project name and number for delivery to the Project. The CM shall directly reimburse the A/E for all costs incurred to visit a storage site, other than the areas adjacent to the Project.