Milestone Progress Payments Sample Clauses
The Milestone Progress Payments clause establishes a payment structure where the contractor or service provider receives payments upon the completion of specific project milestones. Typically, the contract will outline a series of defined milestones, each associated with a deliverable or achievement, and specify the amount or percentage of the total contract price to be paid when each milestone is met. This approach ensures that payments are tied to measurable progress, incentivizing timely performance and reducing the risk for the client by aligning payments with actual work completed.
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Milestone Progress Payments. (Note – this option shall be considered for predominantly single or grouped dwellings projects.)
Milestone Progress Payments. The Contractor shall give the Superintendent a notice once any of the Works described in column “A” of the table below have been completed (Payment Claim). The Superintendent shall, within fourteen (14) days of receipt of a Payment Claim, determine (and notify the Contractor of its determination) whether that milestone has been attained, and if so, the amount payable by the Principal to the Contractor, being that portion of the Contract Price mentioned opposite such Works in column “B” of the table (which is inclusive of GST), having taken into account any adjustments in accordance with clause 29.3 (Progress Certificate). If the Superintendent fails to issue a Progress Certificate within fourteen (14) days, the Superintendent is deemed to determined, at the end of the fourteen (14) day period that the milestone has not been attained. Payment of a milestone payment shall be made by the Principal within fourteen (14) days after the issue of the Progress Certificate. If the Works comprises of more than one dwelling, then the milestone described in column “A” of the table below must have been completed for all dwellings before the Contractor can make a Payment Claim under this item (and this is irrespective of whether or not item 11 of this Appendix A permits the Works to be completed in Stages). If the Contract Price is adjusted under the Contract, the amount of the remaining Progress Payments shall be adjusted in the manner reasonably determined by the Superintendent to ensure that there is no underpayment or overpayment of the Contract Price.
Milestone Progress Payments. The Contractor shall give the Superintendent a notice once any of the Works described in column “A” of the table below have been completed (Payment Claim).
Milestone Progress Payments. 12.2.1 A schedule (the “Approved Final Milestone Payment Schedule”) showing the dollar amount associated with each Milestone (the “Incremental Payment Amounts”), and the Calendar Quarter in which the Milestone is scheduled to be completed, is included in Exhibit 9. Exhibit 9 also includes a curve (the “Cash Curve”) based on an original schedule of the cumulative value of Incremental Payment Amounts for Milestones scheduled for completion in each Calendar Quarter. So long as the cumulative total to date of actual Milestone Progress Payments does not exceed the Cash Curve (as is adjusted from time to time by the same Change Order adjustments to the Target Cost and Fee), Contractor is entitled to payment for any completed Milestones irrespective of the number of Milestones or sequence. Notwithstanding, if the Parties mutually agree that, in certain circumstances, it is in the best interest of the Project to allow for increased expenditures, then Owner shall allow for exceeding the Cash Curve or shall otherwise adjust the Cash Curve to a higher level to allow the desired expenditures.
12.2.2 The Approved Final Milestone Payment Schedule shall be used as the basis for preparation of requests for payment, and payment, of progress payments (“Milestone Progress Payments”) to Contractor. Milestone Progress Payments shall be made in accordance with the Milestones achieved under the