Monthly Requisition Sample Clauses

Monthly Requisition. On or before the 20th of the month Subcontractor shall furnish directly to Collage via email (▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇-▇▇▇.▇▇▇) an acceptable partial payment estimate for work performed by Subcontractor projected through the last day of the month on the form provided by Collage a copy of which is attached hereto as Exhibit “D”. Monthly requisitions shall be accompanied by original partial releases of lien from all of Subcontractor’s sub- subcontractors and materialmen for work performed and services rendered. If properly and timely submitted and approved, unless otherwise provided herein, Collage shall make partial payments to Subcontractor within ten (10) days following Collage’s receipt of payment from Owner for Work performed by Subcontractor to the extent of Subcontractor’s interest therein. Payment from the Owner is an express condition precedent to Subcontractor’s right to payment from Collage and/or its Surety. This condition of payment governs all payment obligations of Collage and/or its Surety. Subcontractor shall earmark all payments made to its subcontractors and suppliers by identifying the Project referenced in this Agreement and include language on its remittances which limits the application of its payments to any outstanding balance on the Project referenced in this Agreement. § 3.4.1 The amount paid to Subcontractor shall not exceed the amount allowed and paid by Owner on account of Subcontractor’s Work, less all previous payments, less ten percent (10%) retainage, less all charges for materials or services furnished by Collage and properly chargeable to Subcontractor, and less all sums properly withheld by Collage as allowed by the terms of this Agreement. § 3.4.2 Subcontractor’s failure to submit a proper and timely request for partial payment, together with all additional documentation required herein and by the Contract Documents, will result in the request for partial payment being held over for submission during the succeeding payment period. § 3.4.3 Subcontractor covenants that all sums paid by Collage to it shall be, and hereby are, impressed with a trust in favor of laborers, sub-subcontractors and materialmen furnishing labor and material to Subcontractor in connection with the Work, as well as in favor of any taxes, insurance premiums, or governmental fees owed in connection with the Work. Subcontractor will apply the payments received from Collage for these purposes before using any part thereof for any other purpose. Subcontractor sh...