PAYMENT AND RETAINAGE. 7.4.1 Within fourteen (14) days following the receipt of the Design Professional certificate of approval for payment and the written detailed findings of items not approved, if any, the Owner shall pay to the CM@Risk the amount due on the progress payment application. However, the payment shall be limited to 90% of the approved value of the construction work in place and the value of materials suitably stored in accordance with Section 7.6.1 below of these General Conditions during the month being billed. The remaining 10% shall be retained by the Owner until the Contract is 50% complete at which time the retainage shall be reduced to no more than 5%; provided that: (a) the CM@Risk is making satisfactory progress on the Contract; and (b) in the Owner’s sole judgment, there is no specific cause or claim requiring a greater amount than 5% to be retained. Thereafter, the Owner shall pay the CM@Risk 95% of the value of the construction work and materials on approved progress xxxxxxxx, unless and until it determines satisfactory progress is not being made, at which time the 10% Retainage may be reinstated. Such 10% reinstatement would be 10% of the total contract value of construction work in place and materials stored. The Owner’s determination concerning the satisfactory progress of the Work for retainage adjustment purposes shall be final.
PAYMENT AND RETAINAGE. Contractor shall pay each subcontractor for satisfactory performance of its contract no later than 10 calendar days from receipt of each payment Consultant receives from Agency. In addition, Contractor shall return any retainage payments to each subcontractor within 10 calendar days after the subcontractor's work is satisfactorily completed.
PAYMENT AND RETAINAGE. The Contractor may submit requests for partial payments on a monthly basis, or other interval as approved by the Engineer. Compensation for all pay items shall be in accordance with the Standard Specifications. The amount of partial payments will be based on the work accomplished and accepted by the last day of the approved pay period. Upon satisfactory completion of the work and acceptance by the Department, the contractor shall submit invoices in triplicate for each job site according to materials used. All invoices shall have a separate invoice number and include the Requisition and Purchase Order Number of the appropriate contract. All invoice items and unit costs shall correspond to contract pay items. In the event of error or discrepancy in items or unit costs, the Department may return the invoice to the contractor for correction. The invoice shall be completely and legibly filled out with all appropriate information and shall be signed by an authorized representative of the Contractor. All requests for payment shall be submitted to the Beaufort County Maintenance Engineer’s office. Due to the nature of the contract, no retainage will be withheld. However, the Department reserves the right to withhold payment for a specific location until after successful completion of the work as verified by the final inspection of that location.
PAYMENT AND RETAINAGE. The Owner shall make progress payments to the Trade Contractor for Work performed in accordance with the Contract Documents. Such progress payments shall be based on the actual progress of the Work, as approved by the Owner, and on the Trade Contract Price as adjusted by Change Orders, if any issued in accordance with Paragraph 9.2.1. The Owner shall retain 10% of the amount of each progress payment. The Owner, in its discretion, may not require additional retainage after 50% of the Trade Contractor's work is completed. Any amount retained by the Owner under this Paragraph 10.2.1 on account of any Trade Contractor shall be paid when final payment on account of such Trade Contractor is made pursuant to Section 10.3. Progress payments shall be made within thirty days after the submission by the Trade Contractor of a request therefor complying with the requirements of Paragraph 10.2.2. Payment for Work pursuant to this Paragraph 10.2.1 shall not constitute acceptance of such Work or relieve the Trade Contractor of its responsibility to complete and guarantee the Work in accordance with the Contract Documents.
PAYMENT AND RETAINAGE. ( a) Unless otherwise provided in this MSA or a particular Statement of Work, the undisputed portion of each invoice properly rendered and delivered hereunder shall be due and payable within thirty (30) days following the date such invoice is actually received by SOV. Any amounts disputed by SOV shall be disputed in accordance with the provisions of Section 20.3 [Payment Disputes]. All payments shall be made to Supplier by SOV in U.S. dollars, unless otherwise specifically agreed upon and set forth in the applicable Statement of Work.
PAYMENT AND RETAINAGE. Payment (partial payment for lump sum task orders; payment of actual costs incurred for cost-plus task orders) will be made to the CM/GC on a monthly basis upon submission of a Progress Report/Project Schedule, an invoice stating the percent of completion of each task (for lump sum task orders) or a listing of actual costs incurred (for cost-plus task orders), and appropriate supporting documentation. Invoices shall be in the STATE’s format and shall include a DBE-IS form with each invoice. The STATE may withhold retainage on this contract if deemed necessary by the Contract Administrator assigned by the STATE to this AGREEMENT. If retainage is withheld, payment for retainage may be released at any time during the contract period at the discretion of the contracting officer. The CM/GC may withhold retainage on subcontractors only if the STATE withholds retainage on the subcontractor’s portion of the contract. If the CM/GC withholds retainage from the subcontractor, it will be released upon request for final payment from the subconsultants. The CM/GC shall pay subcontractors for work performed within seven (7) days after CM/GC receives payment from the STATE for work performed by the subcontractors. This requirement must be incorporated into all subcontractors’ agreements. Failure to comply with the seven (7) day requirement may cause the STATE to withhold payments to the CM/GC and the STATE may suspend work until the subconsultant is paid. It shall be the responsibility of the CM/GC and all subcontractors to keep records of all payments requested and the dates received. The STATE may request copies of this information in the form of a report.
PAYMENT AND RETAINAGE. 1. The Contractor shall, no more frequently than once a month, submit to the Owner a detailed Pay Application for the cost of the Work performed during the preceding month. Within 15 calendar days of receiving a Pay Application, the Owner shall pay Contractor 95% of the undisputed portion of the Pay Application for Contractor's satisfactory performance of the Work and the Project. Upon satisfactory completion of the Final Punch List, the Owner shall make final settlement payment of the remaining balance of the Contract Price in accordance with C.R.S § 00-00-000.
PAYMENT AND RETAINAGE. The Contractor may submit requests for partial payments on a monthly basis, or other interval as approved by the Engineer. Compensation for all pay items shall be in accordance with the Standard Specifications. The amount of partial payments will be based on the work accomplished and accepted by the last day of the approved pay period. Upon satisfactory completion of the work and acceptance by the Department, the contractor shall submit invoices in triplicate for each job site according to materials used. All invoices shall have a separate invoice number and include the Requisition and Purchase Order Number of the appropriate contract. All invoice items and unit costs shall correspond to contract pay items. In the event of error or discrepancy in items or unit costs, the Department may return the invoice to the contractor for correction. The invoice shall be completely and legibly filled out with all appropriate information and shall be signed by an authorized representative of the Contractor. All requests for payment shall be submitted to the Pamlico County Maintenance Engineer’s office. Due to the nature of the contract, no retainage will be withheld. However, the Department reserves the right to withhold payment for a specific location until after successful completion of the work as verified by the final inspection of that location. (12-15-09) 107-1 SP1 G152 By Executive Order 24, issued by Governor Xxxxxx, and N.C.G.S.§ 133-32, it is unlawful for any vendor or contractor (i.e. architect, bidder, contractor, construction manager, design professional, engineer, landlord, offeror, seller, subcontractor, supplier, or vendor), to make gifts or to give favors to any State employee of the Governor’s Cabinet Agencies (i.e. Administration, Commerce, Correction, Crime Control and Public Safety, Cultural Resources, Environment and Natural Resources, Health and Human Services, Juvenile Justice and Delinquency Prevention, Revenue, Transportation, and the Office of the Governor). This prohibition covers those vendors and contractors who:
PAYMENT AND RETAINAGE. The State will promptly pay the Contractor after the Contractor presents an itemized invoice for the services actually performed and the State's Authorized Representative accepts the invoiced services. Invoices must be submitted timely and according to the terms specified in the Engagement Addendum. Under Minn. Stat. § 16C.08, subd. 2 (10), no more than 90 percent of the amount due under this Contract may be paid until the final product of this Contract has been reviewed by the State’s agency head. The balance due will be paid when the State’s agency head determines that the Contractor has satisfactorily fulfilled all the terms of this Contract.
