Common use of Payment Certificate Clause in Contracts

Payment Certificate. Within 10 Business Days after receipt of a Progress Claim, Honeywell will assess the claim and may issue a Payment Certificate identifying the amount of the progress payment which Honeywell has certified to pay to the Subcontractor and if the amount is less than the amount claimed in the Progress Claim, the reasons why. The amount to be paid in respect of the Progress Claim may be reduced by: 1) amounts which Honeywell is entitled to deduct under this Subcontract; 2) amounts already paid under this Subcontract; 3) the estimated cost of rectifying any Defective work; 4) any cash retentions that Honeywell is entitled to withhold as security under the Subcontract. In assessing the amount to be included in a Payment Certificate, Honeywell may ensure that the amount certified for payment is an amount which, after payment, would allow sufficient monies in the balance of the Subcontract Sum to pay for the completion of the Works. If the Subcontractor submits a Progress Claim before the time stipulated in Progress Claims Paragraph for the submission of that Progress Claim, such early submission will not require Honeywell to make payment under the Invoice and Payment Section or issue its Payment Certificate in respect of that Progress Claim under this earlier than would have been the case had the Subcontractor submitted its Progress Claim in accordance with the Progress Claims Paragraph.

Payment Certificate. Within 10 Business Days after receipt of a Progress Claim, Honeywell will assess the claim and may issue a Payment Certificate payment schedule identifying the amount of the progress payment which Honeywell has certified to pay to the Subcontractor and if the amount is less than the amount claimed in the Progress Claim, the reasons why. The amount to be paid in respect of the Progress Claim claim may be reduced by: 1) amounts which Honeywell is entitled to deduct under this Subcontract; 2) amounts already paid under this Subcontract; 3) the estimated cost of rectifying any Defective work; 4) any cash retentions that Honeywell is entitled to withhold as security under the Subcontract. In assessing the amount to be included in a Payment Certificate, Honeywell may ensure that the amount certified for payment is an amount which, after payment, would allow sufficient monies in the balance of the Subcontract Sum to pay for the completion of the Works. If the Subcontractor submits a Progress Claim before the time stipulated in Progress Claims Paragraph for the submission of that Progress Claim, such early submission will not require Honeywell to make payment under the Invoice and Payment Section or issue its Payment Certificate in respect of that Progress Claim under this earlier than would have been the case had the Subcontractor submitted its Progress Claim in accordance with the Progress Claims Paragraph.

Payment Certificate. Within 10 Business Days after receipt of a Progress Claim, Honeywell will assess the claim and may issue a Payment Certificate identifying the amount of the progress payment which Honeywell has certified to pay to the Subcontractor and if the amount is less than the amount claimed in the Progress Claimprogress claim, the reasons why. The amount to be paid in respect of the Progress Claim in the Payment Certificate may be reduced by: 1) amounts which Honeywell is entitled to deduct under this Subcontract; 2) amounts already paid under this Subcontract; 3) the estimated cost of rectifying any Defective work; 4) any cash retentions that Honeywell is entitled to withhold as security under the Subcontract. In assessing the amount to be included in a Payment Certificate, Honeywell may ensure that the amount certified for payment is an amount which, after payment, would allow sufficient monies in the balance of the Subcontract Sum to pay for the completion of the Works. If the Subcontractor submits a Progress Claim before the time stipulated in Progress Claims Paragraph herein for the submission of that Progress Claim, such early submission will shall not require Honeywell to make payment under the Invoice and Payment Section or issue its Payment Certificate in respect of that Progress Claim under this Section earlier than would have been the case had the Subcontractor submitted its Progress Claim in accordance with the Progress Claims Paragraphthis Section.