Common use of Payment Certificate Clause in Contracts

Payment Certificate. (a) Within 5 Business Days of receipt of a Payment Claim under Section 1(b) of this Schedule 3, the Fee Paying Party to whom a Payment Claim was issued, acting reasonably, by notice to the Independent Certifier must: (i) advise that the Fee Paying Party intends to make the payment set out in its Payment Claim and deliver a Payment Certificate to the Independent Certifier for the amount of its Payment Claim; or (ii) advise that the Fee Paying Party does not intend to make all or part of the payment set out in its Payment Claim, providing the reasons for its decision, and deliver a Payment Certificate to the Independent Certifier for any amounts to which the Fee Paying Party maintains that the Independent Certifier is entitled (if any), and Section 5 of this Schedule 3 applies in respect of the remainder. (b) The amount set out by the Fee Paying Party in its Payment Certificate under Section 2(a) of this Schedule 3 will be adjusted by: (i) any amounts which the relevant Fee Paying Party is owed or entitled to deduct or has deducted under this agreement; and (ii) any correction or modification to previous Payment Certificates of the relevant Fee Paying Party issued under Section 2(a) of this Schedule 3. (c) The Fee Paying Party may for any reason in any Payment Certificate: (i) correct any error in any of its previous Payment Certificates; or (ii) acting reasonably, modify any of its previous Payment Certificates, previously issued by the Fee Paying Party.

Payment Certificate. (a) Within 5 Business Days of receipt of a Payment Claim under Section 1(b) of this Schedule 3, the Fee Paying Party to whom a Payment Claim was issued, acting reasonably, by notice to the Independent Certifier must: (i) advise that the Fee Paying Party intends to make the payment set out in its Payment Claim and deliver a Payment Certificate to the Independent Certifier for the amount of its Payment Claim; or (ii) advise that the Fee Paying Party does not intend to make all or part of the payment set out in its Payment Claim, providing the reasons for its decision, and deliver a Payment Certificate to the Independent Certifier for any amounts to which the Fee Paying Party maintains that the Independent Certifier is entitled (if any), and Section 5 of this Schedule 3 applies in respect of the remainder. (b) The amount set out by the Fee Paying Party in its Payment Certificate under Section 2(a) of this Schedule 3 will be adjusted by: (i) any amounts which the relevant Fee Paying Party is owed or entitled to deduct or has deducted under this agreement; and (ii) any correction or modification to previous Payment Certificates of the relevant Fee Paying Party issued under Section 2(a) of this Schedule 3. (c) The Fee Paying Party may for any reason in any Payment Certificate: (i) Certificate correct any error in any of its previous Payment Certificates; or (ii) acting reasonably, modify any of its previous Payment Certificates, previously issued by the Fee Paying Party.