Common use of Payment Statements Clause in Contracts

Payment Statements. Within 10 business days of receipt of the payment claim under clause 6.2, the Principal must issue a payment statement to the Consultant which must set out: the payment claim to which it relates; the value of the work carried out by the Consultant in accordance with the Contract as at the date of the payment claim; the amount already paid to the Consultant; any amount the Principal is entitled to retain, deduct, withhold or set-off under the Contract; the amount (if any) which the Principal proposes to pay the Consultant on account of the Fee and otherwise under the Contract; and if the amount to be paid is less than the claimed amount, the reason why the amount is less, including any reason for retaining, deducting, withholding or setting-off where relevant.

Payment Statements. Within 10 business days of receipt of the payment claim under clause 6.28.2, the Principal must issue a payment statement to the Consultant which must set out: the payment claim to which it relates; the value of the work carried out by the Consultant in accordance with the Contract as at the date of the payment claim; the amount already paid to the Consultant; any amount the Principal is entitled to retain, deduct, withhold or set-off under the Contract; the amount (if any) which the Principal proposes to pay the Consultant on account of the Fee and otherwise under the Contract; and if the amount to be paid is less than the claimed amount, the reason why the amount is less, including any reason for retaining, deducting, withholding or setting-off where relevant.