PAYMENTS DUE CONTRACTOR Clause Samples
The "Payments Due Contractor" clause defines the contractor's right to receive payment for work performed under the contract. It typically outlines the schedule for payments, such as upon completion of specific milestones or at regular intervals, and may specify the documentation required to trigger payment, like invoices or progress reports. This clause ensures that the contractor is compensated in a timely manner for services rendered, helping to maintain cash flow and reduce disputes over payment timing.
PAYMENTS DUE CONTRACTOR. If the unpaid balance of the Contract Sum exceeds the cost of finishing the Project, including any costs, expenses or damages incurred by the Owner as a result of the event of default, including attorneys’ and consultants’ fees and the administrative expense of the Owner’s staff, Contractor shall be paid for Work satisfactorily performed. If such costs exceed the unpaid balance, the Contractor will pay the difference to the Owner. The obligations under this Paragraph will survive the termination of this Agreement.
PAYMENTS DUE CONTRACTOR. In the event of a termination, the Contractor shall be paid for services rendered up to the date of termination. However, from the amount due there shall be deducted:
7.6.1 All advances or other payments on account made to the Contractor which is applicable to the terminated portion of this Contract; and
7.6.2 Any claim which CSTB may have against the Contractor in connection with this Contract or any other prior Contract; and
7.6.3 The agreed-for-price for, or the proceeds of the sale of, any materials, supplies or other things acquired by the Contractor or sold pursuant to the provisions of this clause and not otherwise recovered by or credited to CSTB; and
7.6.4 any outstanding questioned or disallowed costs attributable to the Contractor arising out of an investigation, monitoring report or audit of this Contract or any other Contract Contractor had with CSTB.
7.6.5 If a termination under this Contract is partial, prior to the settlement of the terminated portion of this Contract, the Contractor may file with CSTB a request in writing for an equitable adjustment of the price or prices specified in the Contract relating to the continued portion of the contract.