ECM Installation Payments definition
Examples of ECM Installation Payments in a sentence
If the reasonable cost to complete the Work exceeds the unused balance of the ECM Installation Payments, Owner shall be entitled to a return of such amount from ESP.
Notwithstanding anything to the contrary in this Section, ESP shall not be entitled to an amount in excess of the lesser of: (i) the portion of the ECM Installation Payments that equals the percentage of ECM Installation Work completed on the date such termination becomes effective, or (ii) total ECM Installation Payments reduced by the amount of payments previously made.
Any Work that may be required or implied by, or inferred from, the Contract Documents, or any one or more of them, as necessary to produce the intended result shall be provided by ESP for the sum of ECM Installation Payments and ECM Continuing Services Payments.
As retainage, Owner may retain up to 10% of the ECM Installation Payments in each application for payment submitted before and until the Work is 50% complete, based on the schedule of values.
This Agreement, the ECM Installation Payments and ECM Continuing Services Payments, and the Project Installation Schedule may be changed only by Change Order or by Contract Amendment as provided in this Article 9.
Within INSERT DAYS calendar days following the beginning of the Contract Time for Work, ESP shall submit to Owner a schedule of values allocating the total ECM Installation Payments among the various portions of the ECM Installation Work in proportion to the pro rata cost associated with such portions.
The execution of a Change Order or Contract Amendment by ESP shall constitute conclusive evidence of ESP’s agreement to the changes in the Work, this Agreement as thus amended, the ECM Installation Payments or ECM Continuing Services Payments, and the Project Installation Schedule, as applicable.
In the event that ECM Installation Payments are increased by Change Order or Contract Amendment, the penal sum of both the performance bond and the payment bond shall be deemed increased by like amount.
Based upon applications for payment in conformity with this Agreement, Owner shall pay, or authorize the Escrow Agent to pay, the ECM Installation Payments to ESP as set forth in this Section.
As a condition precedent to the interim and final ECM Installation Payments, ESP shall provide Owner (i) if required by Owner, an interim or final lien waiver as set forth in O.C.G.A. § ▇▇-▇▇-▇▇▇, and (ii) a sworn written statement in conformance with the provisions of O.C.G.A. § 44-14-361.2(a)(2) that the agreed price or reasonable value of all labor, services, or materials in connection with this Agreement have been paid.