Interim Installment Payment definition

Interim Installment Payment means a payment due upon completion of a Stage of Completion in accordance with Section 4.2 and Exhibit Q.
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Interim Installment Payment means a payment due upon completion of a Stage of Completion in accordance with Article 5.2 and Exhibit Q. Contract No. 1420110868 6 November 14, 2011 Initials
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Examples of Interim Installment Payment in a sentence

  • Builder shall credit the amount of any such direct payment to the next Interim Installment Payment due from Owner.

  • In the event of such suspension, the Effective Date of this Agreement shall be deemed to be the date that the first Interim Installment Payment is received by Builder and the Project Schedule, including all Delivery Dates, shall be adjusted commensurately with the period of suspension.

  • Baselined Adjustments will be applied to increase or decrease (as the case may be) the Interim Installment Payment corresponding to such Stage of Completion indicated on Builder’s Invoice.

  • In the event that Owner shall fail to pay the first Interim Installment Payment upon the date of execution of the Agreement, Builder shall have the right, at its sole discretion, to (i) cancel this Agreement, in which event Builder shall have no further obligation to Owner hereunder, or (ii) suspend performance of the Agreement until such Interim Installment Payment is received.

  • In no event shall an Interim Installment Payment event require payment to the Builder for any Vessel that has not achieved the progress of Work required for that Interim Installment Payment for that Vessel, notwithstanding achievement by other Vessels.

  • In the event that Owner fails to pay the first Interim Installment Payment on the date of execution of the Agreement, Builder shall have the right to (i) cancel this Agreement, in which event Builder shall have no further obligation to Owner hereunder, or (ii) suspend performance of the Agreement until Owner pays the first Interim Installment Payment.

  • In the event of such suspension, the Effective Date of this Agreement shall be deemed to be the date on which Owner pays the first Interim Installment Payment and the Project Schedule, including the Delivery Date, shall be adjusted commensurate with the period of suspension.

  • Without limitation to the foregoing, in addition, the first such Interim Installment Payment that becomes due after the subject increase or decrease shall be adjusted by an amount equal to the product of (x) the amount of the increase or decrease in the Contract Price and (y) the aggregate percentage of the Contract Price required to be paid on or before the due date of such Interim Installment Payment.

  • The failure, refusal or neglect of the Lazarus Parties to pay any of the Deferred Interim Installment Payments by the respective Deferred Interim Installment Payment Date or the failure to pay the entire Deferred Interim Payment by October 31, 2019.

  • OWNER shall be considered in default under this Agreement if (a) after a period of 30 calendar days after receipt of an invoice for an Interim Installment Payment, the BUILDER has not been paid, or (b) after 5 calendar days after Acceptance of Vessel, in accordance with Article VI-B, BUILDER has not been paid.