Monthly Progress Payment definition

Monthly Progress Payment means the payment to be made to Company on months and as indicated on the Milestone Payment Schedule attached hereto as Exhibit C-2.
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Monthly Progress Payment means amounts paid by City to Developer pursuant to Monthly Progress Payment Requests.
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Examples of Monthly Progress Payment in a sentence

  • Monthly Progress Payment installments of the lump-sum Design Price, if applicable, shall be based on the percent completion of the overall Design Phase Requirements in accordance with the approved Design Phase Schedule of Values created pursuant to subsection (b) of this section.

  • Review and initial the Contractor’s Monthly Progress Payment Requests at payment review meetings.

  • The Department will pay the amount ultimately agreed under each Request for Monthly Progress Payment as and when required under each Pricing Package Amendment.

  • Each Request for Monthly Progress Payment shall be certified by the Progressive Contractor [Project Manager][NTD: conform to RFP Key Personnel role designated for this duty], and with respect to a Request for Monthly Progress Payment relating to design Work, the [Design Manager][NTD: conform to RFP Key Personnel role designated for this duty].

  • The agreed-upon form of Request for Monthly Progress Payment shall include such reasonable and customary certifications from the Progressive Contractor to the Department, as representations and warranties hereunder, as the Department shall require (e.g., Work completed to the level represented has been performed in compliance with the Agreement; information supporting the invoice is true, complete, and correct in all material respects, no double-counting, etc.).

  • The Request for Monthly Progress Payment shall identify the amount claimed to be payable for Construction Work, which amount shall be based upon the percentage of Construction Work for each Pricing Package completed since the previous Monthly Progress Payment (determined based upon the applicable Approved Schedule of Values), plus Department Approved amounts due under Provisional Sums in the Risk Register.

  • Each Monthly Progress Payment shall be made on or before the tenth (10th) day after such Request for Payment was received by Lender from Customer.

  • No Request for Monthly Progress Payment will be processed without such certification.

  • Certified Payroll records shall be submitted with each Monthly Progress Payment request showing records within ten (10) days of the billing period.

  • The Progressive Contractor shall prepare and deliver each Monthly Schedule Update with every Monthly Progress Payment Request.

Related to Monthly Progress Payment

  • Progress Payment means a payment by a public agency to a contractor for work in place under the terms of a construction contract.

  • Monthly Progress Report Shall have the meaning set forth in Section 13.7 (Monthly Progress Report).

  • Progress Payments County shall make periodic progress payments consist with the Contract Price on the basis of Contractor's Applications for Payments, as provided in paragraph 5.2.1 below. (Payment pursuant to this Contract shall be made as earned, in whole or in part, from available County funds in an amount not to exceed the contract amount.) 5.2.1 Prior to Contract Completion, unless terminated prior to Completion, progress payments shall occur in an amount equal to:

  • Monthly P&I means, with respect to any Receivable, the amount of each monthly installment of principal and interest payable with respect to such Receivable in accordance with the terms thereof, exclusive of any charges allocable to the financing of any insurance premium and charges which represent late payment charges or extension fees.

  • Payment Year means the calendar year during which the applicable Initial Year Payments or Annual Payments are due pursuant to subsection V.B. Payment Year 1 is 2022, Payment Year 2 is 2023 and so forth. References to payment “for a Payment Year” mean the Initial Year Payments or Annual Payment due during that year. References to eligibility “for a Payment Year” mean eligibility in connection with the Initial Year Payments or Annual Payment due during that year.