Examples of Progress Payments in a sentence
Progress payments will be made monthly for Work duly certified, approved by the Engineer, and performed (based on the Schedule of Values and actual quantities of Work performed) during the calendar month preceding the Application for Payment.
Progress payments may be withheld for failure to comply with this requestSupplemental Specifications to theStandard Specifications for Road and Bridge Construction, 2012 Edition Effective with the April 29, 2016 Letting The Engineer’s written consent to subcontract, assign, or otherwise dispose of any portion ofthe Contract does not, under any circumstances, relieve the Contractor or the surety of their respective liabilities and obligations under the Contract.
Progress payments may be delayed, in whole or in part, until the as-built drawings are brought up to date to the satisfaction of City.
Cash collateral or bank deposit balances.(b) Progress payments are deducted from the asset formula.(c) The agency may relax the asset formula to an appropriate extent for the time actually necessary for con- tract performance, if the contractor’s working capital and credit are inad- equate.
Progress payments are payment for a portion of work completed on public construction contracts in connection with estimates submitted by a prime contractor to the state agency.