Common use of Payments from Bond Finance Clause in Contracts

Payments from Bond Finance. 4.2.1 Progress payments shall be made from the loan to be obtained by the OWNER as set out in clause 7 (if applicable, subject to clause 4.3 below).at the request of the CONTRACTOR in such amounts as may be authorised by the inspection committee of the financial institution holding a bond over the property The final payment shall be made upon the issue of an Occupation Certificate in respect of the building.