PAYMENT TO THE SUBCONTRACTOR – SUBCONTRACT AGREEMENT

PAYMENT TO THE SUBCONTRACTOR – SUBCONTRACT AGREEMENT

  • The SUBCONTRACTOR shall submit to the CONTRACTOR fully itemized invoices detailing the Subcontract Price breakdown as per procedures described in the Appendix D. Such invoices shall be supported by supporting documents reasonably required by the CONTRACTOR.
  • Payment of any amounts to the SUBCONTRACTOR under this Subcontract shall only be due and payable if and when such amounts are recognized by the COMPANY as being due and payable and have actually been paid by the COMPANY. Such payments shall be made within the period stated in Appendix D, following acceptance of the SUBCONTRACTOR’s invoice and the CONTRACTOR’s receiving from the COMPANY on account of the Main Contract Works, a payment which includes the sum in respect of the Subcontract Works.

The CONTRACTOR shall pay to the SUBCONTRACTOR in respect of the work done by the SUBCONTRACTOR a sum not exceeding the sum calculated in accordance with the rates and prices specified in Appendix D, but subject to such deduction of retention monies as may be specified or deducted in the Main Contract and/or the Subcontract.

If the CONTRACTOR disputes any item of any invoice, in whole or in part, the CONTRACTOR shall pay only the undisputed portion of that invoice. If the invoice submitted by the SUBCONTRACTOR is not in accordance with the procedure provided for in Appendix D, the CONTRACTOR shall pay only those parts of the invoice that, in the CONTRACTOR’s opinion, have been satisfactorily documented.

The CONTRACTOR is entitled to withhold any sums or payments withheld under the Main Contract that is relevant to the Subcontract Works. All such withholdings shall be deemed to have been included in the Subcontract Price and the SUBCONTRACTOR shall not be entitled to any additional payment as a result thereof. (See Particular Terms and Conditions Appendix P)

  • No amount shall be paid to the SUBCONTRACTOR until the CONTRACTOR has received and approved the On Demand Bonds.
  • All costs and expenses (if any) incurred by the CONTRACTOR in connection with the remittance of payment, which may be charged by the sending bank, shall be borne and paid by the CONTRACTOR.
  • All bank charges, costs and expenses for the SUBCONTRACTOR to receive or transfer the payment shall be borne and paid by the SUBCONTRACTOR.

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