The Construction Payment Contract serves as a crucial document in Philippine construction projects, establishing the financial framework between project owners and contractors. This contract type is essential when implementing construction projects in the Philippines, whether for commercial, residential, or infrastructure developments. It must comply with Philippine laws, including the Civil Code, Contractors' License Law, and relevant tax regulations. The document typically includes detailed payment schedules, progress payment mechanisms, retention provisions, and dispute resolution procedures. It's particularly important for protecting both parties' interests in construction projects and ensuring clear financial obligations while maintaining compliance with local construction industry standards and practices.
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1. Parties: Identification of the parties: the payor (client/owner) and payee (contractor/builder), including their complete legal names, addresses, and registration details
2. Background: Context of the construction project and the reason for this payment contract
3. Definitions: Key terms used throughout the contract, including technical construction terms and payment-related terminology
4. Contract Price: Total amount payable, including base price, taxes, and any adjustments
5. Payment Terms: Schedule of payments, payment milestones, and payment methods
6. Payment Conditions: Conditions that must be met before payments are released, including documentation requirements
7. Progress Payments: Structure and timing of progress payments, including the process for progress certification
8. Retention: Details of retention money, when it will be held and released
9. Variations: Process for handling and paying for variations to the original scope
10. Default and Remedies: Consequences of payment defaults and available remedies for both parties
11. Dispute Resolution: Process for resolving payment-related disputes
12. Governing Law: Specification of Philippine law as governing law and relevant jurisdictional matters
13. Execution: Signature blocks and execution formalities
1. Performance Security: Required when the project value exceeds certain thresholds or when specifically requested by the payor
2. Advance Payment: Include when there is an agreement for mobilization or advance payments
3. Price Escalation: Necessary for long-term projects subject to material price fluctuations
4. Foreign Currency Provisions: Required when payments involve multiple currencies
5. Tax Provisions: Detailed section needed when special tax arrangements apply
6. Insurance Requirements: Detailed insurance provisions when specific coverage is required for payment releases
7. Step-in Rights: Include for large projects where the payor may need rights to take over payment obligations
8. Force Majeure: Include specific payment provisions related to force majeure events
1. Payment Schedule: Detailed breakdown of payment milestones and amounts
2. Bill of Quantities: Itemized list of works and their corresponding prices
3. Progress Payment Certificate Template: Standard form for progress payment applications
4. Required Payment Documentation: List of documents required for payment processing
5. Performance Standards: Metrics and standards that must be met for payment release
6. Bank Account Details: Banking information for payment transfers
7. Tax Computation Schedule: Breakdown of applicable taxes and calculations
8. Variation Rate Schedule: Pre-agreed rates for potential variations to the work
Relevant legal definitions
Clauses
Relevant Industries
Construction
Real Estate Development
Infrastructure
Commercial Property
Residential Development
Industrial Construction
Public Works
Engineering
Architecture
Project Finance
Relevant Teams
Legal
Finance
Construction
Project Management
Commercial
Procurement
Operations
Risk Management
Compliance
Accounts Payable
Relevant Roles
Project Manager
Construction Manager
Finance Director
Contracts Administrator
Quantity Surveyor
Chief Financial Officer
Legal Counsel
Construction Director
Project Director
Site Manager
Financial Controller
Commercial Manager
Procurement Manager
Construction Supervisor
Project Accountant
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