Oregon Provision to Include Final Billing

State:
Multi-State
Control #:
US-OL4024B
Format:
Word; 
PDF
Instant download

Description

This office lease provision states that the landlord and the tenant mutually acknowledge a good faith estimate, but that only the real estate brokerage fee has actually been determined. Thereafter, the agreed upon sum will be adjusted, increased or decreased, accordingly to reflect the actual sum once determined.

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FAQ

ORS 279C. 580(3)(a) obligates the Contractor to pay their Subcontractors for their Work within 10 Calendar Days after they receive payment for such Work from the Agency. That provision must be included in each subcontract.

In 1982, Congress passed the Prompt Payment Act to require Federal agencies to pay their bills on a timely basis; to pay interest penalties when payments are made late, and to take discounts.

Under Oregon law, owners must make progress payments no later than 14 days after the date billing is received, and they have only 7 days to make the final payment after work is approved. However, these deadlines only apply to private projects.

Oregon. The maximum late fee for overdue invoices in Oregon is 5% of the balance per month.

The Prompt Payment Act requires State agencies to pay properly submitted, undisputed invoices within 45 calendar days of initial receipt. If the requirement is not met, State departments must automatically calculate and pay the appropriate late payment penalties as specified in Government Code section 927, et seq.

For purposes of ORS 701.143 (Requirement for timely filing of complaints), ?Substantial completion? occurs when a person in the position of the owner would reasonably conclude that the contractor had fulfilled its obligations under the contract and that final payment was due.

ORS 279C. 580(3)(a) obligates the Contractor to pay their Subcontractors for their Work within 10 Calendar Days after they receive payment for such Work from the Agency. That provision must be included in each subcontract. ORS 279C.

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Oregon Provision to Include Final Billing