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.
Utah Provision to Include Final Billing
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Multi-State
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US-OL4024B
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How to fill out Provision To Include Final Billing?
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Owner to Prime Contractor (Private): 30 days after receipt of invoice. Prime Contractor to Subcontractor (Private): 30 days after receipt of payment from owner. Interest/Penalties (Private): Interest at statutory rate unless otherwise agreed by contract.
Contractors to subcontractors Contractors must pay each subcontractor the amount owed within 7 calendar days of receiving payment from the owner. If a subcontractor has not received payment within the required timeline, they may issue a Notice of Adjudication to initiate an adjudication process.
Maximum retainage is 5% of the total construction project price. Retainage by parties other than the owner is also limited to 5%. Summary of Utah Retainage requirements and laws for Utah construction projects including free forms, FAQs, resources and more.
When an employer separates an employee from the employer's payroll the unpaid wages of the employee become due immediately, and the employer shall pay the wages to the employee within 24 hours of the time of separation at the specified place of payment.
Regarding payments to subcontractors, the prime must make progress payments within 30 days after they received payment. Final payments must be made within 10 days of when the prime received payment.
Any owner, public agency, original contractor, or subcontractor who knowingly and wrongfully withholds a retention shall be subject to a charge of 2% per month on the improperly withheld amount, in addition to any interest otherwise due.
Utah Retainage Private Projects FAQs Maximum retainage is 5% of the total construction project price. Retainage by parties other than the owner is also limited to 5%. Summary of Utah Retainage requirements and laws for Utah construction projects including free forms, FAQs, resources and more.
