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Section 5— Payment

Clause 50.3

Payment — Schedule

Purpose

The assessment dates are stated in the Contract Data. If none stated, assessments are made monthly starting one month after the Starting Date.

Practical Application

The payment schedule drives cash flow planning. The Contractor should know the assessment and payment dates and plan applications accordingly.

Common Pitfalls

If the assessment date falls on a non-working day, check whether it moves to the next working day. The contract does not specify this automatically.

Related Clauses

Clause 50.1Clause 52.1

📖 This summary is for reference. For the full, authoritative NEC4 contract text — including all amendments, guidance notes, and flow charts — visit the official NEC website.

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⚠️ This commentary is for reference only. Always refer to the full NEC4 contract text and seek professional legal or contractual advice for your specific project.