Addendum to Master Subcontractor Agreement - Night Owl National Contractors Inc.

Addendum Subcontractor Invoice Submittal

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Introduction

Thank you for being a valued subcontractor for Night Owl Companies.

The below contract addendum spells out additional obligations for each party moving forward.

Please note that this contract addendum is valid for:

Night Owl National Contractors
Night Owl Electric
Night Owl National Stoneworks
Night Owl Restoration Division

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This Addendum to the Master Subcontract Agreement (“Master Agreement”) is entered into on(Required)

(effective date)

by and between Night Owl Companies , Inc. (the “Contractor”) and(Required)

(the Subcontractor) enter your company name here

Now, therefore, in consideration of the mutual covenants and considerations herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Contractor and Subcontractor hereby agree as follows:

Subject: Subcontractor Invoice Submittal

This Addendum is hereby made to the Master Subcontractor Agreement between Night Owl National Contractors, Inc. (“NONC”) and the subcontractor. This Addendum outlines the specific invoicing requirements and payment terms for projects awarded to subcontractors with a budget over $40,000.

Weekly Progress Billing or Incremental Invoicing for Large Projects For any job (project) awarded to a subcontractor that is budgeted over $40,000, the following invoicing structure must be adhered to:
- Subcontractors are required to submit weekly progress billing on the job.
- Alternatively, subcontractors can invoice in increments of 25%, 50%, 75%, and 100% of project completion. For example, a project with a budget of $100,000 should be billed at 25% completion, 50% completion, 75% completion, and 100% upon final completion.
- Invoices submitted for the full amount of a project without adhering to the above-mentioned incremental billing guidelines will be paid out in increments over 30 days from the due date.
Final Invoicing Requirements All jobs must be billed in full no later than 30 days past the date of completion. Failure to submit invoices within this timeframe may result in delayed payment, up to 60 days from the due date. Subcontractors are encouraged to submit their invoices to Night Owl National Contractors in a timely manner to avoid payment delays.

SIGNATURE

IN WITNESS WHEREOF, the parties hereto have executed this Master Agreement as of the Effective Date

IN WITNESS WHEREOF, the parties hereto have executed this Master Agreement as of the Effective Date.

Night Owl Companies, Inc.

By:

NAME: Tia Rollins

TITLE: C.O.O. / Director of Business

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