Common use of Calculation of Final Payment Clause in Contracts

Calculation of Final Payment. The amount of the final payment shall be calculated as follows: 14.2.1 Take the sum of the CM/GC Fee, plus the Preconstruction Fee, plus the actual Cost of the Work substantiated by the CM/GC’s final accounting. Said sum shall not exceed the GMP. 14.2.2 Subtract amounts, if any, for which the Owner’s Authorized Representative withholds, in whole or in part, approval of payment. 14.2.3 Subtract the aggregate of previous payments made by Owner to CM/GC. If the aggregate of previous payments made by Owner exceeds the amount due the CM/GC, the CM/GC shall reimburse the difference to Owner within 30 Days with interest at the rate applicable to Owner payments under the Oregon Tech General Conditions.

Calculation of Final Payment. The amount of the final payment shall be calculated as follows: 14.2.1 Take the sum of the CM/GC Fee, plus the Preconstruction Fee, plus the actual Cost of the Work substantiated by the CM/GC’s 's final accounting. Said sum shall not exceed the GMP. 14.2.2 Subtract amounts, if any, for which the Owner’s Authorized Representative withholds, in whole or in part, approval of payment.Representative 14.2.3 Subtract the aggregate of previous payments made by Owner to the CM/GC. If the aggregate of previous payments made by Owner exceeds the amount due the CM/GC, the CM/GC shall reimburse the difference to Owner within 30 Days days, with interest at the rate applicable to Owner payments under Section E.5.1.3 of the State of Oregon Tech General Conditions.