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 Contractor Fee, plus the Preconstruction Fee, plus the actual Cost of the Work substantiated by Contractor’s final accounting. Said sum shall not exceed the GMP. 14.2.2 Subtract amounts, if any, for which 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 Contractor. If the aggregate of previous payments made by Owner exceeds the amount due Contractor, Contractor shall reimburse the difference to Owner within 30 days, with interest at the rate applicable to Owner payments under Section E.5.1.3 of the 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 Contractor Fee, plus the Preconstruction Fee, plus the actual Cost of the Work substantiated by the Contractor’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. 14.2.3 Subtract the aggregate of previous payments made by Owner to Contractor. If the aggregate of previous payments made by Owner exceeds the amount due the Contractor, the Contractor 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 General ConditionsConditions for Public Improvement Contracts.