Common use of Completion Settlement Clause in Contracts

Completion Settlement. 14.1 Application for completion settlement Unless otherwise specified in the Special Terms of the Contract, the Contractor shall, within 28 days after the completion acceptance is qualified, submit the application form of completion settlement and complete settlement data to the Project Owner and the Supervisor. The data list and copies of the application form of completion settlement shall be stipulated by the parties in the Special Terms of the Contract. Unless otherwise specified in the Special Terms of the Contract, the application form of completion settlement shall include: (1) The Contract Price for completion settlement; (2) Payments that have been made by the Project Owner to the Contractor; (3) The Quality Deposit that should be detained. Except where the performance bond has been paid or other forms of project quality guarantee have been provided; ​ ​ ​ ​ ​ (4) The Contract Price that should be paid by the Project Owner to the Contractor. 14.2 Approval of completion settlement (1) Unless otherwise specified in the Special Terms of the Contract, the Supervisor shall, within 14 days upon receipt of the application form of completion settlement, complete the review and submit it to the Project Owner. The Project Owner shall, within 14 days upon receipt of the application form of completion settlement reviewed by the Supervisor, complete the approval, and the Supervisor shall issue to the Contractor the completion payment certificate signed by the Project Owner. If the Supervisor or the Project Owner has objections to the application form of completion settlement, they shall have the right to request the Contractor to revise and provide supplementary data, and the Contractor shall submit the revised application form of completion settlement. If the Project Owner fails to complete the approval and raises no objection within 28 days upon receipt of the application form of completion settlement submitted by the Contractor, it shall be deemed that the Project Owner has approved the application form of completion settlement submitted by the Contractor and that the completion payment certificate has been issued from the 29th day upon receipt of the application form of completion settlement submitted by the Contractor. (2) Unless otherwise specified in the Special Terms of the Contract, the Project Owner shall complete the completion payment to the Contractor within 14 days upon the issuance of the completion payment certificate. If the Project Owner fails to pay within the time limit, it shall pay liquidated damages based on the benchmark interest rate for loans of the same period issued by the People's Bank of China. If the overdue payment exceeds 56 days, the Project Owner shall pay liquidated damages at twice the benchmark interest rate for loans of the same period issued by the People's Bank of China. (3) If the Contractor has any objection to the completion payment certificate issued by the Project Owner, it shall raise an objection to the objectionable part within 7 days upon receipt of the completion payment certificate issued by the Project Owner. The parties shall review it with the methods and procedures agreed upon in the Special Terms of the Contract or handled it following Article 20 (dispute resolution). For the unobjectionable part, the Project Owner shall issue a provisional completion payment certificate and complete the payment following paragraph (2) of this Article. If the Contractor fails to raise any objection within the time limit, it shall be deemed to have approved the approval result by the Project Owner. 14.3 Agreement on the completion of sporadic items If the Project Owner requires the completion of the sporadic items, the parties shall sign the completion agreement on the completion of sporadic items. It shall be specified in the agreement on the completion of sporadic items that the parties shall settle the completed and qualified works and pay the Contract Price following Article 14.1 (application for completion settlement) and 14.2 (approval of completion settlement).

Completion Settlement. 14.1 Application for 33.1 The Contractor shall deliver to the Client a completion settlement Unless otherwise specified in the Special Terms report of the Contract, the Contractor shall, Project and complete settlement materials within 28 days after the confirmation of the project completion acceptance is qualifiedinspection report by the Client, submit the application form final payment shall be settled by both parties based on the agreed Contract Price in accordance with the Agreement and adjustment to the Contract Price shall be made as stipulated in the Special Provisions of this contract. 33.2 The Client shall verify the completion settlement report and complete settlement data to materials delivered by the Project Owner and Contractor within 28 days after the Supervisorreceipt of them, either confirm it or put forward revision comments. The data list and copies of After the application form of Client has confirmed the completion settlement shall be stipulated by report and notify its bank to pay the parties in the Special Terms of the Contract. Unless otherwise specified in the Special Terms of the Contract, the application form of completion settlement shall include: (1) The Contract Price for completion settlement; (2) Payments that have been made by the Project Owner to the Contractor; (3) . The Quality Deposit that should be detained. Except where Contractor shall deliver the performance bond has been paid or other forms of project quality guarantee have been provided; ​ ​ ​ ​ ​ (4) The Contract Price that should be paid by the completed Project Owner to the Contractor. 14.2 Approval of completion settlement (1) Unless otherwise specified in the Special Terms of the Contract, the Supervisor shall, Client within 14 days upon after the receipt of the application form settlement payment. 33.3 The Engineer shall confirm the payment of completion settlement, complete the review and submit it 50% Retainage to the Project Owner. The Project Owner shall, within 14 days upon receipt of the application form of completion settlement reviewed by the Supervisor, complete the approval, and the Supervisor shall issue be paid to the Contractor at the time of the completion payment certificate signed settlement. The rest of the Retainage may be substituted by the Project Owner. letter of guarantee. 33.4 If the Supervisor or Client fails to pay the Project Owner has objections completion settlement payment within 28 days after the confirmation of the completion settlement report is submitted by the Contractor without good cause, the Client shall be responsible to pay the application form bank loan interest on the same period for the overdue Project price from the 29th day after the confirmation of the completion settlementsettlement report and bear the Default Liability. 33.5 If the Client fails to pay the project completion settlement payment within 28 days after the confirmation of the completion settlement report, they shall the Contractor have the right to request demand the Client to pay the settlement immediately. If 56 days after the confirmation of the completion settlement report, the Client still fails to pay, the Contractor and the Client can enter into an agreement to revise settle the outstanding amounts in discount. The Contractor can also choose to apply to the People’s Court to have such Project put up for auction and provide supplementary datathe proceeds of the Project discounted price and the auctioned price will be prioritized to satisfy the Contractor’s claims. 33.6 If the Contractor fails to deliver the completion settlement report and complete settlement material to the Client within 28 days after the confirmation of the Project acceptance inspection report by the Client, and resulting in the failure to carry out the normal proceeding for the Project completion settlement or the Project completion settlement payment cannot be timely paid, if the Client requests to deliver the Project, the Contractor shall submit meet their requirement to deliver; if the revised application form Client does not request the delivery of completion settlement. the Project, then the Contractor shall be responsible for custodial responsibility. 33.7 If there is dispute over the Project Owner fails to complete the approval and raises no objection within 28 days upon receipt of the application form of completion settlement submitted by payment between the Client and the Contractor, it shall be deemed that resolved as per the Project Owner has approved the application form of completion settlement submitted by the Contractor and that the completion payment certificate has been issued from the 29th day upon receipt of the application form of completion settlement submitted by the Contractor. (2) Unless otherwise specified stipulations in the Special Terms of the Contract, the Project Owner shall complete the completion payment to the Contractor within 14 days upon the issuance of the completion payment certificate. If the Project Owner fails to pay within the time limit, it shall pay liquidated damages based Clause 38 on the benchmark interest rate for loans of the same period issued by the People's Bank of China. If the overdue payment exceeds 56 days, the Project Owner shall pay liquidated damages at twice the benchmark interest rate for loans of the same period issued by the People's Bank of China. (3) If the Contractor has any objection to the completion payment certificate issued by the Project Owner, it shall raise an objection to the objectionable part within 7 days upon receipt of the completion payment certificate issued by the Project Owner. The parties shall review it with the methods and procedures agreed upon dispute resolution in the Special Terms of the Contract or handled it following Article 20 (dispute resolution). For the unobjectionable part, the Project Owner shall issue a provisional completion payment certificate and complete the payment following paragraph (2) this General Provisions of this Article. If the Contractor fails to raise any objection within the time limit, it shall be deemed to have approved the approval result by the Project Ownercontract. 14.3 Agreement on the completion of sporadic items If the Project Owner requires the completion of the sporadic items, the parties shall sign the completion agreement on the completion of sporadic items. It shall be specified in the agreement on the completion of sporadic items that the parties shall settle the completed and qualified works and pay the Contract Price following Article 14.1 (application for completion settlement) and 14.2 (approval of completion settlement).