Conditions Precedent to Disbursement of Final Payment Sample Clauses
The 'Conditions Precedent to Disbursement of Final Payment' clause defines the specific requirements that must be satisfied before the final payment is released to a contractor or service provider. Typically, these conditions may include completion of all contractual work, submission of necessary documentation such as warranties or lien waivers, and approval of the work by the client or an inspector. By establishing clear prerequisites for final payment, this clause ensures that all parties fulfill their obligations and helps prevent disputes over incomplete or unsatisfactory work.
Conditions Precedent to Disbursement of Final Payment. Neither Final Payment nor any remaining Contract Sum shall become due until the Contractor submits to the District each and all of the following, the submittal of which are conditions precedent to the District's obligation to disburse the Final Payment: (i) an affidavit or certification by the Contractor that payrolls, bills for materials and other indebtedness incurred in connection with the Work for which the District or the District's property may or might be responsible have been paid or otherwise satisfied; (ii) a certificate evidencing that insurance required by the Contract Documents to remain in force after the Contractor's receipt of Final Payment is currently in effect; (iii) a written statement that the Contractor knows of no substantial reason that the insurance will not be renewable to cover any period following Final Payment as required by the Contract Documents; (iv) consent of the Surety on the Labor and Material Payment Bond and Performance Bond, to Final Payment if required; (v) duly completed and executed forms of Conditional and Unconditional Waivers and Releases of rights upon Final Payment of the Contractor, Subcontractors of any tier and Material Suppliers in accordance with California Civil Code §§8136 and 8138, with each of the same stating that there are, or will be, no claims for additional compensation after disbursement of the Final Payment; (vi) Operations and Maintenance manuals and separate warranties provided by any manufacturer or distributor of any materials or equipment incorporated into the Work; (vii) the As-Built Drawings; (viii) the form of Guarantee included in the Contract Documents duly executed by an authorized representative of the Contractor; (ix) any and all other items or documents required by the Contract Documents to be delivered to the District upon completion of the Work; (x) the completion and submittal of all reports required by the Contract Documents and (xi) if required by the District, such other data establishing payment or satisfaction of obligations such as receipts, releases and waivers of liens, stop payment notices, claims, security interest or encumbrances arising out of the Contract to the extent and in such form as may be required by the District.
Conditions Precedent to Disbursement of Final Payment. Submittal of the following are express conditions precedent to disbursement of the Final Payment: (i) duly completed and executed forms of Conditional or Unconditional Waivers and Releases of rights upon Final Payment of the Contractor, Subcontractors of any tier and Material Suppliers in accordance with California Civil Code §§8136 or 8138, with each of the same stating that there are, or will be, no claims for additional compensation after disbursement of the Final Payment; (ii) Operations and Maintenance manuals, separate warranties provided by any manufacturer or distributor of any materials or equipment incorporated into the Work and other close-out requirements set forth in the DSA Approved Documents; (iii) the Record Drawings; and (iv)
Conditions Precedent to Disbursement of Final Payment. The disbursement of the Final Payment portion of the PDC Grant is subject to the following conditions to be satisfied by the County to PDC’s satisfaction prior to the Closing:
(a) PDC shall have determined, in its sole discretion, that there is sufficient budget appropriation and availability of the PDC Grant;
(b) PHB, or its designee, shall have transferred fee title to the Property to the County;
(c) The County and PHB shall have entered into the DA;
(d) The County and Home Forward shall have entered into the County/Home Forward IGA;
(e) PDC has received documentation indicating that the City of Portland Bureau of Development Services is ready to issue the building permits that are required to construct the Project;
(f) All land use approvals and permits for the Project required by Title 33 of the Code of the City of Portland shall have been secured and no appeal of any required approval or permit shall have been filed, and the time for any such appeal shall have expired. If an appeal was filed, it shall have been finally resolved;
(g) PDC shall have amended the Plan to allow for expenditures for a public building consistent with the Project to be owned by the County;
(h) All financing necessary to construct the Project has closed and/or the County has obtained non-contingent commitments for such financing;
(i) No litigation is pending that prevents PDC or the County from performing their respective obligations under this Agreement; and
(j) No Event of Default shall have occurred.