FINAL COMPLETION, FINAL PAYMENT AND RELEASE OF RETENTION Sample Clauses

The 'Final Completion, Final Payment and Release of Retention' clause establishes the conditions under which the contractor is recognized as having fully completed all contractual obligations, triggering the release of any remaining payments, including retention funds held back during the project. Typically, this clause requires the contractor to submit all necessary documentation, resolve outstanding issues, and obtain formal acceptance from the owner before final payment is processed. Its core function is to ensure that all work is satisfactorily finished and that the owner is protected against incomplete or defective performance before releasing the last portion of payment.
FINAL COMPLETION, FINAL PAYMENT AND RELEASE OF RETENTION. 9.8.1 Upon receipt of written notice that the Work is ready for final inspection and acceptance and upon receipt of a final Application for Payment, the Contracting Officer will promptly make such inspection and, when he/she finds the Work acceptable under the Contract Documents, all items on the Contracting Officer’s Punch List completed to the Contracting Officer’s satisfaction and the Agreement fully performed, the Contracting Officer will promptly issue a final Certificate for Payment, which shall set forth his/her final determination of the actual quantities and measurements of the completed work, and stating that to the best of his/her knowledge, information and belief, and on the basis of its observations and inspections, the Work has been completed in accordance with the terms and conditions of the Contract Documents and that the entire balance found to be due the Contractor, and noted in said final Certificate of Payment, is due and payable. R A F T 9.8.2 Neither the Final Payment nor the retained percentage shall become due until the Contractor submits to the Contracting Officer (1) an affidavit that all payrolls, bills for materials and equipment, and other indebtedness connected with the Work for which GLWA or its property might in any way be responsible, have been paid or otherwise satisfied; (2) consent of surety, if any, to final payment and release of retention; and (3) final, unconditional general releases and final sworn statements and waivers of claim from Contractor and all Subcontractors, Sub- Subcontractors, laborers and material suppliers in the forms required by the Contracting Officer. Notwithstanding the foregoing, the Contractor’s final waiver and unconditional release is not required to be submitted in advance of Final Payment but may be exchanged for Final Payment.
View SourceView Similar (4)
FINAL COMPLETION, FINAL PAYMENT AND RELEASE OF RETENTION. 9.8.1 Upon receipt of notice from Contractor that the Work is ready for final inspection, Owner’s Representative will make such inspection. Final Completion shall be when Owner’s Representative determines that the Work is fully completed and in accordance with the Contract Documents, including without limitation, satisfaction of all "punch list" items, and determines that a Certificate of Occupancy has been issued by the Owner’s Building Official. The City will file a Notice of Completion within 15 days after Final Completion. After receipt of the final Application for Payment, if Owner’s Representative determines that Final Completion has occurred, Owner’s Representative will issue the final Certificate for Payment. 9.8.2 Final payment and retention shall be released to Contractor, as set forth in Article 9.8.3, after: .1 Contractor submits the final Application for Payment and all submittals required in accordance with Article 9.3; .2 Contractor submits all guarantees and warranties procured by Contractor from Subcontractors, all operating manuals for equipment installed in the Project, as-built documents, and all other submittals required by the Contract Documents;
View SourceView Similar (2)
FINAL COMPLETION, FINAL PAYMENT AND RELEASE OF RETENTION. 9.8.1 Upon receipt of notice from Contractor that the Work is ready for final inspection, Contracting Officer’s Representative will make such inspection. Final Completion shall be when Contracting Officer’s Representative determines that the Work is fully completed and in accordance with the Contract Documents, including without limitation, satisfaction of all "punch list" items, and determines that a Certificate of Occupancy has been issued by the County’s Building Official. County will file a Notice of Completion within fifteen (15) days after Final Completion. After receipt of the final Application for Payment, if Contracting Officer’s Representative determines that Final Completion has occurred, Contracting Officer’s Representative will issue the final Certificate For Payment. 9.8.2 Final payment and retention shall be released to Contractor, as set forth in Section 9.8.3, after: .1 Contractor submits the final Application for Payment and all submittals required in accordance with Section 9.3;
View Source

Related to FINAL COMPLETION, FINAL PAYMENT AND RELEASE OF RETENTION

  • Amendment of Release Schedule The new release schedule will apply 10 days after the Escrow Agent receives a certificate signed by a director or officer of the Issuer authorized to sign (a) stating that the Issuer has become an established issuer by satisfying one of the conditions in section 3.1 and specifying the condition; (b) stating that the release schedule for the Issuer’s escrow securities has changed; (c) stating that the Issuer has issued a news release at least 10 days before the first release date under the new release schedule and specifying the date that the news release was issued; and (d) specifying the new release schedule.

  • Timing of Release of Claims Whenever in this Agreement a payment or benefit is conditioned on the Executive’s execution and non-revocation of a release of claims, such as the separation agreement referenced in Section 11(a) hereof, such release must be executed and all revocation periods shall have expired within 60 days after the Date of Termination; failing which such payment or benefit shall be forfeited. If such payment or benefit constitutes Non-Exempt Deferred Compensation, then, subject to subsection (c) above, such payment or benefit (including any installment payments) that would have otherwise been payable during such 60-day period shall be accumulated and paid on the 60th day after the Date of Termination provided such release shall have been executed and such revocation periods shall have expired. If such payment or benefit is exempt from Section 409A of the Code, the Company may elect to make or commence payment at any time during such 60-day period.

  • PRE-RELEASE OF RECEIPTS The Depositary may issue Receipts against the delivery by the Issuer (or any agent of the Issuer recording Share ownership) of rights to receive Shares from the Issuer (or any such agent). No such issue of Receipts will be deemed a "Pre-Release" that is subject to the restrictions of the following paragraph. Unless requested in writing by the Issuer to cease doing so, the Depositary may, notwithstanding Section 2.3 hereof, execute and deliver Receipts prior to the receipt of Shares pursuant to Section 2.2 ("Pre-Release"). The Depositary may, pursuant to Section 2.5, deliver Shares upon the receipt and cancellation of Receipts which have been Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release or the Depositary knows that such Receipt has been Pre-Released. The Depositary may receive Receipts in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation and agreement from the person to whom Receipts are to be delivered (the "Pre-Releasee") that the Pre-Releasee, or its customer, (i) owns the Shares or Receipts to be remitted, as the case may be, (ii) assigns all beneficial rights, title and interest in such Shares or Receipts, as the case may be, to the Depositary in its capacity as such and for the benefit of the Owners, and (iii) will not take any action with respect to such Shares or Receipts, as the case may be, that is inconsistent with the transfer of beneficial ownership (including, without the consent of the Depositary, disposing of such Shares or Receipts, as the case may be), other than in satisfaction of such Pre-Release, (b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary determines, in good faith, will provide substantially similar liquidity and security, (c) terminable by the Depositary on not more than five (5) business days notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The number of Shares not deposited but represented by American Depositary Shares outstanding at any time as a result of Pre-Releases will not normally exceed thirty percent (30%) of the Shares deposited hereunder; provided, however, that the Depositary reserves the right to disregard such limit from time to time as it deems reasonably appropriate, and may, with the prior written consent of the Issuer, change such limit for purposes of general application. The Depositary will also set Dollar limits with respect to Pre-Release transactions to be entered into hereunder with any particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the Deposit Agreement, the collateral referred to in clause (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee's obligations to the Depositary in connection with a Pre-Release transaction, including the Pre-Releasee's obligation to deliver Shares or Receipts upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities hereunder). The Depositary may retain for its own account any compensation received by it in connection with the foregoing.

  • Commencement of Benefits The benefits commence six (6) months from the date that disability began, which shall include the period of payment under the terms of the Short Term Income Protection Plan. Proof of disability must be submitted within six (6) months following the Qualifying Period.

  • Scope of Release The provisions of this Release shall be deemed to obligate, extend to, and inure to the benefit of the parties; Company's parents, subsidiaries, affiliates, successors, predecessors, assigns, directors, officers, and employees; and each parties insurers, transferees, grantees, legatees, agents and heirs, including those who may assume any and all of the above-described capacities subsequent to the execution and effective date of this Release.