Final Completion Payment Sample Clauses

The Final Completion Payment clause defines the terms under which the last payment is made to the contractor upon the project's full completion. Typically, this payment is contingent on the contractor fulfilling all contractual obligations, passing final inspections, and submitting required documentation such as warranties or as-built drawings. Its core function is to ensure that the contractor completes all aspects of the work to the satisfaction of the client before receiving the final portion of the contract sum, thereby incentivizing thorough project completion and protecting the owner's interests.
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Final Completion Payment. On or after the date on which Contractor delivers to Owner a Notice of Final Completion accepted (or is deemed to have been accepted) by Owner pursuant to Section 13.5, Contractor shall submit a final Contractor’s Invoice (a “Final Contractor’s Invoice”) which shall set forth all amounts due to Contractor that remain unpaid as of the date of such invoice (including (a) any remaining Punchlist Holdback that has not been released to Contractor in accordance with Section 13.1.3 and (b) any remaining Excluded Taxes for which Owner is liable to indemnify Contractor under this Agreement. Owner shall pay to Contractor the amount due under such Final Contractor’s Invoice (the “Final Completion Payment”) in accordance with Section 6.5.1, subject to the requirements of Final Completion set forth in Section 13.4 having been met in all material respects.
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Final Completion Payment. If based on the Owner Representative’s (1) observation of the Design-Build Work, (2) final inspection, and (3) review of the Final Completion Payment Request and other documents required by subsections (A) and (C) of this Section and Section 33.4., the Owner Representative is satisfied that the conditions for Final Completion have been achieved, the Owner Representative shall, within 15 days after receipt of the Final Completion Payment Request, furnish to the City and the Design-Builder the Owner Representative’s recommendation of payment for Final Completion. If the Owner Representative is not satisfied, the Owner Representative shall return the Final Completion Payment Request to the Design-Builder, indicating in writing the reasons for not recommending payment, in which case the Design-Builder shall either (1) exercise its right to contest the Owner Representative’s determination in accordance with Section 34.3.(E), or (2) make the necessary corrections and resubmit the Final Completion Payment Request.
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Final Completion Payment. (a) Upon Final Completion, Contractor shall submit a Final Completion Certificate together with a statement summarizing and reconciling all previous invoices, payments, and Change Orders, and an affidavit that all payrolls, payroll taxes, liens, charges, claims, demands, judgments, security interests, bills for materials and equipment, and any indebtedness connected with the Work for which Contractor may in any way be responsible, have been paid or otherwise secured in a manner acceptable to Owner, accompanied by releases and waivers of liens from Contractor and all Subcontractors to be paid with proceeds of the final payment, and such other data as Owner or Lender may reasonably request establishing payment of or surety for payment of all such obligations. Subject to subsections (b) and (c) below, within thirty (30) Days of the receipt of such statements, Owner shall pay Contractor all remaining amounts due. Acceptance by Contractor of the payment upon Final Completion shall constitute a release of Owner from all liens (whether statutory or otherwise and including mechanic's or suppliers' liens) or claims for additional compensation hereunder with respect to any Work performed or furnished in connection with this Agreement except for any claims made in writing and provided to Owner by Contractor prior to Final Completion which remain unsettled. No payment by Owner shall be deemed a waiver by Owner of any obligation of Contractor under this Agreement.
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Related to Final Completion Payment

  • Final Completion Date Final Completion for the Work as defined in Article 6.1.3 of the General Conditions to the Continuing Contract for Construction Management shall be achieved by October 31, 2024.

  • Final Completion The full and final completion of all Work in accordance with the Contract Documents.

  • FINAL COMPLETION AND FINAL PAYMENT 9.9.1 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 Architect will promptly make such 9.9.2 Neither the final payment nor the remaining retained percentage shall become due until the Contractor submits to the Architect (1) an affidavit that all payrolls, bills for materials and equipment, and other indebtedness connected with the Work for which the State or its property might in any way be responsible, have been paid or otherwise satisfied; (2) consent of surety, if any, to final payment; (3) Other data establishing payment or satisfaction of all such obligations, including, but not limited to, receipts, releases, or other supporting documentation. and (4) final waivers of liens arising out of the Contract, to the extent and in such form as may be designated by the State. If any Subcontractor refuses to furnish a release or waiver required by the State, the Contractor may furnish a bond satisfactory to the State to indemnify him against any such lien. If any such lien remains unsatisfied after all payments are made, the Contractor shall refund to the State all moneys that the latter may be compelled to pay in discharging such lien, including all costs and reasonable attorneys' fees. 9.9.3 If, after Substantial Completion of the Work, final completion thereof is materially delayed through no fault of the Contractor or by the issuance of Change Orders affecting final completion, and the Architect so confirms, the State shall, upon application by the Contractor and certification by the Architect, and without terminating the Contract, make payment of the balance due for that portion of the Work fully completed and accepted. If the remaining balance for Work not fully completed or corrected is less than the retainage stipulated in the Contract Documents, and if bonds have been furnished as required by the Contract Documents, the written consent of the surety to the payment of the balance due for that portion of the Work fully completed and accepted shall be submitted by the Contractor to the Architect prior to certification of such payment. Such payment shall be made under the terms and conditions governing final payment, except that it shall not constitute a waiver of claims. 9.9.4 The making of final payment shall constitute a waiver of all claims by the State except those arising from: (a) unsettled liens, (b) faulty or defective Work appearing after Substantial Completion, (c) failure of the Work to comply with the requirements of the Contract Documents, or (d) terms of any special warranties required by the Contract Documents. 9.9.5 The acceptance of final payment shall constitute a waiver of all claims by the Contractor except those previously made in writing and identified by the Contractor as unsettled at the time of the final Application for Payment.

  • Project Completion Date It is agreed between the Parties that the Project Completion Date is <END DATE, YEAR>. If the Project is not completed by such date then, subject to an amendment agreed to between the Parties, Alberta Innovates may elect to terminate this Investment Agreement. In such event, Alberta Innovates will notify the Applicant of its decision to terminate as soon as reasonably practical and shall advise the Applicant of the effective date of termination. Alberta Innovates will have no liability or obligation to reimburse the Applicant for any Project Costs incurred after the effective date of termination and may require the Applicant to return any portions of the Investment which were spent on Ineligible Expenses. Additionally, any portion of the Investment not used and accounted for in accordance with this Agreement as of the Project Completion Date or earlier termination is repayable by the Applicant to AI at AI’s request.

  • Substantial Completion Date Substantial Completion of the Work as defined in Article 6.1.2 of the General Conditions to the Continuing Contract for Construction Management shall be achieved by July 31, 2022.