Common use of Final Payment and Acceptance Clause in Contracts

Final Payment and Acceptance. If OWNER is satisfied that the Work has been completed and DESIGN/BUILDER's other obligations under the Contract Documents have been fulfilled, OWNER will, within ten (10) days after receipt of the final Application for Payment, give written notice to DESIGN/BUILDER that the Work is acceptable. Otherwise, OWNER will return the Application to DESIGN/BUILDER, indicating in writing the reasons for refusing to process final payment, in which case DESIGN/BUILDER shall make the necessary corrections and resubmit the Application. Thirty (30) days after the presentation to OWNER of the acceptable Application and accompanying documentation, in appropriate form and substance and with OWNER's notice of acceptability, the remaining Contract Price less $* will become due and will be paid by OWNER to DESIGN/BUILDER. The $* will become due upon receipt by OWNER of a satisfactory verbal or written emissions compliance report from a third party mutually selected by OWNER and DESIGN/BUILDER confirming regulatory compliance of the air emissions performance tests prescribed by the applicable Department of Environmental Quality or similar agency for the State of Kansas. *OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

Final Payment and Acceptance. A. If OWNER is satisfied that the Work has been completed and DESIGN/BUILDER's other obligations under the Contract Documents have been fulfilled, OWNER will, within ten (10) days after receipt of the final Application for Payment, give written notice to DESIGN/BUILDER that the Work is acceptable. Otherwise, OWNER will return the Application to DESIGN/BUILDER, indicating in writing the reasons for refusing to process final payment, in which case DESIGN/BUILDER shall make the necessary corrections and resubmit the Application. Thirty (30) days after the presentation to OWNER of the acceptable Application and accompanying documentation, in appropriate form and substance and with OWNER's notice of acceptability, the remaining Contract Price less $* will become due and will be paid by OWNER to DESIGN/BUILDER. The $* will become due upon receipt by OWNER of a satisfactory verbal or written emissions compliance report from a third party mutually selected by OWNER and DESIGN/BUILDER confirming regulatory compliance of the air emissions performance tests prescribed by the applicable Department of Environmental Quality or similar agency for the State of Kansas. ** OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WHICH HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.. -62-