Common use of Final Payment Submissions Clause in Contracts

Final Payment Submissions. Final payment, constituting the entire unpaid balance of the contract sum, shall be paid by the Owner to the Demolition Contractor when the Contract Work has been completed, and the Contract fully performed. Final payment will be made only in conjunction with Wyo. Stat. § 16-6-116 and 117, as amended. 19.5.4.1 No final payment will be made until the Demolition Contractor files a sworn statement, stating that all claims for material and labor performed under the Contract have been made and paid. The sworn statement shall be filed with the appropriate entity, as designated in Wyo. Stat. § 16-6-117. A copy of the sworn statement shall be provided to the Agency and Surety. Failure of the Demolition Contractor to provide the sworn statement to the Surety will not relieve the Surety from liability under the bond. 19.5.4.2 If any claim for material and labor is disputed, the sworn statement shall so state and include a copy of any claim or lien and the amount claimed. The amount claimed shall be deducted from the final payment and retained by the Agency until the dispute is resolved, as provided in Wyo. Stat. § 16-6-117. The parties agree that the Agency may, at its discretion, place the disputed amount in an interest bearing account. In the event the funds are placed in an interest bearing account, any and all accrued interest shall belong to the Agency. 19.5.4.3 Final payment to the Demolition Contractor based on its sworn statement of no disputed claims for material or labor shall not relieve the Surety from liability on any bond if outstanding material or labor claims or liens exist, and if material men and/or laborers properly followed the procedures described in Wyo. Stat. § 16-6-121.