Common use of IT IS FURTHER AGREED THAT Clause in Contracts

IT IS FURTHER AGREED THAT. upon completion and acceptance of the work by the SPONSOR, the SPONSOR shall submit to the DEPARTMENT the "Sponsor's Certification of Right of Way Acquisition form, if necessary, and “Sponsor’s Certification of Final Acceptance” form, and the final invoice. The DEPARTMENT shall process the final invoice report initiating the DEPARTMENT’s project close-out procedures. Whereupon the DEPARTMENT shall pay to the SPONSOR a sum equal to one hundred percent (100%) of the total compensation as set forth in ARTICLE VIII, herein, and consistent with all approved invoices, less the total of all previous partial payments, paid or in the process of payment. The SPONSOR agrees that acceptance of this final payment shall be in full and final settlement of all claims arising against the DEPARTMENT for work done, materials furnished, costs incurred, or otherwise arising out of this Agreement and shall release the DEPARTMENT from any and all further claims of whatever nature, whether known or unknown, for and on account of said Agreement, and for any and all work done, and labor and materials furnished in connection with the same. The SPONSOR shall allow the examination and verification of costs by the DEPARTMENT's representatives, in accordance with the provisions of Article XII, herein. If the DEPARTMENT’s examination of the contract cost records, as provided for in Article XII, results in unallowable expenses, the SPONSOR shall immediately be responsible for reimbursing the DEPARTMENT the full amount of such disallowed expenses.