SUBSTANTIAL COMPLETION PAYMENT Sample Clauses
The Substantial Completion Payment clause defines the conditions under which a payment is made to the contractor once the project or a specified portion of it is deemed substantially complete. Typically, this means the work is sufficiently finished so that the owner can use or occupy the project for its intended purpose, even if minor items remain unfinished. The clause outlines the process for certifying substantial completion, the calculation of the payment amount (often the contract price minus retainage or costs to complete minor items), and any documentation required. Its core function is to ensure the contractor receives timely compensation for reaching a major project milestone, while also protecting the owner's interests by withholding final payment until all work is fully completed.
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SUBSTANTIAL COMPLETION PAYMENT. 76.1. The Contractor shall submit with the Substantial Completion requisition:
76.1.1. A final verified statement of any pending Article 60 disputes in accordance with the PPB Rules and this Contract and any and all alleged claims against the City, in any way connected with or arising out of this Contract (including those as to which details may have been furnished pursuant to 0, Article 60, Article 61, and Article 63 setting forth with respect to each such claim the total amount thereof, the various items of labor and materials included therein, and the alleged value of each item; and if the alleged claim be one for delay, the alleged cause of each such delay, the period or periods of time, giving the dates when the Contractor claims the performance of the Work or a particular part thereof was delayed, and an itemized statement and breakdown of the amount claimed for each such delay.
76.1.1.1. With respect to each such claim, the Commissioner, the Comptroller and, in the event of litigation, the City Corporation Counsel shall have the same right to inspect, and to make extracts or copies of, the Contractor’s books, vouchers, records, etc., as is referred to in 0, Article 60, Article 61, and Article 63, Nothing contained in Article 76.
1.1.1 is intended to or shall relieve the Contractor from the obligation of complying strictly with 0, Article 60, Article 61 and Article 63. The Contractor is warned that unless such claims are completely set forth as herein required, the Contractor upon acceptance of the Substantial Completion payment pursuant to this Article will have waived any such claims.
76.1.2. A Final Approved Punch List.
76.1.3. Where required, a request for an extension of time to achieve Substantial Completion or final extension of time.
76.2. The Commissioner shall issue a voucher calling for payment of any part or all of the balance due for Work performed under the Contract, including monies retained under Article 54, less any and all deductions authorized to be made by the Commissioner, under this Contract or by Law, and less twice the amount the Commissioner considers necessary to ensure the completion of the balance of the Work by the Contractor. Such a payment shall be considered a partial and not a final payment. No Substantial Completion payment shall be made under this Article where the Contractor failed to complete the Work within the time fixed for such completion in the Schedule A, or within the time to which completion may have been ...
SUBSTANTIAL COMPLETION PAYMENT. On or after the date on which Contractor delivers to Owner a Notice of Substantial Completion accepted (or deemed to have been accepted) by Owner pursuant to Section 13.3, Contractor shall submit a Contractor’s Invoice with respect to achievement of Substantial Completion. Owner shall pay to Contractor the Substantial Completion Payment in accordance with Section 6.5.1, subject to the requirements of Substantial Completion set forth in Section 13.2 having been met in all material respects.
SUBSTANTIAL COMPLETION PAYMENT. 44.1 The Contractor shall submit with the Substantial Completion requisition:
SUBSTANTIAL COMPLETION PAYMENT. Upon submission to Owner of the completed Substantial Completion Checklist, Owner shall pay to Developer the amount set forth in Exhibit D.
SUBSTANTIAL COMPLETION PAYMENT. Payment for Substantial Completion will be conditioned upon Contractor’s compliance with those requirements of Section 17.4 below.
SUBSTANTIAL COMPLETION PAYMENT. Payment by Owner upon Substantial Completion shall be in consideration of Contractor’s unconditional covenant and agreement to complete all final Punch List Items. Owner may retain a sum equal to one hundred and fifty percent (150%) of the costs estimated by Owner necessary to complete any such Punch List Items. Thereafter, Owner shall pay to the Contractor monthly the amounts retained for such Punch List Items to the extent that each Punch List Item is satisfactorily completed by Contractor and accepted by Owner.
SUBSTANTIAL COMPLETION PAYMENT. 44.1 The Contractor shall submit with the Substantial Completion requisition:
44.1.1 A final verified statement of any pending Article 27 disputes in accordance with the PPB Rules and this Contract and any and all alleged claims against the City, in any way connected with or arising out of this Contract (including those as to which details may have been furnished pursuant to Articles 11, 27, 28, and 30) setting forth with respect to each such claim the total amount thereof, the various items of labor and materials included therein, and the alleged value of each item; and if the alleged claim be one for delay, the alleged cause of each such delay, the period or periods of time, giving the dates when the Contractor claims the performance of the Work or a particular part thereof was delayed, and an itemized statement and breakdown of the amount claimed for each such delay.
SUBSTANTIAL COMPLETION PAYMENT. The Director shall issue a voucher calling for payment to the Construction Manager of any part or all of the balance due for Work for which payment is requested, including moneys retained hereunder, less any and all deductions authorized to be made by the Director, under this Agreement or by law, and less twice the amount the Director considers necessary to ensure the completion of the balance of the Work. No further partial payments shall be made to the Construction Manager after the Director determines that the Work is substantially complete, except the Substantial Completion payment and any requisitions for partial payment that were properly filed with the Director prior to the date of Substantial Completion; provided, however, the Director may grant a waiver for further partial payments after the date of Substantial Completion to permit payments for change order work and/or release of retainage and deposits pursuant to Article 25. Such waiver shall be in writing.
SUBSTANTIAL COMPLETION PAYMENT. (a) Subject to Sections 4.4(a) and 4.8, Contracting Authority covenants and agrees to pay to Project Co the Substantial Completion Payment and the applicable HST on the Substantial Completion Payment Date.
(b) Notwithstanding Section 4.3(a), if the Warranty Letter of Credit has not been delivered to Contracting Authority by the Substantial Completion Payment Date, Contracting Authority may withhold from the Substantial Completion Payment a holdback amount of $[REDACTED] (the “Warranty Cash Amount”). In such an event, the Warranty Cash Amount may be withheld by Contracting Authority until the date that is two Business Days following the date that the Warranty Letter of Credit has been delivered to Contracting Authority and, upon such second Business Day, the Warranty Cash Amount shall be paid by Contracting Authority to Project Co. Until receipt of the Warranty Letter of Credit, Contracting Authority may use the Warranty Cash Amount in the place of, in the same manner as and for the same purpose as the Warranty Letter of Credit. The withholding of the Warranty Cash Amount in accordance with this Section 4.3(b) until Project Co’s delivery of the Warranty Letter of Credit to Contracting Authority shall be Contracting Authority’s sole remedy for failure on the part of Project Co to deliver the Warranty Letter of Credit by the Substantial Completion Payment Date and, for greater certainty, Contracting Authority shall not be entitled to withhold payment of the balance of the Substantial Completion Payment as a result of any such failure on the part of Project Co.
SUBSTANTIAL COMPLETION PAYMENT. Upon Substantial Completion acceptance, the Customer shall make payment of retainage applying to such Work or designated portion thereof within the time provided in Section 4.4. Such payment shall be reasonably adjusted to reflect the dollar value of Work that is incomplete or not in accordance with the requirements of the Contract Documents.