Common use of Acceptance of Final Payment Clause in Contracts

Acceptance of Final Payment. (1) The acceptance by the Contractor, or by any one claiming by or through it, of the final payment shall, except with respect to the amount retained by the Fund pursuant to the provisions of subdivisions b and c of Section 4.18 of the Agreement, constitute and operate as a release to the Fund from any and all claims of any liability for anything theretofore done or furnished for or relating to or arising out of the work covered by the Contract and for any prior act, neglect or default on the part of the Fund or any of its trustees, officers, agents or employees in connection therewith. (2) Should the Contractor refuse to accept the final payment as tendered by the Fund or should the Contractor refuse to execute the final application for payment without protest and without reserving any rights or claims against the Fund, it shall constitute a waiver of any right to interest on the amount of the payment so tendered and/or on the amount set forth in said final application for payment.

Acceptance of Final Payment. (1) The acceptance by the Contractor, or by any one anyone claiming by or through it, of the final payment shall, except with respect to the amount retained by the Fund University pursuant to the provisions of subdivisions b and c of Section 4.18 of the Agreement, constitute and operate as a release to the Fund University from any and all claims of any liability for anything theretofore done or furnished for or relating to or arising out of the work covered by the Contract and for any prior act, neglect or default on the part of the Fund University or any of its trustees, officers, agents or employees in connection therewith. (2) Should the Contractor refuse to accept the final payment as tendered by the Fund University or should the Contractor refuse to execute the final application for payment without protest and without reserving any rights or claims against the FundUniversity, it shall constitute a waiver of any right to interest on the amount of the payment so tendered and/or on the amount set forth in said final application for payment.