Common use of Acceptance of Final Payment Clause in Contracts

Acceptance of Final Payment. The acceptance by the Contractor, or by anyone claiming by or through the Contractor, of the final payment shall constitute and operate as a release to the Authority from any and all claims of any liability to the Contractor for anything theretofore done or furnished for or relating to or arising out of the work done thereunder, and for any prior act, neglect, or default on the part of the Authority or any of its officers, agents, or employees unless the Contractor serves a detailed and verified statement of claim upon the Authority not later than 40 days after signature of final agreement by the Contractor. As contract payments are routinely made via electronic funds transfer, and final agreements do not include any further payment to the Contractor, acceptance of final payment shall be deemed to be signature of the final agreement by the Contractor, or signature of the final agreement by the Chief Engineer if the Contractor has failed to respond within 180 days after being provided the final agreement. Such statement shall specify the items and details upon which the claim will be based and any such claim shall be limited to such items. Should the Contractor refuse to accept the final payment it shall constitute a waiver of any right to interest thereon. Notwithstanding the provision of the Court of Claims Act or of any other statute, the Contractor expressly understands and agrees that no action shall lie or be maintained by the Contractor, or anyone claiming by or through the Contractor, against the Authority upon any claim arising out of or based upon this contract or by reason of any act or omission or requirement of the Authority or its agents, unless such action shall be commenced within six months after delivery of the final payment. No payment to the Contractor by the Authority shall limit or qualify any defense, claim or counterclaim otherwise available to the Authority relating to this contract.” Add the following after the last paragraph: “In lieu of the above, providing there is sufficient contract retainage, the Contractor may authorize the Authority to continue to withhold a portion of the cash and/or securities, retained from contract payments, equal to at least double the value of the uncompleted work agreement. All other provisions of this subsection shall remain in force and unchanged.” Add the following:

Acceptance of Final Payment. The acceptance by the Contractor, or by anyone claiming by or through the Contractor, of the final payment shall constitute and operate as a release to the Authority from any and all claims of any liability to the Contractor for anything theretofore done or furnished for or relating to or arising out of the work done thereunder, and for any prior act, neglect, or default on the part of the Authority or any of its officers, agents, or employees unless the Contractor serves a detailed and verified statement of claim upon the Authority not later than 40 days after signature of final agreement by the Contractor. As contract payments are routinely made via electronic funds transfer, and final agreements do not include any further payment to the Contractor, acceptance of final payment shall be deemed to be signature of the final agreement by the Contractor, or signature of the final agreement by the Chief Engineer if the Contractor has failed to respond within 180 days after being provided the final agreement. Such statement shall specify the items and details upon which the claim will be based and any such claim shall be limited to such items. Should the Contractor refuse to accept the final payment it shall constitute a waiver of any right to interest thereon. Notwithstanding the provision of the Court of Claims Act or of any other statute, the Contractor expressly understands and agrees that no action shall lie or be maintained by the Contractor, or anyone claiming by or through the Contractor, against the Authority upon any claim arising out of or based upon this contract or by reason of any act or omission or requirement of the Authority or its agents, unless such action shall be commenced within six months after delivery of the final payment. No payment to the Contractor by the Authority shall limit or qualify any defense, claim or counterclaim otherwise available to the Authority relating to this contract.” Add the following after the last paragraph: “In lieu of the above, providing there is sufficient contract retainage, the Contractor may authorize the Authority to continue to withhold a portion of the cash and/or securities, retained from contract payments, equal to at least double the value of the uncompleted work agreement. All other provisions of this subsection shall remain in force and unchanged.” Add the following:”

Acceptance of Final Payment. The acceptance by the Contractor, or by anyone claiming by or through the Contractor, of the final payment shall constitute and operate as a release to the Authority from any and all claims of any liability to the Contractor for anything theretofore done or furnished for or relating to or arising out of the work done thereunder, and for any prior act, neglect, or default on the part of the Authority or any of its officers, agents, or employees unless the Contractor serves a detailed and verified statement of claim upon the Authority not later than 40 days after signature of final agreement by the Contractor. As contract payments are routinely made via electronic funds transfer, and final agreements do not include any further payment to the Contractor, acceptance of final payment shall be deemed to be signature of the final agreement by the Contractor, or signature of the final agreement by the Chief Engineer if the Contractor has failed to respond within 180 days after being provided the final agreement. Such statement shall specify the items and details upon which the claim will be based and any such claim shall be limited to such items. Should the Contractor refuse to accept the final payment it shall constitute a waiver of any right to interest thereon. Notwithstanding the provision of the Court of Claims Act or of any other statute, the Contractor expressly understands and agrees that no action shall lie or be maintained by the Contractor, or anyone claiming by or through the Contractor, against the Authority upon any claim arising out of or based upon this contract or by reason of any act or omission or requirement of the Authority or its agents, unless such action shall be commenced within six months after delivery of the final payment. No payment to the Contractor by the Authority shall limit or qualify any defense, claim or counterclaim otherwise available to the Authority relating to this contract.” Add the following after the last paragraph: “In lieu of the above, providing there is sufficient contract retainage, the Contractor may authorize the Authority to continue to withhold a portion of the cash and/or securities, retained from contract payments, equal to at least double the value of the uncompleted work agreement. All other provisions of this subsection shall remain in force and unchanged.” Add the following: