Common use of Approval of Final Payment Clause in Contracts

Approval of Final Payment. If, on the basis of its observations and review of the Work during construction, its final inspection and its review of the final Estimate and Requisition for Payment, all as required by the Contract Documents, the AE is satisfied that the Work has been completed and the CM has fulfilled all of his obligations under the Contract Documents, it will, within ten (10) calendar days after receipt of the final Application for Payment, indicate in writing its approval of payment and deliver the application to the Owner. Otherwise, it will return the Application to the CM, indicating in writing its reason for refusing to approve final payment, in which case the CM will make the necessary corrections and resubmit the Application. The Owner will, within fifteen (15) calendar days after receipt of approved application for final payment, either indicate their approval of the estimate and requisition application for payment and within fifteen (15) calendar days pay the CM the amount approved by the Owner and issue a Certificate of Final Completion or return the application through the AE indicating in writing the reason for refusing to approve payment. In the latter case, the CM may make the necessary corrections and resubmit the application to the AE. If, after substantial Completion of the Work, final completion is materially delayed through no fault of the CM, and the AE so confirms, the Owner shall and without terminating the Agreement, make payment of the balance due for that portion of the Work fully completed and accepted. If the remaining balance for Work not fully completed or corrected is less than the retainage stipulated in the Agreement, and if bonds have been furnished, the written consent of the Surety to the payment of the balance due for that portion of the Work fully completed and accepted, shall be submitted by the CM to the AE, prior to certification of such payment. Such payment shall be made under the terms and conditions governing final payment, except that it shall not constitute a waiver of claims. If liquidated damages are to be deducted from the final payment, the Owner shall so notify the CM in writing at least ten (10) calendar days prior to the Owner's submittal to Finance. The CM will be required to submit with his final payment documents a DBE Participation Certification, indicating all DBE subcontractor(s) and amount(s) utilized for the PROJECT. At the final completion of the construction PROJECT the Owner's Project Manager will prepare a Contractor Performance Evaluation and forward to the CM for review, comment and signature. Upon receipt of the Contractor Performance Evaluation the CM will have seven (7) calendar days, from the date received, to review, comment, sign and return back to the Project manager. If the evaluation has not been received back from the CM within the seven (7) calendar days, the Owner will assume the CM fully agrees with and has no comments to the evaluation.

Approval of Final Payment. If, on the basis of its observations and review of the Work during construction, its final inspection and its review of the final Estimate and Requisition for Payment, all as required by the Contract Documents, the AE is satisfied that the Work has been completed and the CM has fulfilled all of his obligations under the Contract Documents, it will, within ten (10) calendar days after receipt of the final Application for Payment, indicate in writing its approval of payment and deliver the application to the Owner. Otherwise, it will return the Application to the CM, indicating in writing its reason for refusing to approve final payment, in which case the CM will make the necessary corrections and resubmit the Application. The Owner will, within fifteen (15) calendar days after receipt of approved application for final payment, either indicate their approval of the estimate and requisition application for payment and within fifteen (15) calendar days pay the CM the amount approved by the Owner and issue a Certificate of Final Completion or return the application through the AE indicating in writing the reason for refusing to approve payment. In the latter case, the CM may make the necessary corrections and resubmit the application to the AE. If, after substantial Completion of the Work, final completion is materially delayed through no fault of the CM, and the AE so confirms, the Owner shall and without terminating the Agreement, make payment of the balance due for that portion of the Work fully completed and accepted. If the remaining balance for Work not fully completed or corrected is less than the retainage stipulated in the Agreement, and if bonds have been furnished, the written consent of the Surety to the payment of the balance due for that portion of the Work fully completed and accepted, shall be submitted by the CM to the AE, prior to certification of such payment. Such payment shall be made under the terms and conditions governing final payment, except that it shall not constitute a waiver of claims. If liquidated damages are to be deducted from the final payment, the Owner shall so notify the CM in writing at least ten (10) calendar days prior to the Owner's submittal to Finance. The CM will be required to submit with his final payment documents a DBE Participation Certification, Certification indicating all DBE subcontractor(s) and amount(s) utilized for the PROJECT. At the final completion of the construction PROJECT the Owner's Project Manager will prepare a Contractor Performance Evaluation Evaluation, and forward to the CM for review, comment and signature. Upon receipt of the Contractor Performance Evaluation the CM will have seven (7) calendar days, from the date received, to review, comment, sign and return back to the Project manager. If the evaluation has not been received back from the CM within the seven (7) calendar days, the Owner will assume the CM fully agrees with and has no comments to the evaluation.

Approval of Final Payment. If, on the basis of its observations and review of the Work during construction, its final inspection and its review of the final Estimate and Requisition for Payment, all as required by the Contract Documents, the AE is satisfied that the Work has been completed and the CM has fulfilled all of his obligations under the Contract Documents, it will, within ten (10) calendar days after receipt of the final Application for Payment, indicate in writing its approval of payment and deliver the application to the Owner. Otherwise, it will return the Application to the CM, indicating in writing its reason for refusing to approve final payment, in which case the CM will make the necessary corrections and resubmit the Application. The Owner will, within fifteen (15) calendar days after receipt of approved application for final payment, either indicate their approval of the estimate and requisition application for payment and within fifteen (15) calendar days pay the CM the amount approved by the Owner and issue a Certificate of Final Completion or return the application through the AE indicating in writing the reason for refusing to approve payment. In the latter case, the CM may make the necessary corrections and resubmit the application to the AE. If, after substantial Completion of the Work, final completion is materially delayed through no fault of the CM, and the AE so confirms, the Owner shall and without terminating the Agreement, make payment of the balance due for that portion of the Work fully completed and accepted. If the remaining balance for Work not fully completed or corrected is less than the retainage stipulated in the Agreement, and if bonds have been furnished, the written consent of the Surety to the payment of the balance due for that portion of the Work fully completed and accepted, shall be submitted by the CM to the AE, prior to certification of such payment. Such payment shall be made under the terms and conditions governing final payment, except that it shall not constitute a waiver of claims. If liquidated damages are to be deducted from the final payment, the Owner shall so notify the CM in writing at least ten (10) calendar days prior to the Owner's submittal to Finance. The CM will be required to submit with his final payment documents a DBE Participation Certification, Form No. CMO:017 indicating all DBE subcontractor(s) and amount(s) utilized for the PROJECT. At the final completion of the construction PROJECT the Owner's Project Manager will prepare a Contractor Performance Evaluation Evaluation, Form No. CMO:018 and forward to the CM for review, comment and signature. Upon receipt of the Contractor Performance Evaluation the CM will have seven (7) calendar days, from the date received, to review, comment, sign and return back to the Project manager. If the evaluation has not been received back from the CM within the seven (7) calendar days, the Owner will assume the CM fully agrees with and has no comments to the evaluation.