Common use of Calculation of Final Payment Clause in Contracts

Calculation of Final Payment. The amount of the final payment shall be calculated as follows: 15.2.1 Take the sum of the CM/GC Fee, plus the Preconstruction Fee, plus the actual Cost of the Work substantiated by the CM/GC's final accounting. Said sum shall not exceed the GMP. 15.2.2 Subtract amounts, if any, for which the Owner’s Authorized Representative withholds, in whole or in part, approval of payment. 15.2.3 Subtract the aggregate of previous payments made by the Owner to CM/GC. If the aggregate of previous payments made by the Owner exceeds the amount due the CM/GC, the CM/GC shall reimburse the difference to the Owner within 30 Days with interest at the rate applicable to the Owner payments.

Appears in 3 contracts

Samples: Cm/Gc Contract, Construction Manager/General Contractor Contract, Cm/Gc Contract

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Calculation of Final Payment. The amount of the final payment shall be calculated as follows: 15.2.1 14.2.1 Take the sum of the CM/GC Fee, plus the Preconstruction Fee, plus the actual Cost of the Work substantiated by the CM/GC's ’s final accounting. Said sum shall not exceed the GMP. 15.2.2 14.2.2 Subtract amounts, if any, for which the Owner’s Authorized Representative withholds, in whole or in part, approval of payment. 15.2.3 14.2.3 Subtract the aggregate of previous payments made by the Owner to CM/GC. If the aggregate of previous payments made by the Owner exceeds the amount due the CM/GC, the CM/GC shall reimburse the difference to the Owner within 30 Days with interest at the rate applicable to Owner payments under the Owner paymentsGeneral Conditions.

Appears in 2 contracts

Samples: Cm/Gc Contract, Cm/Gc Contract

Calculation of Final Payment. The amount of the final payment shall be calculated as follows: 15.2.1 14.2.1 Take the sum of the CM/GC Fee, plus the Preconstruction Fee, plus the actual Cost of the Work substantiated by the CM/GC's final accounting. Said sum shall not exceed the GMP. 15.2.2 14.2.2 Subtract amounts, if any, for which the Owner’s Authorized Representative withholds, in whole or in part, approval of payment. 15.2.3 14.2.3 Subtract the aggregate of previous payments made by the Owner to CM/GC. If the aggregate of previous payments made by the Owner exceeds the amount due the CM/GC, the CM/GC shall reimburse the difference to the Owner within 30 Days with interest at the rate applicable to Owner payments under the Owner paymentsPSU General Conditions.

Appears in 2 contracts

Samples: Construction Manager/General Contractor Agreement, Construction Manager/General Contractor Contract

Calculation of Final Payment. The amount of the final payment shall be calculated as follows: 15.2.1 14.2.1 Take the sum of the CM/GC Fee, plus the Preconstruction Fee, plus the actual Cost of the Work substantiated by the CM/GC's final accounting. Said sum shall not exceed the GMP. 15.2.2 14.2.2 Subtract amounts, if any, for which the Owner’s Authorized Representative Owner withholds, in whole or in part, approval of payment. 15.2.3 14.2.3 Subtract the aggregate of previous payments made by the Owner to CM/GC. If the aggregate of previous payments made by the Owner exceeds the amount due the CM/GC, the CM/GC shall reimburse the difference to the Owner within 30 Days with interest at the rate applicable to the Owner payments.

Appears in 2 contracts

Samples: Construction Manager/General Contractor Contract, Construction Manager/General Contractor (Cm/Gc) Contract

Calculation of Final Payment. The amount of the final payment shall be calculated as follows: 15.2.1 14.2.1 Take the sum of the CM/GC Fee, plus the Preconstruction Fee, plus the actual Cost of the Work substantiated by the CM/GC's final accounting. Said sum shall not exceed the GMP. 15.2.2 14.2.2 Subtract amounts, if any, for which the Owner’s Authorized Representative withholds, in whole or in part, approval of payment. 15.2.3 14.2.3 Subtract the aggregate of previous payments made by the Owner to CM/GC. If the aggregate of previous payments made by the Owner exceeds the amount due the CM/GC, the CM/GC shall reimburse the difference to the Owner within 30 Days with interest at the rate applicable to Owner payments under the Owner paymentsOSU General Conditions.

Appears in 1 contract

Samples: Construction Manager/General Contractor Contract

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Calculation of Final Payment. The amount of the final payment shall be calculated as follows: 15.2.1 a. Take the sum of the CM/GC Fee, plus the Preconstruction Fee, plus the actual Cost of the Work substantiated by the CM/GC's final accounting. Said sum shall not exceed the GMP. 15.2.2 b. Subtract amounts, if any, for which the Owner’s Authorized Representative withholds, in whole or in part, approval of payment. 15.2.3 c. Subtract the aggregate of previous payments made by the Owner to CM/GC. If the aggregate of previous payments made by the Owner exceeds the amount due the CM/GC, the CM/GC shall reimburse the difference to the Owner within 30 Days with interest at the rate applicable to Owner payments under the Owner paymentsCity of Lake Oswego General Conditions for Public Improvement Projects.

Appears in 1 contract

Samples: Construction Manager/General Contractor Contract

Calculation of Final Payment. The amount of the final payment shall be calculated as follows: 15.2.1 14.2.1 Take the sum of the CM/GC Fee, plus the Preconstruction Fee, plus the actual Cost of the Work substantiated by the CM/GC's final accounting. Said sum shall not exceed the GMP. 15.2.2 14.2.2 Subtract amounts, if any, for which the Owner’s Authorized Representative withholds, in whole or in part, approval of payment. 15.2.3 14.2.3 Subtract the aggregate of previous payments made by the Owner to CM/GC. If the aggregate of previous payments made by the Owner exceeds the amount due the CM/GC, the CM/GC shall reimburse the difference to the Owner within 30 Days with interest at the rate applicable to Owner payments under the Owner paymentsGeneral Conditions.

Appears in 1 contract

Samples: Cm/Gc Contract

Calculation of Final Payment. The amount of the final payment shall be calculated as follows: 15.2.1 14.2.1 Take the sum of the CM/GC Fee, plus the Preconstruction Fee, plus the actual Cost of the Work substantiated by the CM/GC's final accounting. Said sum shall not exceed the GMP. 15.2.2 14.2.2 Subtract amounts, if any, for which the Owner’s Authorized Representative withholds, in whole or in part, approval of payment. 15.2.3 14.2.3 Subtract the aggregate of previous payments made by the Owner to CM/GC. If the aggregate of previous payments made by the Owner exceeds the amount due the CM/GC, the CM/GC shall reimburse the difference to the Owner within 30 Days with interest at the rate applicable to Owner payments under the Owner paymentsOUS General Conditions.

Appears in 1 contract

Samples: Cm/Gc Contract

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