Calculation of Final Payment. The final payment shall be calculated as follows: 1. Take the sum of the Pre-construction Costs, plus the costs of bonds and insurance, plus the Cost of the Work substantiated by the CM/GC's final accounting. Said sum shall not exceed the GMP. 2. Subtract amounts, if any, for which the Department withholds, in whole or in part, approval of payment. 3. Subtract the aggregate of previous payments made by the Department to the CM/GC. If the aggregate of previous payments made by the Department exceeds the amount due the CM/GC, the CM/GC shall reimburse the difference to the Department within 30 Calendar Days.
Appears in 5 contracts
Samples: Construction Manager/General Contractor Agreement, Construction Manager/General Contractor Agreement, Construction Manager/General Contractor Agreement
