Common use of Conditions Precedent to Final Payment Clause in Contracts

Conditions Precedent to Final Payment. Neither final payment nor any final release of Retainage shall become due until the Design/Builder submits to the Owner: 5.13.2.1 an affidavit that payrolls, bills for materials and equipment, and other indebtedness connected with the Work for which the Owner or the Owner's property might be responsible or encumbered (less amounts withheld by the Owner) have been paid or otherwise satisfied; 5.13.2.2 a certificate evidencing that insurance required by the Contract Documents to remain in force after final payment is currently in effect and will not be canceled or allowed to expire until at least thirty (30) Days' prior written notice has been given to the Owner; 5.13.2.3 consent of Surety to final payment; and 5.13.2.4 if required by the Owner, other data establishing payment or satisfaction of obligations, such as receipts, releases and waivers of liens, claims, security interests or encumbrances arising out of the Contract Documents. If a Team Subcontractor or Subcontractor refuses to furnish a release or waiver required by the Owner, the Design/Builder may furnish a bond satisfactory to the Owner to indemnify the Owner against such lien.