Common use of Effect of Payment for Material Completion and Release of Claims Clause in Contracts

Effect of Payment for Material Completion and Release of Claims. Owner shall process the Application for Payment for Material Completion as expeditiously as possible in accordance with the certification of the Design Professional. Interest shall begin to accrue on the thirty-first day after receipt of the Application unless error is found in the Application or supporting documents, in which case interest begins to accrue on the thirty-first day after the error is corrected. Acceptance of Payment for Material Completion by the Contractor shall operate as a settlement, waiver, release, discharge, and payment in full of all claims against Owner of any nature arising out of the Work on this Contract through the date of the payment except as listed on the Statutory Affidavit and except for the work associated with Minor Items and Permitted Incomplete Work (Scheduled Warranty Items).