Common use of FINAL COMPLETION AND ACCEPTANCE Clause in Contracts

FINAL COMPLETION AND ACCEPTANCE. After the completion of all the work the Contractor shall give written notice to the Fund and the Consultant that all the work is ready for inspection and final acceptance. The Fund and the Consultant shall promptly make such inspection and, if they shall determine that all the work has been satisfactorily completed, the Fund shall thereupon by written notice advise the Contractor that it accepts such work. In the judgement of the Fund, should more than two (2) separate inspections of the Work be necessary, the Contractor agrees that the Fund may deduct from any application for payment made by the Contractor, any and all Design Professional, Consultant and/or Construction Management fees and costs incurred by the Fund together with a markup upon such hard costs in the amount of 15% for all such additional inspections.