Common use of Final Completion of the Project Clause in Contracts

Final Completion of the Project. If, at Final Completion of the Project, the Final Actual Cost (including reconciliation of allowances) is less than the Target Cost, then the ICL is increased by 50% of the difference. If after reconciliation of allowances the Final Actual Cost exceeds the Target Cost, then the ICL will be reduced, dollar for dollar, by the amount of the difference. If, after this reduction, the amount of ICL that had previously been distributed at Milestones exceeds the reduced ICL, then the Prime Consultant and General Contractor will, within 15 days of Project Final Completion, repay Owner the amount of the overpayment, in proportion to their ICL Percentages.

Final Completion of the Project. IfExcept as set out in subsection 9.9.3, if, at Final Completion of the Project, the Final Actual Cost (including reconciliation of allowances) is less than the Target Cost, then the ICL is increased by 50% of the difference. If after reconciliation of allowances the Final Actual Cost exceeds the Target Cost, then the ICL will be reduced, dollar for dollar, by the amount of the difference. If, after this reduction, the amount of ICL that had previously been distributed at Milestones exceeds the reduced ICL, then the Prime Consultant and General Contractor will, within 15 days of Project Final Completion, repay Owner the amount of the overpayment, in proportion to their ICL Percentages.

Final Completion of the Project. If, at Final Completion of the Project, the Final Actual Cost (including reconciliation of allowancesAllowances) is less than the Final Target Cost, then the ICL is increased by 50% of the difference. If after reconciliation of allowances Allowances the Final Actual Cost exceeds the Final Target Cost, then the ICL will be reduced, dollar for dollar, by the amount of the difference. If, after this reduction, the amount of ICL that had previously been distributed at Milestones exceeds the reduced ICL, then the Prime Consultant Architect and General Contractor will, within 15 days of Project Final Completion, repay Owner the amount of the overpayment, in proportion to their ICL Percentages.