Final Completion Payment Sample Clauses
The Final Completion Payment clause defines the terms under which the last payment is made to the contractor upon the project's full completion. Typically, this payment is contingent on the contractor fulfilling all contractual obligations, passing final inspections, and submitting required documentation such as warranties or as-built drawings. Its core function is to ensure that the contractor completes all aspects of the work to the satisfaction of the client before receiving the final portion of the contract sum, thereby incentivizing thorough project completion and protecting the owner's interests.
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Final Completion Payment. On or after the date on which Contractor delivers to Owner a Notice of Final Completion accepted (or is deemed to have been accepted) by Owner pursuant to Section 13.5, Contractor shall submit a final Contractor’s Invoice (a “Final Contractor’s Invoice”) which shall set forth all amounts due to Contractor that remain unpaid as of the date of such invoice (including (a) any remaining Punchlist Holdback that has not been released to Contractor in accordance with Section 13.1.3 and (b) any remaining Excluded Taxes for which Owner is liable to indemnify Contractor under this Agreement. Owner shall pay to Contractor the amount due under such Final Contractor’s Invoice (the “Final Completion Payment”) in accordance with Section 6.5.1, subject to the requirements of Final Completion set forth in Section 13.4 having been met in all material respects.
Final Completion Payment. If based on the Owner Representative’s (1) observation of the Design-Build Work, (2) final inspection, and (3) review of the Final Completion Payment Request and other documents required by subsections (A) and (C) of this Section and Section 33.4., the Owner Representative is satisfied that the conditions for Final Completion have been achieved, the Owner Representative shall, within 15 days after receipt of the Final Completion Payment Request, furnish to the City and the Design-Builder the Owner Representative’s recommendation of payment for Final Completion. If the Owner Representative is not satisfied, the Owner Representative shall return the Final Completion Payment Request to the Design-Builder, indicating in writing the reasons for not recommending payment, in which case the Design-Builder shall either (1) exercise its right to contest the Owner Representative’s determination in accordance with Section 34.3.(E), or (2) make the necessary corrections and resubmit the Final Completion Payment Request.
Final Completion Payment. (a) Upon Final Completion, Contractor shall submit a Final Completion Certificate together with a statement summarizing and reconciling all previous invoices, payments, and Change Orders, and an affidavit that all payrolls, payroll taxes, liens, charges, claims, demands, judgments, security interests, bills for materials and equipment, and any indebtedness connected with the Work for which Contractor may in any way be responsible, have been paid or otherwise secured in a manner acceptable to Owner, accompanied by releases and waivers of liens from Contractor and all Subcontractors to be paid with proceeds of the final payment, and such other data as Owner or Lender may reasonably request establishing payment of or surety for payment of all such obligations. Subject to subsections (b) and (c) below, within thirty (30) Days of the receipt of such statements, Owner shall pay Contractor all remaining amounts due. Acceptance by Contractor of the payment upon Final Completion shall constitute a release of Owner from all liens (whether statutory or otherwise and including mechanic's or suppliers' liens) or claims for additional compensation hereunder with respect to any Work performed or furnished in connection with this Agreement except for any claims made in writing and provided to Owner by Contractor prior to Final Completion which remain unsettled. No payment by Owner shall be deemed a waiver by Owner of any obligation of Contractor under this Agreement.