Final Completion Payment for the Facility Clause Samples
The 'Final Completion Payment for the Facility' clause defines the terms under which the last payment is made to the contractor or service provider upon the full completion of a facility. Typically, this payment is contingent on the facility passing all required inspections, meeting contractual specifications, and obtaining necessary certifications or approvals. By clearly outlining the conditions and timing for the final payment, this clause ensures that the contractor is incentivized to fully complete the project to the agreed standards, thereby protecting the interests of the party commissioning the facility.
Final Completion Payment for the Facility. No later than thirty (30) Days after the Final Completion Date, Contractor shall submit to Company a statement summarizing and reconciling all previous invoices, payments and Changes in the Work, with respect to the Work, and a waiver of liens as provided in Section 5.7 from Contractor for the Facility and such other data as Company may reasonably request establishing payment of or surety for payment of such unpaid Contractor obligations. Within thirty (30) Days of the receipt of such statements and lien waiver, Company shall pay Contractor the remaining portion of the Contract Price (except with respect to amounts remaining to be paid by Company under the Contract for retainage and Punchlist Items less any unpaid Liquidated Damages owing by Contractor). Any disputes regarding a final payment shall be handled in accordance with the procedure set forth in Article 14.
Final Completion Payment for the Facility. No later than ten (10) Days following Final Completion, Contractor shall submit to Owner a final invoice for all remaining unpaid Items and a final waiver of liens as provided in Exhibit Ffrom Contractor for the Facility. Within thirty (30) Days after the receipt of such statements and lien waiver, Owner shall pay Contractor the remaining portion of the Contract Price. Any disputes regarding such payment shall be handled in accordance with the procedure set forth in ARTICLE 12.