Final Installation Payment Clause Samples
The Final Installation Payment clause defines the terms and conditions under which the last payment for installation services is to be made. Typically, this clause specifies that the final payment is due upon completion of the installation work, often contingent on a successful inspection or client approval. It may also outline the amount or percentage of the total contract price that constitutes the final payment and any documentation required to trigger payment. The core function of this clause is to ensure that the service provider receives full compensation only after fulfilling all contractual obligations, thereby protecting the client's interests and incentivizing proper completion of the work.
Final Installation Payment. No later than ( ) days from the date of the Certificate of Final Acceptance, the ISSUER shall pay or cause to be paid to ESCO the entire unpaid balance of the Work Compensation invoiced by the ESCO, less the amount of any sums that continue to be retained to satisfy the cost of performing any change in the Work that is the subject of any claim or dispute and that has not yet been satisfactorily performed by ESCO. The ISSUER shall not be responsible for any payment due to a subcontractor hired by the ESCO for any Work performed by the ESCO’s subcontractor under this Agreement.
Final Installation Payment. No later than (_______) days from the date of the Certificate of Final Acceptance, the ISSUER shall pay or cause to be paid to ESCO the entire unpaid balance of the Work Compensation invoiced by the ESCO, less the amount of any sums that continue to be retained to satisfy the cost of performing any change in the Work that is the subject of any claim or dispute and that has not yet been satisfactorily performed by ▇▇▇▇. The ISSUER shall not be responsible for any payment due to a subcontractor hired by the ESCO for any Work performed by the ESCO’s subcontractor under this Agreement. Interim Period Energy Savings. Energy savings, as documented in executed Individual ECM Acceptance, achieved on or after the Commencement Date but before the Final Project Acceptance Date (“Interim Period Energy Savings”) shall accrue to the benefit of the ISSUER.