FINAL PAYMENT DELAY Clause Samples
The FINAL PAYMENT DELAY clause establishes the terms and conditions that apply when the final payment under a contract is not made on time. Typically, this clause outlines the consequences of delayed payment, such as the accrual of interest, additional fees, or the suspension of services until payment is received. By clearly defining the repercussions of late final payments, the clause helps ensure timely settlement of outstanding balances and protects the party expecting payment from unnecessary financial risk or disruption.
FINAL PAYMENT DELAY. If the Owner or its designated agent does not issue a certificate for final payment or the Contractor does not receive such payment for any cause which is not the fault of the Subcontractor, the Contractor shall promptly inform the Subcontractor. The Contractor shall also diligently pursue, with the assistance of the Subcontractor, the prompt release by the Owner of the final payment due for the Subcontract Work. At the Subcontractor's request and expense, to the extent agreed upon in writing, the Contractor shall institute reasonable legal remedies to mitigate the damages and pursue payment of the Subcontractor's final payment including interest.
FINAL PAYMENT DELAY. If Owner or its designated agent does not issue a certificate for final payment or CH2M HILL does not receive such payment for any cause that is not the fault of Subcontractor, CH2M HILL shall promptly inform Subcontractor in writing. CH2M HILL shall also diligently pursue, with the assistance of Subcontractor, the prompt release by Owner of the final payment due for Subcontractor’s Work. At Subcontractor’s request and expense, to the extent agreed upon in writing, CH2M HILL shall institute reasonable legal remedies to mitigate the damages and pursue payment of Subcontractor’s final payment including interest.
FINAL PAYMENT DELAY. If the Owner or its designated agent does not issue a Certificate for Final Payment or if the General Contractor does not receive such payment for any cause which is not the fault of the Subcontractor, the General Contractor shall promptly inform the Subcontractor in writing. The General Contractor shall also diligently pursue, with the assistance of the Subcontractor, the prompt release by the Owner of the final payment due for the Subcontractor's Work. In all events no payment, whether interim or final, shall be due to the Subcontractor from the General Contractor unless and until the Owner has made payment to the General Contractor for the Subcontractor's work.
5.4.1 Notwithstanding any provision to the contrary in this Agreement, no provision hereof shall be construed in a way that places any conditions precedent upon the obligation of the Owner to pay the Subcontractor for work performed, or that interferes with or restrains the Subcontractor from enforcing its rights under the applicable lien laws. To that end, the Subcontractor agrees that:
a) in the event that a payment requisition is not paid hereunder, when due, for a period of ninety (90) days; and
b) the General Contractor, upon written notice of same from the Subcontractor, asserts, within thirty (30) days of the receipt of that notice, that the reason therefore is the failure of the Owner to make payment to the General Contractor. THEN, in that event, the General Contractor, shall be released from liability for said payment by the Subcontractor and as consideration thereof the General Contractor shall, upon request, execute an assignment of its right to collect said payment from the Owner, under its contract with the Owner, to the Subcontractor.
FINAL PAYMENT DELAY. If the Customer does not waive all claims related to the Subcontractor’s Work, the Contractor shall promptly inform the Subcontractor in writing. The Contractor shall also diligently pursue, with the assistance of the Subcontractor, the prompt release by the Customer of all claims and the final payment due for the Subcontractor’s Work. At the Subcontractor’s request and expense, to the extent agreed upon in writing, the Contractor shall institute reasonable legal remedies to mitigate the damages and pursue payment of the Subcontractor’s final payment including interest thereon.
FINAL PAYMENT DELAY. If the Owner or its designated agent does not issue a certificate for final payment or the Constructor does not receive such payment for any cause which is not the fault of the Subcontractor, the Constructor shall promptly inform the Subcontractor in writing. If final payment from the Owner for such Subcontract Work is not received by the Constructor, through no fault of the Subcontractor, the Constructor will make payment to the Subcontractor within a reasonable time. The Constructor shall also diligently pursue, with the assistance of Subcontractor, the prompt release by the Owner of the final payment due for the Subcontractor Work. At the Subcontractor's request and expense, to the extent agreed upon in writing, the Constructor shall institute reasonable legal remedies to mitigate the damages and pursue payment of the Subcontractor's final payment including interest.
FINAL PAYMENT DELAY. If the Owner or its designated agent does not issue a certificate for final payment or the Contractor does not receive such payment for any cause which is not the fault of the Subcontractor, the Contractor shall promptly inform the Subcontractor in writing. The Contractor shall also diligently pursue, with the assistance of the Subcontractor, the prompt release by the Owner of the final payment due for the Subcontract Work. At the Subcontractor's request and expense, to the extent agreed upon in writing, the Contractor shall institute reasonable legal remedies to mitigate the damages and pursue payment of the Subcontractor's final payment including interest.
2.11.1 To the fullest extent permitted by law, and subject to Subparagraph 2.5.2, the Contractor and Subcontractor acknowledge and agree that receipt by the Contractor of final payment from the Owner for such Work performed by Subcontractor is an express condition precedent to the obligation of Contractor to make, and the Subcontractor’s right to receive, final payment. The parties acknowledge and agree that until the Contractor receives final payment under its contract with the Owner, the Contractor shall be under no obligation to make final payment to the Subcontractor regardless of the reasons or causes for the delay in the receipt of final payment from the Owner.