Final Payment to Contractor Clause Samples

Final Payment to Contractor. Acceptance of final payment by the Contractor shall constitute a waiver of Claims except those previously made in writing and identified in writing as unsettled on the final Application for Payment.

Final Payment to Contractor. Upon completion of the Project and fulfillment of the Construction Contract to the satisfaction of Lender, and provided sufficient Loan proceeds are available in the Loan Fund, Lender shall make an Advance to cover the final payment due to Contractor upon delivery to Lender of a Form 122 Future Advances endorsement to the ALTA loan policy of title insurance following the posting of the completion notice, as provided under applicable law, or such other endorsements to the ALTA loan policy of title insurance as may be required by Lender in its sole discretion. Construction shall not be deemed complete for purposes of the final Advance unless and until Lender shall have received all of the following: a. Evidence satisfactory to Lender that all work under the Construction Contract requiring inspection by any governmental authority with jurisdiction has been duly inspected and approved by such authority, that a certificate of occupancy has been issued, and that all parties performing work have been paid, or will be paid, for such work; b. A certification by an engineer, architect, or other qualified inspector acceptable to Lender that the Tenant Improvements or Capital Expenditures, as applicable, have been completed substantially in accordance with the Plans and Specifications and the Construction Contract, that direct connection has been made to all utilities set forth in the Plans and Specifications, and that the Project is ready for occupancy; c. Written confirmation from a construction progress inspector retained by Lender, at Borrower’s expense, affirming the information provided to Lender pursuant to subparagraphs a. and b. above; d. Acceptance of the completed Tenant Improvements or Capital Expenditures, as applicable, by Lender and Borrower. e. Acceptance and occupancy of the completed Tenant Improvements by the respective tenant.

Final Payment to Contractor. Upon completion of the work and approval by the Village, and upon receipt and approval of all closeout submittals required under the Contract and all final certified payroll reports and original final waiver(s) of lien, the Village will pay the Contractor the final payment within thirty (30) calendar days thereafter. No final payment shall become due and owing, however, unless and until Contractor shall completely repaired or replaced, at no expense to the Village, any damage to existing buildings, paving, landscaping, streets, drives, utilities, or other Village property arising during the performance of the work or incidental thereto caused by Contractor, any Subcontractors, material suppliers, or others performing work on behalf, or at the request, of Contractor. The acceptance by the Contractor of final payment shall constitute a release and waiver of any and all rights and privileges under the terms of the Contract, and shall relieve the Village from any and all claims or liabilities for anything done or furnished relative to the work or for any act or neglect on the part of the Village relating to or connected with the Contract. Any payment, final or otherwise, shall not release the Contractor or his sureties from any obligations under the Contract or the performance bond and payment bonds.

Final Payment to Contractor. .01 If the Owner's cost to correct and complete the Work in whole or in part is less than the amount withheld from the Contractor under subsection GC 4.09, Termination of Contractor's Right to Continue the Work, the Owner will pay the balance to the Contractor as soon as the final accounting for the Contract is complete. .02 If the Owner elects to terminate the Contract the Owner will provide the Contractor and the trustee or receiver with a complete accounting to the date of termination.

Final Payment to Contractor. Within thirty (30) Days after the Final Completion Date, Contractor shall submit a reconciliation to PSGC which shows (a) all Reimbursable Costs and Fee Installments to which Contractor is entitled for Work performed through the Final Completion Date and (b) all Reimbursable Costs and Fee Installments previously received by Contractor for Work performed through the Final Completion Date. To the extent that there is a differential between such total amounts, Contractor shall, as appropriate, refund such differential amount to PSGC or submit an Application for Payment to PSGC for such differential amount, by way of request for final payment for Work performed through the Final Completion Date. PSGC shall not be required to make such final payment of Compensation to Contractor until the Final Completion Date occurs and Contractor has delivered all items and satisfied all conditions required under Section 6.5. The Application for Payment for such final payment submitted by Contractor must be accompanied by (i) a full Lien waiver and release from Contractor that is applicable to all of the Work performed through Final Completion, conditioned solely on receipt of such final payment, and (ii) a full Lien waiver and release from each Subcontractor for all Work performed through Final Completion under a Contractor Subcontract with an aggregate value equal to or exceeding three million dollars ($3,000,000), in each case in the forms attached hereto as Appendix R-11.