Common use of Final Payments Clause in Contracts

Final Payments. 6.2.1 Neither final payment nor amounts retained, if any, shall become due until the Design/Builder submits to the Owner: (1) an affidavit that payrolls, bills for materials and equipment, and other indebtedness connected with the Work for which the Owner or Owner's property might be responsible or encumbered (less amounts withheld by the Owner) have been paid or otherwise satisfied; (2) a certificate evidencing that insurance required by the Contract Documents to remain in force after final payment is currently in effect and will not be canceled or allowed to expire until at least 30 days' prior written notice has been given to the Owner; (3) a written statement that the Design/Builder knows of no substantial reason that the insurance will not be renewable to cover the period required by the Contract Documents; (4) consent of surety, if any, to final payment; and (5) if required by the Owner, other data establishing payment or satisfaction of obligations, such as receipts, releases and waivers of liens, claims, security interests or encumbrances arising out of the contract, to the extent and in such form as may be designated by the Owner. If a contractor or other person or entity entitled to assert a lien against the Owner's property refuses to furnish a release or waiver required by the Owner, the Design/Builder may furnish a bond satisfactory to the Owner to indemnify the Owner against such lien. If such lien remains unsatisfied after payments are made, the Design/Builder shall indemnify the Owner for all loss and cost, including reasonable attorneys' fees incurred as a result of such lien. 6.2.2 When the Work has been completed and the contract fully performed, the Design/Builder shall submit a final application for payment to the Owner, who shall make final payment within 30 days of receipt. 6.2.3 The making of final payment shall constitute a waiver of claims by the Owner except those arising from: .1 liens, claims, security interests or encumbrances arising out of the Contract and unsettled;

Final Payments. 6.2.1 § 5.2.1 Neither final payment nor amounts retained, if any, shall become due until the Design/Builder submits to the Owner: (1) an affidavit that payrolls, bills for materials and equipment, and other indebtedness connected with the Work for which the Owner or Owner's ’s property might be responsible or encumbered (less amounts withheld by the Owner) have been paid or otherwise satisfied; (2) a certificate evidencing that insurance required by the Contract Documents to remain in force after final payment is currently in effect and will not be canceled or allowed to expire until at least 30 days' ’ prior written notice has been given to the Owner; (3) a written statement that the Design/Builder knows of no substantial reason that the insurance will not be renewable to cover the period required by the Contract Documents; (4) consent of surety, if any, to final payment; and (5) if required by the Owner, other data establishing payment or satisfaction of obligations, such as receipts, releases and waivers of liens, claims, security interests or encumbrances arising out of the contractContract, to the extent and in such form as may be designated by the Owner. If a contractor or other person or entity entitled to assert a lien against the Owner's ’s property refuses to furnish a release or waiver required by the Owner, the Design/Design/ Builder may furnish a bond satisfactory to the Owner to indemnify the Owner against such lien. If such lien remains unsatisfied after payments are made, the Design/Builder shall indemnify the Owner for all loss and cost, including reasonable attorneys' ’ fees incurred as a result of such lien. Final payment, constituting the entire unpaid balance of the Contract Sum, shall be made by the Owner to the Design/Builder when: .1 the Design/Builder has fully performed the Contract except for the Design/Builder’s responsibility to correct Work which has not been identified as requiring correction at the time of final payment, and to satisfy other requirements, if any, which extend beyond final payment; .2 the Design/Builder has submitted to the Owner, and the Owner has reviewed and approved, a final accounting for the Cost of the Work and a final Application for Payment together with all required supporting documentation; and .3 a final Certificate for Payment has been approved in writing by the Owner. 6.2.2 When § 5.2.1.1 All retainage shall be released at the Work has been completed time of final payment except to the extent otherwise provided herein. The Owner shall, within thirty (30) days following submission of the applicable Application for Payment of retainage, release to the Design/Builder all retainage then held; provided, however, that the Owner may, withhold from the payment of retainage any amounted authorized by the Contract Documents and the contract fully performed, applicable laws. § 5.2.1.2 The Owner’s final payment to the Design/Builder shall submit a final application for payment to be made no later than 30 days after the issuance of the Owner, who shall make final payment within 30 days ’s approval of receipt. 6.2.3 a Certificate for Payment following completion of all Punchlist items. The making amount of the final payment shall constitute a waiver be calculated as follows: .1 Take the sum of claims the Cost of the Work substantiated by the Design/Builder’s final accounting and the Design/Builder’s Fee, but not more than the Guaranteed Maximum Price; .2 Subtract amounts, if any, for which the Owner except those arising from: .1 liens, claims, security interests or encumbrances arising out of properly and justifiably withholds payment as provided in the Contract and unsettled;Documents; and .3 Subtract the aggregate of previous payments made by the Owner. § 5.2.2 Final payment shall not be made until defective or nonconforming Work has been remedied. Any costs incurred by the Design/Builder correct or complete defective or nonconforming Work after the Design/Builder’s application for final payment shall not be reimbursed by the Owner.

Final Payments. 6.2.1 5.2.1 Neither final payment nor amounts retained, if any, shall become due until the Design/Builder submits to the Owner: (1) an affidavit that payrolls, bills for materials and equipment, and other indebtedness connected with the Work for which the Owner or Owner's property might be responsible or encumbered (less amounts withheld by the Owner) have been paid or otherwise satisfied; (2) a certificate evidencing that insurance required by the Contract Documents to remain in force after final payment is currently in effect and will not be canceled or allowed to expire until at least 30 days' prior written notice has been given to the Owner; (3) a written statement that the Design/Builder knows of no substantial reason that the insurance will not be renewable to cover the period required by the Contract Documents; (4) consent of surety, if any, to final payment; and (5) if required by the Owner, other data establishing payment or satisfaction of obligations, such as receipts, releases and waivers of liens, claims, security interests or encumbrances arising out of the contractContract, to the extent and in such form as may be designated by the Owner. If a contractor or other person or entity entitled to assert a lien against the Owner's property refuses to furnish a release or waiver required by the Owner, the Design/Design/ Builder may furnish a bond satisfactory to the Owner to indemnify the Owner against such lien. If such lien remains unsatisfied undischarged after payments are made, the Design/Builder shall indemnify the Owner for all loss and cost, including reasonable attorneys' fees incurred as a result of such lien, and Owner may withhold sufficient monies to support that indemnification. 6.2.2 5.2.2 When the Work has been completed and the contract fully performed, the Design/Builder shall submit a final application for payment to the Owner, who shall make final payment within 30 days of receipt. 6.2.3 5.2.3 The making of final payment shall constitute a waiver of claims by the Owner except those arising from: .1 liens, claims, security interests or encumbrances arising out of the Contract and unsettled;