Final Progress Payment and Builders’ Lien Holdback Clause Samples

Final Progress Payment and Builders’ Lien Holdback. The final progress payment shall be made after the issuance of the Construction Completion Certificate and in accordance with Paragraph 17.1, and the Contractor has filed with the Engineer, a statement that he agrees with the final quantities as presented and that all claims and demands for Extra Work or otherwise under or in connection with this Contract have been presented and approved for payment, thus establishing the amount of the final payment. The ten percent (10%) Builders’ Lien Holdback payment shall be made after the following conditions have been met: a. A Construction Completion Certificate has been issued. b. A Statutory Declaration has been filed with the Engineer by the Contractor certifying that all materials, labour and sub-contract claims incurred, directly or indirectly on account of the Works, have been fully paid by the Contractor and that no lien exists against the premises or materials mentioned herein, for work done or materials furnished in respect of anything done under or by virtue of this Agreement. The declaration shall be filed fifty-five (55) days after the date of issuance of a Substantial Completion Certificate. c. A statement has been filed with the Engineer from the Workers’ Compensation Board certifying that all assessments due by the Contractor have been paid. d. The Contractor has provided the Engineer with all required invoices, project diaries and required reports. e. Sufficient deficiency holdbacks have been retained equal to twice the Engineer’s estimate of the value of the Works remaining. Part or all of the Builders’ Lien Holdback may be retained as a deficiency holdback until such time that the remaining Works have been completed and accepted.