Common use of Final Statement Clause in Contracts

Final Statement. Not later than 56 days after the issue of the Defects Liability Certificate pursuant to Sub-Clause 62.1, the Contractor shall submit to the Engineer for consideration a draft final statement with supporting documents showing in detail, in the form approved by the Engineer; The final value of all work done in accordance with the Contract; Any further sums which the Contractor considers to be due to him. If the Engineer disagrees with or cannot verify any part of the draft final statement, the Contractor shall submit such further information as the Engineer may reasonable require and shall make such changes in the draft as may be required. SUBCLAUSE 60.7– DISCHARGE Upon submission of the Final Statement, the Contractor shall give to the Employer, with a copy to the Engineer, a written discharge confirming that the total of the Final statement represents full and final settlement of all monies due to the Contractor arising out of or in respect of the Contract. Provided that such discharge shall become effective only after payment under the Final Payment Certificate issued pursuant to Sub-Clause 60.8 has been made and the Performance Security referred to in Sub-Clause 10.1 has been returned to the Contractor. SUBCLAUSE 60.8 – FINAL PAYMENT CERTIFICATE Upon acceptance of the Final Statement as given in Sub-Clause 60.6, the Engineer shall prepare a Final Payment Certificate which shall be delivered to the Contractor's authorized agent or representative for his signature. The Final Payment Certificate shall state: The final value of all work done in accordance with the Contract; After giving credit to the Employer for all amounts previously paid by the Employer, the balance, if any, due from the Employer to the Contractor or the Contractor to the Employer. Final Certificate shall be issued for any sum due to the Contractor even if such is less than the sum named in the Appendix to the Form of BID. SUBCLAUSE 60.9– CESSATION OF EMPLOYERS LIABILITY unless the Contractor notifies the Engineer of his objection to the Final Certificate within fourteen days of delivery thereof he shall be deemed to have agreed that he accepts the total Contract Price as set out in the Final Certificate as full settlement for all Work Done under the Contract including any variations and omissions thereof but excluding any variations and claims previously made in writing. SUBCLAUSE 60.10 – TIME FOR PAYMENT The amount due to the Contractor under any Interim Payment Certificate or Final Payment Certificate issued pursuant to this Clause or to any other term of the Contract, shall, subject to Clause 47, be paid by the Employer to the Contractor as follows:

Final Statement. Not later than 56 days after the issue of the Defects Liability Certificate pursuant to Sub-Sub- Clause 62.1, the Contractor shall submit to the Engineer for consideration a draft final statement with supporting documents showing in detail, in the form approved by the Engineer; The final value of all work done in accordance with the Contract; Any further sums which the Contractor considers to be due to him. If the Engineer disagrees with or cannot verify any part of the draft final statement, the Contractor shall submit such further information as the Engineer may reasonable require and shall make such changes in the draft as may be required. SUBCLAUSE 60.7– DISCHARGE Upon submission of the Final Statement, the Contractor shall give to the Employer, with a copy to the Engineer, a written discharge confirming that the total of the Final statement represents full and final settlement of all monies due to the Contractor arising out of or in respect of the Contract. Provided that such discharge shall become effective only after payment under the Final Payment Certificate issued pursuant to Sub-Clause 60.8 has been made and the Performance Security referred to in Sub-Clause 10.1 has been returned to the Contractor. SUBCLAUSE 60.8 – FINAL PAYMENT CERTIFICATE Upon acceptance of the Final Statement as given in Sub-Clause 60.6, the Engineer shall prepare a Final Payment Certificate which shall be delivered to the Contractor's authorized agent or representative for his signature. The Final Payment Certificate shall state: The final value of all work done in accordance with the Contract; After giving credit to the Employer for all amounts previously paid by the Employer, the balance, if any, due from the Employer to the Contractor or the Contractor to the Employer. Final Certificate shall be issued for any sum due to the Contractor even if such is less than the sum named in the Appendix to the Form of BID. SUBCLAUSE 60.9– CESSATION OF EMPLOYERS LIABILITY unless the Contractor notifies the Engineer of his objection to the Final Certificate within fourteen days of delivery thereof he shall be deemed to have agreed that he accepts the total Contract Price as set out in the Final Certificate as full settlement for all Work Done under the Contract including any variations and omissions thereof but excluding any variations and claims previously made in writing. SUBCLAUSE 60.10 – TIME FOR PAYMENT The amount due to the Contractor under any Interim Payment Certificate or Final Payment Certificate issued pursuant to this Clause or to any other term of the Contract, shall, subject to Clause 47, be paid by the Employer to the Contractor as follows:

Final Statement. Not later than 56 Following the end of each Comparison Year, Landlord shall furnish to Tenant a final statement of actual Costs of Operation and Taxes for that Comparison Year, certified by a certified public accountant retained by Xxxxxxxx's managing agent. Landlord will also instruct its managing agent to promptly provide to Tenant copies of current property tax bills for the Property as they become available and, if for any reason such delivery is not made by the managing agent, Landlord will promptly deliver copies of tax bills to Tenant upon request. Landlord will endeavor to deliver a final statement to Tenant within 90 days following the end of any Comparison Year during the Lease Term. Within 30 days of presentation of the final statement for any Comparison Year, Tenant shall pay Landlord, as Additional Charges, any amount due for Tenant's Share of Taxes and Costs of Operation for such Comparison Year, subject to the limitations enumerated in SECTIONS 4.2(a) and 4.2(b) above. Any credit due Tenant for overpayment of Tenant's Share of Taxes and Costs of Operation shall bear interest, at an annual rate equal to the Agreed Rate from the date which is 30 days following the date it is finally determined and agreed by Landlord and Tenant that such credit is due until the date credited to Tenant, and such amount (including interest, accrued as referenced above) shall be credited against the monthly installments of Rents next coming due (except that Landlord shall refund to Tenant the amount of any such credit for the final Comparison Year in the Lease Term to the extent that no amounts are then owing by Tenant hereunder). Notwithstanding the foregoing, if Landlord fails to pay to Tenant any credit or refund due under this SECTION 4.2 within thirty (30) days after the issue presentation of the Defects Liability Certificate pursuant statement for the Comparison Year, Tenant may deduct or set-off said amount and accrued interest, if any, from the following Basic Rent, Additional Rent or any other payment due from Tenant to Sub-Clause 62.1, the Contractor Landlord. Tenant shall submit have 12 months after presentation of Landlord's statement of actual Taxes and Costs of Operation within which to object in writing to the Engineer for consideration a draft final accuracy of the statement with supporting documents showing in detail, in the form approved by the Engineer; The final value of all work done in accordance with the Contractterms of SECTION 4(e) below; Any further sums which the Contractor considers to unless Tenant so objects within said 12-month period, Xxxxxxxx's statement shall be due to him. If the Engineer disagrees with or cannot verify any part of the draft final statement, the Contractor shall submit such further information as the Engineer may reasonable require conclusive and shall make such changes in the draft as may be required. SUBCLAUSE 60.7– DISCHARGE Upon submission of the Final Statement, the Contractor shall give binding on both parties subject to the Employer, with a copy terms of SECTION 4.2(F). Objection by Tenant shall not excuse or xxxxx Xxxxxx's obligation to make the Engineer, a written discharge confirming that the total payments required by this SECTION 4.2 pending resolution of the Final statement represents full and final settlement of all monies due to the Contractor arising out of or in respect of the Contract. Provided that such discharge shall become effective only after payment under the Final Payment Certificate issued pursuant to Sub-Clause 60.8 has been made and the Performance Security referred to in Sub-Clause 10.1 has been returned to the Contractor. SUBCLAUSE 60.8 – FINAL PAYMENT CERTIFICATE Upon acceptance of the Final Statement as given in Sub-Clause 60.6, the Engineer shall prepare a Final Payment Certificate which shall be delivered to the ContractorTenant's authorized agent or representative for his signature. The Final Payment Certificate shall state: The final value of all work done in accordance with the Contract; After giving credit to the Employer for all amounts previously paid by the Employer, the balance, if any, due from the Employer to the Contractor or the Contractor to the Employer. Final Certificate shall be issued for any sum due to the Contractor even if such is less than the sum named in the Appendix to the Form of BID. SUBCLAUSE 60.9– CESSATION OF EMPLOYERS LIABILITY unless the Contractor notifies the Engineer of his objection to the Final Certificate within fourteen days of delivery thereof he shall be deemed to have agreed that he accepts the total Contract Price as set out in the Final Certificate as full settlement for all Work Done under the Contract including any variations and omissions thereof but excluding any variations and claims previously made in writing. SUBCLAUSE 60.10 – TIME FOR PAYMENT The amount due to the Contractor under any Interim Payment Certificate or Final Payment Certificate issued pursuant to this Clause or to any other term of the Contract, shall, subject to Clause 47, be paid by the Employer to the Contractor as follows:objection.

Final Statement. Not later than 56 days As soon as reasonably practicable after the issue end of each Comparison Year, Landlord shall present Tenant with a final statement of actual Operating Expenses, Insurance and Taxes for that Comparison Year ("Final Statement"). Within thirty (30) days of presentation of the Defects Liability Certificate pursuant to Sub-Clause 62.1, the Contractor shall submit to the Engineer for consideration a draft final statement with supporting documents showing in detail, in the form approved by the Engineer; The final value of all work done in accordance with the Contract; Any further sums which the Contractor considers to be due to him. If the Engineer disagrees with or cannot verify any part of the draft final statement, Tenant shall pay Landlord, as Additional Charges, any amount due for Tenant's Share of Insurance and Taxes and Tenant's Share of Operating Expenses subject to the Contractor limitations set forth in Section 5.2. Any credit due Tenant for overpayment of Tenant's Share of Insurance and Taxes or Tenant's Share of Operating Expenses shall submit be credited against the monthly installments of Tenant's Share of Operating Expenses or Tenant's Share of Insurance and Taxes next coming due (except that Landlord shall refund to Tenant the amount of any such further information as credit for the Engineer may reasonable require final Comparison Year in the Lease Term). Tenant shall have thirty (30) days after presentation of Landlord's final statement of actual Insurance, Taxes and Operating Expenses within which to object in writing to the accuracy of the statement; and shall make such changes be entitled to receive reasonable documentation and information relating to the sums set forth in the draft as may statement. Upon expiration of said thirty (30) day period, Landlord's statement shall be requiredconclusive and binding on Tenant, provided Tenant has not objected to such statement. SUBCLAUSE 60.7– DISCHARGE Upon submission Objection by Tenant shall not excuse or abatx Xxxant's obligation to make the payments required by this paragraph pending resolution of Tenant's objection. In the event Landlord and Tenant cannot resolve Tenant's objection within thirty (30) days of receipt of notice by Landlord of Tenant's objection, and Tenant is not in default under any provision of the Lease, they shall each appoint an arbitrator, both of whom shall select a third arbitrator. The decision of the arbitrators shall be made within thirty (30) days of such appointment and shall be final, and shall be pursuant to the then existing rules of the American Arbitration Association. It shall be a condition precedent to arbitration that Tenant have paid the total charges for Tenant's share of Operating Expenses, Taxes and Insurance appearing on Landlord's statement. The party ruled in error by the arbitration shall bear the total costs associated with the arbitration. In the event that the difference between the amount of Operating Expenses, Taxes and Insurance set forth on the Final Statement and the actual amount of Operating Expenses, Taxes and Insurance is less than five percent (5%) of the Final Statement, the Contractor then Tenant shall give to the Employer, with a copy to the Engineer, a written discharge confirming that the total bear its own and Landlord's costs of the Final statement represents full and final settlement of all monies due to the Contractor arising out of or in respect of the Contract. Provided that such discharge shall become effective only after payment under the Final Payment Certificate issued pursuant to Sub-Clause 60.8 has been made and the Performance Security referred to in Sub-Clause 10.1 has been returned to the Contractor. SUBCLAUSE 60.8 – FINAL PAYMENT CERTIFICATE Upon acceptance of the Final Statement as given in Sub-Clause 60.6, the Engineer shall prepare a Final Payment Certificate which shall be delivered to the Contractor's authorized agent or representative for his signature. The Final Payment Certificate shall state: The final value of all work done in accordance with the Contract; After giving credit to the Employer for all amounts previously paid by the Employer, the balance, if any, due from the Employer to the Contractor or the Contractor to the Employer. Final Certificate shall be issued for any sum due to the Contractor even if such is less than the sum named in the Appendix to the Form of BID. SUBCLAUSE 60.9– CESSATION OF EMPLOYERS LIABILITY unless the Contractor notifies the Engineer of his objection to the Final Certificate within fourteen days of delivery thereof he shall be deemed to have agreed that he accepts the total Contract Price as set out in the Final Certificate as full settlement for all Work Done under the Contract including any variations and omissions thereof but excluding any variations and claims previously made in writing. SUBCLAUSE 60.10 – TIME FOR PAYMENT The amount due to the Contractor under any Interim Payment Certificate or Final Payment Certificate issued pursuant to this Clause or to any other term of the Contract, shall, subject to Clause 47, be paid by the Employer to the Contractor as follows:arbitration.