Common use of PAYMENT OF FINAL BILL Clause in Contracts

PAYMENT OF FINAL BILL. The final bill shall be submitted, by the contractor within three months of physical completion of the works, No further claims shall be made by the contractor after submission of the Final Bill and these shall be deemed to have been waived and extinguished. Payment of those items of the bill in respect of which there is no dispute and of items in dispute, for quantities and rates as approved by the Chief Engineer, NRDA shall be made within a reasonable period as may be necessary for the purpose of verification etc. 74.1 After payment of the final bill as aforesaid has been made the contractor may, if he so desires reconsider his position in respect of a disputed portion of the final bill and if he fails to do so within 90 (ninety) days, his disputed claim shall be dealt with as provided in the contract. Whenever any claim for the payment of a sum by the NRDA arises out of or under this contract against the contractor the same may be deducted by the NRDA from any sum then due or which at any time thereafter may become due to the contractor under this contract and failing that under any contract with the NRDA or from any other sum due to the contractor from the NRDA (which may be available with NRDA) or from his security deposit/ retention money or he shall pay the claim on demand.