Common use of Payments and Completion Clause in Contracts

Payments and Completion. In consideration of the complete and timely performance of the Work, Xxxxxxx shall pay Contractor the Contract Sum of ($ ). If the Contract Documents contain an engineer’s estimate of the quantities of material required for the Work and expressly provide for an adjustment to the Contract Sum for actual quantities, the final Contract Sum will be adjusted according to actual field measurements of installed materials multiplied by the Contractor’s per unit prices. All such measurements are subject to confirmation by Xxxxxxx. In all other cases, no adjustment will be made to the Contract Sum except by approved Change Order. The terms of this paragraph shall be governed by A.R.S. § 34-221 and any amendments thereto which is hereby incorporated by reference. Upon receipt of written notice that the Work is ready for final inspection and acceptance, Xxxxxxx’x Representative shall promptly make a final inspection and, when Xxxxxxx’x Representative finds the Work acceptable under the Contract Documents, he shall promptly approve a certificate for payment stating that upon his knowledge, information and belief and on the basis of his observations and inspections, the Work has been completed in accordance with the terms and conditions of the Contract Documents and that the entire balance found to be due the Contractor is due and payable. Neither the final payment nor the retained percentage determined under A.R.S. § 34-221 shall become due until the Contractor submits to Xxxxxxx all required data establishing payment or satisfaction of all Contractor’s obligations.