Common use of Payments and Completion Clause in Contracts

Payments and Completion. Funds for the renovation are released per the executed draw agreement. All requests for funds should be submitted to the FHA 203K Draw Specialists assigned to the specific job. The Lender’s 203K Concierges’ Department can be reached by emailing XxxxxxxxxxXxxxxxxxxXxxxxxx@xxxx.xxx. Payments may be withheld because of: (1) defective work not remedied; (2) failure of contractor to make proper payments to subcontractors, works, or suppliers; (3) persistent failure to carry out work in accordance with this Agreement or these general conditions, or (4) legal claims. Final payment will be due after complete release of any and all liens arising out of the contract or submission of receipts or other evidence of payment covering all subcontractors or suppliers who could file such a lien. The contractor agrees to indemnify the Owner against such liens and will refund all monies including costs and reasonable attorney’s fees paid by the owner in discharging the liens. A 10% holdback is required by the lender to assure the work has been properly completed and there are no liens on the property.

Payments and Completion. Funds for the renovation are released per the executed draw agreement. All requests for funds should be submitted to the FHA 203K Draw Specialists assigned to the specific job. The Lender’s 203K Concierges’ Department can be reached by emailing XxxxxxxxxxXxxxxxxxxXxxxxxx@xxxx.xxx. Payments may be withheld because of: (1) defective work not remedied; (2) failure of contractor to make proper payments to subcontractors, works, or suppliers; (3) persistent failure to carry out work in accordance with this Agreement or these general conditions, or (4) legal claims. Final payment will be due after complete release of any and all liens arising out of the contract or submission of receipts or other evidence of payment covering all subcontractors or suppliers who could file such a lien. The contractor agrees to indemnify the Owner against such liens and will refund all monies including costs and reasonable attorney’s fees paid by the owner in discharging the liens. A 10% holdback is required by the lender to assure the work has been properly completed and there are no liens on the property.. Owners Initials: Contractor’s Initials: