Common use of Release of Claims as Condition to Final Payment Clause in Contracts

Release of Claims as Condition to Final Payment. The Application for final Payment shall not be made until Contractor delivers to Owner a Conditional or Unconditional Waiver and Release on Final Payment forms (Exhibit 6.3 or Exhibit 6.4 as appropriate) for the Work. Such Releases shall also be submitted from all Subcontractors, Sub-subcontractors, and Suppliers in the form prescribed by Exhibit 6.3 or Exhibit 6.4, as appropriate. If any Subcontractor, Sub-subcontractor, or Supplier refuses to furnish such a Release, the Contractor may furnish a bond satisfactory to the Owner to indemnify Owner against any Claim by a Subcontractor, Sub-subcontractor, or Supplier. If any such Claim remains unsatisfied after all payments are made, the Contractor shall refund to the Owner all monies that the Owner may be compelled to pay in connection with such Claim, including all costs and attorney’s fees.