Upon Final Acceptance Sample Clauses
The 'Upon Final Acceptance' clause defines the point at which the buyer formally acknowledges that the goods or services provided meet all contractual requirements. Typically, this clause triggers certain obligations, such as the release of final payment, transfer of ownership, or the start of warranty periods. Its core function is to establish a clear milestone that signals the completion of the supplier’s responsibilities and the commencement of the buyer’s post-acceptance rights and duties, thereby reducing ambiguity and potential disputes over contract fulfillment.
Upon Final Acceptance. Developer shall provide a warranty bond, or such other security as is approved by TxDOT in its sole discretion, which shall guarantee performance of the Work required to be performed during the Warranty Term and which shall also constitute a payment bond guaranteeing payment to Persons performing such Work (“Warranty Bond”). The Warranty Bond shall be in an amount equal to 10% of the Price and shall be substantially in the form attached hereto as Exhibit 12, and shall be released upon expiration of the Warranty Term and: (a) receipt of (i) evidence satisfactory to TxDOT that all Persons eligible to file a claim against the Warranty Bond have been fully paid and (ii) unconditional releases of Liens and stop notices from all Subcontractors who filed preliminary notice of a claim against the Warranty Bond, and (b) expiration of the statutory period for Subcontractors to file a claim against the Warranty Bond if no claims have been filed.
Upon Final Acceptance. Contractor shall submit an invoice to Owner's Representative, summarizing and reconciling all previous invoices and payments in the amount of the EPC Contract Price less payments to date. Owner shall pay the amount of the EPC Contract Price outstanding in full within 10 (ten) business days of receipt of such invoice or 30 (thirty) days of Final Acceptance, whichever occurs later, subject to Subsections 6.3.4 and 6.3.5 below.
Upon Final Acceptance of the work by City, Contractor warrants for a period of one (1) year as follows: