Common use of Application for Final Payment Clause in Contracts

Application for Final Payment. 12.4.1.1 Fifteen days prior to the date on which DBT believes that it will meet the conditions of Final Acceptance, DBT shall prepare and submit to KYTC a proposed Application for Final Payment showing the proposed total amount due to DBT as of the date of Final Acceptance, including any amounts owing from Change Orders. 12.4.1.2 The Application for Final Payment shall list all outstanding Notice of Potential Relief Events and Relief Requests, stating the amount at issue associated with each such Notice of Potential Relief Event and Relief Request. 12.4.1.3 The Application for Final Payment shall also be accompanied by: (a) Information addressing the status of all existing or threatened Claims and stop notices of Subcontractors, Suppliers, laborers, Utility Companies, and/or other third parties against DBT, KYTC or the Project; (b) Consent of any Guarantors and Surety to the proposed payment schedule; (c) Such other documentation as KYTC may reasonably require; and (d) The release described in Section 12.4.3, executed by DBT. 12.4.1.4 Prior applications and payments shall be subject to correction in the Application for Final Payment. Notice of Potential Relief Events and Relief Requests filed