Completion Sums Clause Samples
The Completion Sums clause defines the specific payments or financial amounts due upon the successful completion of a project or contractual milestone. Typically, this clause outlines the criteria for determining when completion has occurred and details the calculation or fixed amount to be paid to the contractor or service provider. By clearly specifying the financial obligations tied to project completion, this clause ensures both parties understand the payment expectations and helps prevent disputes over compensation at the end of the project.
Completion Sums. Completion Guarantor has the right to incur or advance Completion Sums at any time at its sole discretion. Completion Sums will be fully recoverable as provided in the Completion Agreement or by other agreement by and between Producer and Completion Guarantor, subject, if applicable, to the terms of the Interparty Agreement. The termination of or release of Completion Guarantor’s obligations hereunder shall not affect Completion Guarantor’s right to recover all Completion Sums. Beneficiary agrees that, as between Beneficiary and Completion Guarantor, Completion Guarantor is solely entitled to any Excess Incentives until Completion Guarantor’s full recoupment of all Completion Sums after payment of Incentives to Beneficiary until the Repayment Date applicable to Beneficiary. If Beneficiary shall collect any Excess Incentives after the Repayment Date applicable to Beneficiary, then Beneficiary will promptly pay such Excess Incentives to Completion Guarantor until Completion Guarantor’s full recoupment of all Completion Sums.
Completion Sums. Completion Guarantor shall have the right at any time to incur, advance, or expend Completion Sums at its sole discretion. Completion Sums will be irrevocably and fully recoupable as herein provided. The termination or release of Completion Guarantor’s obligations under the Completion Documents shall not affect Completion Guarantor’s right to recoup Completion Sums.