Common use of FINAL COMPLETION AND FINAL PAYMENT Clause in Contracts

FINAL COMPLETION AND FINAL PAYMENT. When the Contractor determines that the Work is substantially complete in accordance with this Agreement, the Contractor shall, together with Owner, prepare a punch-list of items to be completed or corrected by Contractor. The failure to include any items on such list does not alter the responsibility of the Contractor to complete all Work in accordance with this Agreement. When Contractor achieves Final Completion, upon receipt of written notice that the Work is ready for , final inspection and acceptance, and upon receipt of final invoice, the Owner will promptly make such inspection and, when Owner finds the Work conforming to this Agreement and this Agreement fully performed, Owner will make final payment in accordance with time periods set forth in Section 8.2. The final payment (including the ten percent (10%) retainage) shall not become due until the Contractor submits to the Owner (i) an Affidavit that all Contractor’s payrolls, bills for materials and equipment, and other indebtedness connected with the Work for which the Owner or its property might in any way be responsible, have been paid or otherwise satisfied, and (ii) consent of surety, if any, to final payment, and data establishing payment or satisfaction of all such obligations, such as receipts, releases and waivers of liens arising out of this Agreement, to the extent and in such form as indicated in Section 8.2 and Appendix forms K-1 or K-2, as applicable. If any subcontractor refuses to furnish a release or waiver required by the Owner, the Contractor may furnish a bond satisfactory to the Owner to indemnify him against any such lien. If any such lien remains unsatisfied after all payments are made, the Contractor shall refund to the Owner all moneys that the latter may be compelled to pay in discharging such lien, including all costs and reasonable attorney's fees provided that Contractor has failed to remove any such lien within a reasonable time after being notified of its filing. If after Substantial Completion of the Work and occurrence of the In-Service Date, Final Completion thereof is materially delayed through no fault of the Contractor, the Owner shall, without terminating this Agreement, make payment of the balance due for that portion of the Work fully completed. The making of final payment shall constitute a waiver of all claims by the Owner except those arising from:

FINAL COMPLETION AND FINAL PAYMENT. When 9.10.1 The Contractor may apply, and reapply, for release of retainage on a subcontractor-by-subcontractor basis (and including amounts withheld on account of the Contractor determines that Contractor’s own employees and for deliverables) in accordance with the requirements of the Contract following the Substantial Completion or earlier upon Final Completion of all of the Work is substantially Such application shall be accompanied by a written listing identifying the previously incomplete or defective Work or the deliverable that has now been completed or delivered. Such application shall be certified as having been made in good faith. The Owner shall pay retainage no later than 45 days after Final Completion of all of the Work providing all conditions to payment under the Contract have been met and subject to the following: (i) for incomplete, incorrect or missing deliverables, their mutually agreed value, or if no agreement then the reasonable value not to exceed 2.5% of the adjusted Contract Sum; (ii) for incomplete or defective Work, 150% of the reasonable cost to complete or correct the incomplete or defective Work; and (iii) for Claims made in accordance with this AgreementAgreement that are pending. In withholding payment from an application for release of retainage, the Contractor shall, together with Owner, prepare a punch-list of items Owner shall cause to be completed provided to the Contractor (which may be provided by the Architect) a written description of the incomplete or corrected by Contractordefective Work item or deliverable and/or claim , which description shall be certified as made in good faith. The failure parties agree that any item of incomplete or defective Work remaining on the Final Punchlist whenever Contractor applies, or reapplies, for payment shall entitle Owner to include any items on continue withholding such list does not alter the responsibility of the Contractor to complete all Work as amount as provided in accordance with clause (ii) above in this Agreementparagraph. When Contractor achieves Final Completion, upon Upon receipt of written notice that the Work is ready for , final inspection and acceptance, acceptance and upon receipt of a final invoiceapplication for payment, the Owner Architect will promptly make such inspection and, when Owner the Architect finds the Work conforming to this Agreement acceptable under the Contract Documents and this Agreement the Contract fully performed, Owner the Architect will make promptly issue a final payment Certificate for Payment stating that to the best of the Architect’s knowledge, information and belief, and on the basis of the Architect’s on-site visits and inspections, the Work has been completed in accordance with time periods set forth in Section 8.2. The final payment (including terms and conditions of the ten percent (10%) retainage) shall not become Contract Documents and that the entire balance found to be due until the Contractor submits to and noted in the Owner (i) an Affidavit that all Contractor’s payrolls, bills for materials final Certificate is due and equipment, and other indebtedness connected with the Work for which the Owner or its property might in any way be responsible, have been paid or otherwise satisfied, and (ii) consent of surety, if any, to final payment, and data establishing payment or satisfaction of all such obligations, such as receipts, releases and waivers of liens arising out of this Agreement, to the extent and in such form as indicated in Section 8.2 and Appendix forms K-1 or K-2, as applicable. If any subcontractor refuses to furnish a release or waiver required by the Owner, the Contractor may furnish a bond satisfactory to the Owner to indemnify him against any such lien. If any such lien remains unsatisfied after all payments are made, the Contractor shall refund to the Owner all moneys that the latter may be compelled to pay in discharging such lien, including all costs and reasonable attorney's fees provided that Contractor has failed to remove any such lien within a reasonable time after being notified of its filing. If after Substantial Completion of the Work and occurrence of the In-Service Date, Final Completion thereof is materially delayed through no fault of the Contractor, the Owner shall, without terminating this Agreement, make payment of the balance due for that portion of the Work fully completed. The making of final payment shall constitute a waiver of all claims by the Owner except those arising from:payable.

FINAL COMPLETION AND FINAL PAYMENT. When “Final Completion” for purposes of this Agreement shall mark the ultimate conclusion of the Project and be the date on which all Work has been fully and finally completed, and all punch list items, deficiencies, and outstanding obligations of Construction Manager or Contractor determines that the Work is substantially complete have been addressed, rectified and finished in accordance with this AgreementAgreement and all requirements of the Contract Documents to Owner’s satisfaction and approval, the Contractor shall, together with Owner, prepare a punch-list of items not to be completed or corrected by Contractorunreasonably withheld and all required close-out documentation has been submitted to Owner. The failure to include Neither Final Payment nor any items on such list does not alter the responsibility of the Contractor to complete all Work in accordance with this Agreement. When Contractor achieves Final Completion, upon receipt of written notice that the Work is ready for , final inspection and acceptance, and upon receipt of final invoice, the Owner will promptly make such inspection and, when Owner finds the Work conforming to this Agreement and this Agreement fully performed, Owner will make final payment in accordance with time periods set forth in Section 8.2. The final payment (including the ten percent (10%) retainage) remaining retained amounts shall not become due until the Contractor Construction Manager submits to the Owner (i1) an Affidavit affidavit that all Contractor’s payrolls, bills for materials and equipment, and other indebtedness connected with the Work for which the Owner or its Owner’s property might in any way be responsible, responsible or encumbered have been paid or otherwise satisfied, (2) a certificate evidencing that insurance required by the Contract Documents to remain in force after Final Payment is currently in effect, (3) all record drawings, as-built documents, O&M manuals and warranty materials applicable to the Work, (4) documentation of any special warranties, such as manufacturers’ warranties or specific Contractor or subcontractor warranties, (5) Final Releases of Liens and claims in the form attached as Exhibit D executed by Construction Manager, and (ii6) consent of surety, if any, to final payment, and such other documentation as Owner may reasonably require or other data establishing payment or satisfaction of all such obligations, such as receiptsliens, releases and waivers of liens claims, security interests, or encumbrances arising out of this Agreementthe Project, to the extent and in such form as indicated in Section 8.2 and Appendix forms K-1 or K-2, as applicablemay be reasonably designated by Owner. If Contractor or any subcontractor or consultant refuses to furnish a release or waiver required by the Owner, the Contractor Construction Manager may furnish a bond satisfactory to the Owner to indemnify him the Owner Indemnified Parties against any such lien, claim, security interest, or encumbrance. If any such lien a lien, claim, security interest, or encumbrance remains unsatisfied after all payments are made, the Contractor Construction Manager shall refund to the Owner all moneys money that the latter Owner may be compelled to pay in discharging such the lien, claim, security interest, or encumbrance, including all costs and reasonable attorney's fees provided that Contractor has failed to remove any such lien within a reasonable time after being notified of its filing. If after Substantial Completion of the Work and occurrence of the In-Service Date, Final Completion thereof is materially delayed through no fault of the Contractor, the Owner shall, without terminating this Agreement, make payment of the balance due for that portion of the Work fully completed. The making of final payment shall constitute a waiver of all claims by the Owner except those arising from:attorneys’ fees.

FINAL COMPLETION AND FINAL PAYMENT. When the Contractor determines that the Work is substantially complete in accordance with this Agreement, the Contractor shall, together with Owner, prepare a punch-list of items to be completed or corrected by Contractor. The failure to include any items on such list does not alter the responsibility of the Contractor to complete all Work in accordance with this Agreement. When Contractor achieves Final Completion, upon receipt of written notice that the Work is ready for , final inspection and acceptance, and upon receipt of final invoice, the Owner will promptly make such inspection and, when Owner finds the Work conforming to this Agreement and this Agreement fully performed, Owner will make final payment in accordance with time periods set forth in Section 8.2. The final payment (including the ten zero percent (100%) retainage) shall not become due until the Contractor submits to the Owner (i) an Affidavit that all Contractor’s payrolls, bills for materials and equipment, and other indebtedness connected with the Work for which the Owner or its property might in any way be responsible, have been paid or otherwise satisfied, and (ii) consent of surety, if any, to final payment, and data establishing payment or satisfaction of all such obligations, such as receipts, releases and waivers of liens arising out of this Agreement, to the extent and in such form as indicated in Section 8.2 and Appendix forms K-1 or K-2, as applicable. If any subcontractor refuses to furnish a release or waiver required by the Owner, the Contractor may furnish a bond satisfactory to the Owner to indemnify him against any such lien. If any such lien remains unsatisfied after all payments are made, the Contractor shall refund to the Owner all moneys that the latter may be compelled to pay in discharging such lien, including all costs and reasonable attorney's fees provided that Contractor has failed to remove any such lien within a reasonable time after being notified of its filing. If after Substantial Completion of the Work and occurrence of the In-Service Date, Final Completion thereof is materially delayed through no fault of the Contractor, the Owner shall, without terminating this Agreement, make payment of the balance due for that portion of the Work fully completed. The making of final payment shall constitute a waiver of all claims by the Owner except those arising from: