Final Pay Application Sample Clauses
The Final Pay Application clause defines the process and requirements for submitting the last request for payment on a project. Typically, this clause outlines the documentation and approvals needed, such as evidence of completed work, release of liens, and any outstanding change orders, before the final payment is processed. Its core function is to ensure that all contractual obligations have been met and that both parties are protected before the project is financially closed out.
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Final Pay Application. Upon correction of the deficiency reports (punch lists), completion of the third party audit and acceptance of all other close-out submittals and certificates of the Design Builder, Owner’s Project Manager and/or Project Design Criteria Professional shall review the Application for Final Payment and, upon approval, forward it to Owner for execution.