Final Payment Audit Sample Clauses
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Final Payment Audit. The Owner reserves the right, prior to making final payment to the CM, to conduct audits or a final audit of the expenditures by the CM on the Project for assurances that the final payment to the CM does not exceed the amounts properly payable to the CM for the Cost of the Work, General Conditions, any special allowances, and CM Contingency savings. If the Owner decides to exercise its right to a final payment audit, the Owner will notify the CM in writing of its decision to conduct the audit within thirty (30) days after issuance of the Certificate of Final Completion by the Project Designer. The CM shall then promptly provide all accounting records reasonably requested by the Owner that relate to the Cost of the Work, CM General Conditions and CM Contingency on the Project. Once the CM has provided all accounting records reasonably requested by the Owner to complete such an audit, the Owner agrees to complete the audit within ninety (90) calendar days. In the event an audit determines that the CM has been paid more than it is entitled to be paid under the Contract, the CM will refund the overpayment to the Owner. With the express written consent of the CM surety on the CM performance bond and the CM payment bond, the Owner may elect to make final payment to the CM prior to completion of the audit.
Final Payment Audit. Construction Manager shall submit its final accounting of the Cost of the Work and draft final Application for Payment, records and other documents of its Costs of the Work to the Architect, Owner and its auditors review to verify the Total Cost of the Work and the amount due to Construction Manager. The Owner’s auditors will review and report in writing on the Construction Manager’s final accounting within 30 days after delivery of the final accounting to the Owner by the Construction Manager. Based upon such Cost of the Work as the Owner’s auditors report to be substantiated by the Construction Manager’s final accounting, the Owner will notify the Construction Manager of the amounts the Owner’s auditors confirm are due Construction Manager. Construction Manager shall prepare a final Application for Payment based on the amounts authorized by the Auditor’s report to submit to the Owner and Architect. The Owner shall make payment to Construction Manager within 25 business days of receipt of the final Application for Payment as provided in this Paragraph and provided the other conditions of this Article and the Contract Documents have been met. SAMPLE
Final Payment Audit. As a further condition precedent to Final Payment by Owner, Design/Builder must submit to the Project Manager a complete final accounting of the actual reimbursable Cost of the Work, including all such documentation (including, without limitation, invoices, subcontracts, subcontractor change orders, purchase orders, records of payment, etc.) as Owner may require, to establish whether the payments made to Design/Builder equal, exceed, or are less than the actual reimbursable Cost of the Work to date. Any excess payments by Owner, as determined by the Project Manager, shall be deducted from the one-half retention payment to be made to Design/Builder, and any additional excess amounts paid to Design/Builder shall be refunded by Design/Builder to Owner.
Final Payment Audit. The Owner reserves the right, prior to making final payment to the CM for any School Project, to conduct audits or a final audit of the expenditures by the CM on the School Project for assurances that the final payment to the CM does not exceed the amounts properly payable to the CM for the Cost of the Work, General Conditions, any special allowances, and CM Contingency savings. If the Owner decides to exercise its right to a final payment audit, the Owner will notify the CM in writing of its decision to conduct the audit within thirty (30) days after issuance of the Certificate of Final Completion by the Project Designer for that School Project. The CM shall then promptly provide all accounting records reasonably requested by the Owner that relate to the Cost of the Work, CM General Conditions and CM Contingency on the applicable School Project. Once the CM has provided all accounting records reasonably requested by the Owner to complete such an audit, the Owner agrees to complete the audit within ninety (90) calendar days. In the event an audit determines that the CM has been paid more than it is entitled to be paid under the Contract, the CM will refund the overpayment to the Owner. With the express written consent of the CM surety on the CM performance bond and the CM payment bond, the Owner may elect to make final payment to the CM prior to completion of the audit.
Final Payment Audit. The Owner reserves the right, prior to making final payment to the CM, to conduct audits or a final audit of the expenditures by the CM on the Project for assurances that the final payment to the CM does not exceed the amounts properly payable to the CM for the Cost of the Work, General Conditions, any special allowances, and CM-GMP Contingency savings. If the Owner decides to exercise its right to a final payment audit, the Owner will notify the CM in writing of its decision to conduct the audit within thirty (30) days after issuance of the Certificate of Final Completion by the Project Designer. The CM shall then promptly provide all accounting records reasonably requested by the Owner that relate to the Cost of the Work, CM General Conditions and CM Contingency on the Project. Once the CM has provided all accounting records reasonably requested by the Owner to complete such an audit, the Owner agrees to complete the audit within one hundred twenty (120) calendar days. In the event an audit determines that the CM has been paid more than it is entitled to be paid under the Contract, the CM will refund the overpayment to the Owner.
Final Payment Audit. The following sections apply when the basis of payment to Design-Builder is the Cost of the Work plus a fee with a Guaranteed Maximum Price.