FINAL STATEMENT FOR CLAIM Sample Clauses
The 'Final Statement for Claim' clause establishes the requirement for a party, typically a contractor or service provider, to submit a comprehensive and conclusive statement detailing all claims for payment or compensation at the conclusion of a project or contractual engagement. This statement usually includes all outstanding invoices, change orders, and any additional costs incurred, ensuring that no further claims will be made after its submission. By mandating a final, all-encompassing claim statement, the clause provides closure to the financial aspects of the contract, preventing future disputes over unpaid amounts and ensuring both parties have a clear understanding of their remaining obligations.
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FINAL STATEMENT FOR CLAIM. The Contractor shall provide a final written statement of the actual adjustment in contract price and/or contract time requested for each notice of claim. Such statement shall clearly set forth that it is the final statement for that notice of claim. All such final statements shall be submitted within thirty (30) days after completion of the work that is the subject of the claim, but in no event no later than thirty (30) days after the Project Acceptance Date or the date of termination of the Contractor, whichever comes first.