Payment Applications and Project Completion Clause Samples
The 'Payment Applications and Project Completion' clause outlines the procedures and requirements for submitting requests for payment during a project's lifecycle and upon its completion. Typically, it specifies the documentation and approvals needed for interim and final payment applications, such as progress reports, lien waivers, or completion certificates. This clause ensures that payments are made in accordance with the actual progress of the work and that all contractual obligations are fulfilled before final payment, thereby reducing disputes and ensuring financial clarity for all parties involved.
Payment Applications and Project Completion. § 9.1 Contract Sum The Contract Sum is stated in the Design-Build Amendment.
§ 9.2 Schedule of Values Where the Contract Sum is based on a stipulated sum or Guaranteed Maximum Price, the Design-Builder, prior to the first Application for Payment after execution of the Design-Build Amendment shall submit to the Owner a schedule of values allocating the entire Contract Sum to the various portions of the Work and prepared in such form and supported by such data to substantiate its accuracy as the Owner may require. This schedule, unless objected to by the Owner, shall be used as a basis for reviewing the Design-Builder’s Applications for Payment.
Payment Applications and Project Completion. § 9.1 [This section intentionally left blank.]
Payment Applications and Project Completion