Common use of Payment upon Completion Clause in Contracts

Payment upon Completion. 17.7.1 Following the expiry or termination of the Contract, the Contractor shall prepare and submit to the Corporation within 30 (thirty) days a statement in the form of a final account, specifying the outstanding amounts which the Contractor intends to invoice to the Corporation for payments due to the Contractor in accordance with the provisions of this Clause 17 (Payment). The Contractor shall submit to the Corporation its final invoice in respect of such statement within 60 (sixty) days of the date of the expiry or termination of the Contract and shall confirm in writing to the Corporation that such invoice constitutes the final demand for all outstanding sums due to the Contractor under the Contract. The Contractor acknowledges that one the Final Bill has been submitted, it shall have no other/further claim(s) whatsoever under the Contract and the said other/further claim(s) shall be deemed to have been waived and extinguished. 17.8.2 Following the expiry or termination of the Contract, the Corporation shall not be required to make payment of any invoice not received in accordance with this Clause 17.7 (Payment upon Completion). Payments of those items of the bill in respect of which there is no dispute and of items in dispute, for quantities and rates as approved by Officer- in-Charge, will, as far as possible be made within 2 Month from the date of receipt of the Final bill in BTS by corporation complete in all respect.