Payment Upon Final Completion Clause Samples

Payment Upon Final Completion. 2.5.1 Full payment of the Contract Sum, including all Retainage previously withheld (the “Final Payment”), shall be due and payable within sixty (60) days after (i) Final Completion has been achieved and the Contract has otherwise been fully performed by Contractor except for Contractor’s responsibility to correct defective or nonconforming Work not yet discovered as provided in Article 11, and to satisfy other requirements, if any, which necessarily survive Final Payment; (ii) Contractor has submitted to Owner and Architect Contractor’s Application for Final Payment; (iii) if required by the Agreement, a final accounting for the Cost of Work has been submitted by Contractor and reviewed by Owner and its consultants; (iv) any adjustments in the Final Payment required by such an accounting have been made; (v) Contractor has given Owner written notice that all of the documents and materials required by this Section 2.5.1 have all been delivered; and