Payment Upon Substantial Completion. When Owner Parties issue a Certificate of Substantial Completion and Contractor submits an applicable Application for Payment, Owner shall make payment to Contractor, reflecting adjustment in retainage, if any, as provided in the Contract Documents. However, Owner shall not release retainage to Contractor that will result in Owner holding total retainage less than twice the amount that Owner Parties determine necessary to complete and correct all items on an applicable Punch List.
Payment Upon Substantial Completion. Upon Substantial Completion of the Work, the Owner shall pay the Design/Builder an amount sufficient to increase total payments to the Design/Builder to ninety-five percent (95%) of the Fixed Contract Price, as adjusted by the operation of this Agreement less any amounts attributable to liquidated damages, together with the reasonable costs as determined by the Owner for completing all incomplete work, correcting and bringing into conformance all defective and nonconforming work, and handling any outstanding or threatened claims, which result from Design/Builder’s acts or omissions.
Payment Upon Substantial Completion. Upon Substantial Completion of the Work, and upon execution by both Owner and Design/Builder of the Certificate of Substantial Completion, Owner shall pay Design/Builder, within forty five (45) days, all sums due Design/Builder, including retainage, less five percent (5%) of the reasonable costs as determined by Owner for completing all incomplete Work and Design Services, correcting and bringing into strict conformance all defective and nonconforming Work, and handling all outstanding or threatened claims.
Payment Upon Substantial Completion. Upon Substantial Completion of the Work and upon application by the CONTRACTOR and certification by the OWNER, the OWNER shall make payment, if any, for such Work as provided in the Contract Documents.
Payment Upon Substantial Completion. 8.3.1 No later than fourteen (14) calendar days after Substantial Completion, City will pay to CM@R all sums due under the contract, except remaining retention; an amount equal to the liquidated damages, if any, assessable under the Contract; and 150% of the cost to complete all Punch List items as estimated by Project Manager.
Payment Upon Substantial Completion. Upon Substantial Completion of the Construction Work, and upon execution by both Owner and Design/Builder of the Certificate of Substantial Completion, Owner shall pay Design/Builder, within thirty (30) days, all sums due Design/Builder, including such amount of retainage as the Owner in its reasonable discretion wishes to pay based upon the value of remaining performance, less the reasonable costs, as determined by Owner in Owner’s reasonable and demonstrated discretion, for completing all incomplete Construction Work and Design Services, correcting and bringing into strict conformance all defective and nonconforming Construction Work, and handling all outstanding or threatened claims.
Payment Upon Substantial Completion. Upon Substantial Completion of the Work or designated portion thereof and upon application by the Contractor and certification by the A/E, the Owner shall make payment, reflecting adjustment in retainage, if any, for such Work or portion thereof as provided in the Contract Documents. To the extent allowed by law, the Owner may retain up to 200% of the fair market value of the work that has not been completed in accordance with the Contract Documents.
Payment Upon Substantial Completion. 8.5.1 Within sixty-five (65) days after the date of Substantial Completion, the Official shall send to the Contractor for acceptance a Substantial Completion estimate for the quantity and price of the Work done and all but one percent (1%) retainage on that Work, including the quantity, price and all but one percent (1%) retainage for the undisputed part of each work item and extra work item in dispute but excluding the disputed part thereof, less the estimated cost of completing all incomplete and unsatisfactory items and less the total progress payments made to date for the Work. The Official also shall deduct from the Substantial Completion estimate an amount equal to the sum of all demands for direct payment filed by Subcontractors and not yet paid to Subcontractors or deposited in joint accounts pursuant to M.G.L. Chapter 30, Section 39F, but the Official shall not deduct any amount by virtue of claims asserted against the Contractor by Subcontractors or Suppliers.
Payment Upon Substantial Completion. Tenant shall authorize payment to Landlord of the remaining unpaid portion of the Contract Sum (other than amounts held pursuant to Section 5.8), including the Retainage when both (1) Substantial Completion has been achieved, and (2) a final Application for Payment has been issued by the Landlord and approved by Tenant, which final Application for Payment shall include, without limitation, a comprehensive punch list of items remaining to be corrected or completed. Such final payment shall be authorized by Landlord not more than twenty (20) days after Tenant's receipt of the final Application for Payment, provided it is approved by Tenant, and such approval shall not be unreasonably withheld.
Payment Upon Substantial Completion. Upon Substantial Completion of the Work and upon application by the Contractor and certification by the Engineer as provided for in Paragraph 5.10, the Owner shall make payment, if any, for such Work as provided in the Contract Documents.
