Common use of Payment Upon Substantial Completion Clause in Contracts

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 execution by both Owner and Design/Builder of the Certificate of Substantial Completion, Owner shall pay Design/Builder, within forty five thirty (4530) days, all sums due Design/Builder, including retainage, less five written percentage 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 execution by both Owner and Design/Builder of the Certificate of Substantial Completion, Owner shall pay Design/Builder, within forty five thirty (4530) days, all sums due Design/Builder, including retainage, less five two and one-half percent (52.5%) 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.