Common use of Payment Upon Substantial Completion Clause in Contracts

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 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 sole 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 sole 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.