Final Account Certificate definition
Examples of Final Account Certificate in a sentence
Where the amount paid by the Employer to the Contractor pursuant to any error in a previous certificate exceeds any amount due and payable to the Contractor under any subsequent interim certificate or the Final Account Certificate, such excess shall be recoverable by the Employer from the Contractor.
The issue of the Final Account Certificate pursuant to clause GCC 70 shall be made only upon submittal by the Contractor of a certificate of income tax clearance from the Government of Nepal.
The Final Account Payment is based on a proposed Final Account Certificate to be compromised of the following: Preliminaries $1,784,200.00 Measured Works $31,790,234.00 Variations $11,250,402.46 Sub-Total $44,824,836.46 Less Liquidated Damages ($132,528.00) Less Omitted Works- Capping of Drains ($89,000.00) Add’n Claim: Eqm.
Cost Increase $3,500,000.00 Amount Payable $48,103,308.46 Less Previous Payment ($31,741,365.90) Amount Due $16,361,942.56 VAT $2,454,291.38 Amount Due per Certificate $18,816,238.94 Following you written agreement with the Final Account Payment and proposed Final Account Certificate, the Final Account Payment will be processed within 90 days from the date of receipt of your agreement.
If the Contractor later establishes that he would not be liable for such injury or damage by virtue of Clause 26.2 or otherwise, the Superintending Officer‟s instruction(s) shall be deemed to have been and shall be treated as a variation issued pursuant to Clause 19.1 and, notwithstanding the issue of a Final Account Certificate, shall be entitled to be paid in respect of such variation.
If the Contractor later establishes that he would not be liable for such injury or damage by virtue of Clause 28.2 or otherwise, the Superintending Officer’s instruction(s) shall be deemed to have been and shall be treated as a variation issued pursuant to Clause 19.1 and, notwithstanding the issue of a Final Account Certificate, shall be entitled to be paid in respect of such variation.