Final Completion Payment definition
Examples of Final Completion Payment in a sentence
Contractor’s acceptance of any payment (including the Final Completion Payment), and Owner’s payment of any amount under dispute, shall not be deemed to constitute a waiver of amounts that are then in dispute.
Upon its application for the Final Completion Payment, Contractor shall deliver to Owner (i) a Final Lien Waiver from Contractor in the form of Exhibit F-3 and (ii) a Final Lien Waiver from all Major Subcontractors in the form of Exhibit F-4.
At the time of making such Final Completion Payment, System Owner shall release all such retained amounts to Supplier.
Upon its application for the Final Completion Payment, Contractor shall deliver to Owner (i) a Final Lien Waiver from Contractor in the form of Exhibit F-3 and (ii) a Final Lien Waiver from all Subcontractors in the form of Exhibit F-4.
Section 9.3.1 System Owner shall be entitled to retain ten percent (10%) of all amounts invoiced until the date on which the Substantial Completion Payment, as set forth on Exhibit L, is due, and from and after such date, System Owner shall be entitled to retain five percent (5%) of all amounts invoiced until the date on which the Final Completion Payment, as set forth on Exhibit L, is due.
Upon satisfaction of all Purchaser Closing Conditions Precedent, Purchaser will have sufficient cash on hand or other sources of, or access to, immediately available funds to enable it to pay the Contract Price , including making the Final Completion Payment and consummating the Transactions.
In connection with the achievement of Final Completion in accordance with Section 33.4., the Design-Builder shall prepare and submit to the City and the Owner Representative a Final Completion Payment Request.
As soon as reasonably practicable (but in no event later than 45 days after the City’s original receipt of the Design-Builder’s Final Completion Payment Request, subject to the City’s right to dispute payment in accordance with this Design-Build Contract and Applicable Law) after filing such notice, the City shall pay to the Design-Builder the balance of the Stage 2 Design-Build Price, subject to any withholdings and any other provisions governing final payment specified herein.
Such accounting shall be provided by the Design-Builder in connection with the Final Completion Payment Request.
Once all punch list items have been resolved and all products are turned over to the Owner, the Final Completion Payment Request” can be submitted for the remaining 25% payment due.