Final Contract Sum definition

Final Contract Sum means the total sum which, subject to the provisions of the Contract, will have become payable to the Contractor by the Principal upon the completion of the work under the Contract and the performance of the obligations of the Contractor under the Contract;

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Final Contract Sum means the sum to be ascertained and paid in accordance with the provisions hereinafter contained for the execution of the Works in accordance with the Contract.

Final Contract Sum means the sum to be ascertained by the Engineer and stated in the Final Certificate, to be paid by the Employer to the Contractor pursuant to Clause 69 in consideration of the execution of the Works in accordance with the Contract;

Examples of Final Contract Sum in a sentence

• The Final Certificate shall state the Final Contract Sum, which shall be the sum of the Cost Centre Values following their final adjustment and of the amounts finally decided by the Engineer to be due in respect of the matters identified in Clause 67.2(b).

• No adjustment shall be made to any payment or to the Final Contract Sum on account of any variation in the exchange rate between the Hong Kong dollar and any other currency.

• Nota: The Architect should request the signature of an Amendment: do not accept a percentage fee based on the Final Contract Sum, thinking that whatever the additional services, they will be paid for by the application of the percentage fee rate to the Final Contract Sum.

• Clause 8 of the Agreement stipulates "The fee amount of the Architect for the full service is …% of the Final Contract Sum excluding VAT that results from the Final Accounts excluding construction work undertaken by the Client".

• If the Final Contract Sum is less than the Completion Cost, the difference shall be a debt payable by the Contractor to the Government and if greater the difference shall be a debt payable by the Government to the Contractor.

• Attached as Exhibit “I” is a sample calculation of the Adjusted Final Contract Sum utilizing the formula set forth herein.

• VAT These Sums in euro are to be revised based on the Final Contract Sum excluding VAT.

• Costs shall state the difference between the Final Contract Sum and the Completion Cost.

• If the Final Contract Sum is less than the Completion Cost, the difference shall be a debt payable by the Contractor to the Employer and if greater the difference shall be a debt payable by the Employer to the Contractor.

• If the Final Contract Sum is less than the Completion Cost, the difference shall be a debt payable by the Contractor to the Government.

More Definitions of Final Contract Sum

Final Contract Sum. : shall mean the sum to be paid by the OWNER to the CONTRACTOR for executing the work and shall be computed on the basis of actual net quantities of various items of work executed at the applicable rates as per the schedule of items/quantities/rates forming part of the Agreement.

Final Contract Sum means the sum to be paid by HSC to the Contractor for complete execution of the work and shall be computed/certified by the Engineer/Consultant on the basis

Final Contract Sum means the sum to be ascertained by the Contract Administrator and stated in the Final Certificate, to be paid by the Authority to the Contractor pursuant to Clause 69 in consideration of the execution of the Works in accordance with the Contract;