Original Project Final Payment definition
Examples of Original Project Final Payment in a sentence
Any salvage value received by the Contractor for any excess items paid for by Owner, to be determined prior to the Original Project Final Payment or the Expansion Project Final Payment (as applicable) upon Original Project Final Completion or Expansion Project Final Completion (as applicable), shall reduce the Cost of the Work and be a credit to Owner.
Owner’s allowance or payment of any item pursuant to any Application for Progress Payment or otherwise shall not constitute approval of the Work or the Application for Progress Payment, or result in Owner’s waiver of any claims, all of Owner’s rights being specifically reserved, and no such payments shall operate as an admission on the part of Owner as to the propriety or accuracy of any amounts on such Application for Progress, Original Project Final Payment or Expansion Project Final Payment.
Owner shall have the right at any time and from time to time upon notice to Contractor, to issue one or more checks for portions of a progress payment, Original Project Final Payment or Expansion Project Final Payment which are payable jointly to Contractor and its Subcontractors or Vendors of any tier or the parties owed.
Prior to Original Project Final Completion and Expansion Project Final Completion (as applicable) and as a condition to Original Project Final Payment and Expansion Project Final Payment (as applicable), Contractor shall be responsible for providing Owner with a fully completed and accurate set of all as-built Drawings with respect to each of the Original Project and the Expansion Project (as applicable) in an acceptable electronic format, as Contract Documents for Owner’s permanent records.
Any salvage value received by Contractor for any excess items paid for by Owner, to be determined prior to the Original Project Final Payment or the Expansion Project Final Payment (as applicable) upon Original Project Final Completion or Expansion Project Final Completion (as applicable), shall reduce the Cost of the Work and be a credit to Owner.
Contractor shall preserve and make available to Owner and Owner’s Lenders at Contractor’s principal office in Hong Kong, all such records and other data covered by this Article 19, for a minimum period of three (3) years after the later of Original Project Final Payment and Expansion Project Final Payment is made or for such longer period as may be required by any Laws.
Prior to the expiration of the Original Project Defects Liability Period or Expansion Projects Defects Liability Period (as applicable) and as a condition to the Original Project Final Payment or Expansion Project Final Payment, respectively, Contractor shall assign to Owner all applicable Subcontractor and Vendor guarantees and warranties and deliver to Owner the originals thereof.
In the event of a dispute with respect to amounts payable under an Application for Progress Payment, the Original Project Final Payment or the Expansion Project Final Payment, Owner shall pay all undisputed amounts.
Each Application for Progress Payment (and for Original Project Final Payment and Expansion Project Final Payment) shall include a “Contractor’s Certificate,” in form and substance identical to Exhibit I attached to this Agreement, signed by Contractor.
Owner’s final Original Project Contractor’s Fee installment payment, final Expansion Project Contractor’s Fee installment payment, Original Project Final Payment and Expansion Project Final Payment shall in no way relieve Contractor of any obligations or responsibilities under the Contract Documents which extend beyond the date of such payment.