Certificate Of Completion Contract Excerpt
4.1CONTRACT SUM
4.1.1 The Contract sum is stated in the Owner-Contractor Agreement and including authorized adjustments thereto, is the total amount payable by the Owner to the Contractor for the performance of the work under the Contract Documents.
4.2 SCHEDULE OF PAYMENTS
4.2.1 The Contractor shall submit an Application for Payment (Contractor’s invoice), based on the Schedule of Payments contained herein (4.2.2).
4.2.2 Schedule of Payments
4.3 APPLICATIONS FOR PAYMENT
4.3.1 Seven days before the date for each progress payment indicated in the Schedule of Payments (4.2.2), the Contractor shall submit to the Owner an Application for Payment as indicated in 4.2.1.
4.3.2"Substantial Completion" is defined as being the point at which the Work is suitable for its intended use or the issuance of a Certificate of Occupancy (whether conditional or not) from the city or county building department, whichever occurs first. When the Contractor considers that the Work or any portion thereof is Substantially Complete, the Contractor shall prepare and submit to the Owner a Certificate of Completion including a comprehensive list (the "Punch List") of any item(s) to be completed or corrected. The Contractor shall submit to the Owner upon Substantial Completion an application for payment for final contract payment. At time of making the final contract payment, the Contractor and Owner may agree that the Owner may hold back up to 125%of the value ("Hold Back") of certain Punch List items. For the following items, Owner and Contractor agree that there will be no Hold Back and that payment in full will be due : Follow-up Items: Follow-up items are indicated by the following symbols and are not included in the Final Punch List and thereby not subject to any Hold Back amount. Follow-up Item Legend: (“FI” column six in the Certificate of Completion indicates the item is a "Follow-up Item".) “CO” indicates that a numbered Change Order exists or a Change Order shall be prepared for the work indicated, “TM” indicates a Time and Materials Change Order,“W” indicates warranty work, “OI” indicates "Owner Item" this indicates that the work cannot be completed because the Owner has not furnished the required material, product, product selection or the Owner's subcontractor has not completed work required to complete the item. The Contractor will place a fair and reasonable value on each Punch List item at time of Punch List walk-through with Owner. Contractor and Owner will then execute and sign the Certificate of Completion form.
4.3.3 Payment for completed Punch List items is due and payable upon submittal of invoice for those completed items, even though entire Punch List is not completed. The Contractor shall proceed promptly to complete all Work in accordance with the Contract Documents.
4.4 APPLICATIONS FOR PAYMENT
4.4.1The Owner will, within seven days after the receipt of the Contractor's Application for Payment, either issue the Payment to the Contractor, or notify the Contractor in writing his reasons for withholding a Payment.
4.4.2 Interest in the amount of 1.5% per month (or 18% per annum) will be charged on all late payments under this Agreement. "Late Payments" are defined as any payment not received within fourteen days of receipt of Contractor's Application for Payment from Contractor.
4.4.3 Owner agrees to pay Contractor's reasonable attorney's fees in any action to enforce the terms of this Agreement or to collect any late payment and other charges properly due under this Agreement.
4.5 PROGRESS PAYMENTS
4.5.1 The Owner shall make payment in the manner and within the time provided in Section 4.4.1.
4.5.2 The Owner shall have no obligation to pay or to see to the payment of any moneys to any Subcontractor except as may otherwise be required by law.
ARTICLE 5
FINAL PAYMENT
5.1 The final contract payment is due and payable upon "Substantial Completion" (not Final Completion) of the Work. "Substantial Completion" is defined in paragraph 4.3.3.