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Final Payment Contract
"I need a Final Payment Contract for a commercial construction project in Sydney, with the final payment amount of AUD 2.5 million to be released in two installments, including provisions for defects liability period extending until March 2025."
1. Parties: Identification and details of all parties to the agreement
2. Background: Context of the original contract, work completed, and reason for final payment
3. Definitions: Definitions of key terms used throughout the document
4. Final Payment Amount: Specification of the final payment amount, including any adjustments or deductions
5. Payment Terms: Timing, method, and conditions for the final payment
6. Release and Discharge: Mutual release of claims and obligations upon payment
7. Tax Compliance: GST and other tax-related obligations and declarations
8. Warranties: Ongoing warranties that survive final payment
9. Dispute Resolution: Process for resolving any disputes related to the final payment
10. Governing Law: Specification of applicable law and jurisdiction
11. Execution: Signature blocks and execution details
1. Retention Release: Terms for releasing any retained amounts, used when retention monies are held
2. Third Party Rights: Rights of third parties in relation to the final payment, included when third parties have interests
3. Intellectual Property: IP rights transfer or confirmation, used when IP is relevant to the contract
4. Confidentiality: Ongoing confidentiality obligations, included for sensitive commercial arrangements
5. Insurance: Ongoing insurance requirements, used when insurance obligations continue post-payment
6. Bank Guarantee Release: Terms for releasing bank guarantees, included when guarantees are held
7. Defects Liability: Ongoing defects liability obligations, used in construction/development contracts
1. Payment Calculation Schedule: Detailed breakdown of the final payment amount
2. Outstanding Works Schedule: List of any minor outstanding works or defects to be addressed
3. Release Deed: Form of mutual release to be executed
4. Tax Invoice Requirements: Specific requirements for tax invoice submission
5. Prior Payment History: Summary of all previous payments made under the contract
6. Completion Certificates: Copies of relevant completion certificates or sign-offs
7. Contract Documents: List of all relevant contract documents being closed out
Authors
Construction
Property Development
Infrastructure
Engineering
Professional Services
Manufacturing
Mining
Information Technology
Consulting
Project Management
Facilities Management
Legal
Finance
Commercial
Procurement
Operations
Project Management
Contract Administration
Accounts Payable
Risk Management
Compliance
Contract Manager
Project Manager
Commercial Manager
Finance Director
Construction Manager
Quantity Surveyor
Legal Counsel
Chief Financial Officer
Procurement Manager
Account Manager
Operations Manager
Site Manager
Financial Controller
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