Contractor Final Payment Release

Contractor Final Payment Release Template for England and Wales

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Key Requirements PROMPT example:

"I need a Contractor Final Payment Release for a commercial building project in Manchester, where we're releasing £250,000 final payment plus £50,000 retention, but need to exclude any claims related to ongoing roof defects."

Document background

The Contractor Final Payment Release is a crucial document used at the completion of construction projects in England and Wales. It is typically executed when the contractor has completed all works and the final payment, including any retention monies, is being released. The document provides certainty to both parties by formally closing out the payment aspects of the contract and preventing future claims, except those specifically preserved. It should be carefully reviewed to ensure all outstanding matters are properly addressed and any intended reservations of rights are clearly documented.

Suggested Sections

1. Project Identification: Details of the construction project, contract reference, and parties involved

2. Payment Amount: Specification of the final payment sum being released, including any adjustments or deductions

3. Release Statement: Formal waiver of claims and release of rights, including confirmation that all works are complete

4. Retained Rights: Specification of any rights specifically preserved after the release

5. Execution Block: Signature sections for all parties, including witness provisions if required

Optional Sections

1. Retention Release: Specific provisions for the release of retention monies, including calculation and timing

2. Outstanding Claims: Detailed list of any excluded claims or disputes that are preserved

3. Tax Provisions: Specific provisions relating to CIS deductions, VAT treatment and other tax considerations

Suggested Schedules

1. Payment Calculation Schedule: Detailed breakdown of the final payment amount, including any adjustments, deductions or additions

2. Outstanding Works Schedule: Comprehensive list of any remaining minor works or defects to be addressed

3. Claims Schedule: Detailed listing of any preserved or excluded claims, including their nature and estimated value

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Construction
Real Estate Development
Infrastructure
Engineering

Relevant Teams

Commercial
Legal
Finance
Operations
Construction

Relevant Roles

Project Manager
Contract Manager
Commercial Director
Construction Manager
Quantity Surveyor

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Let's create your Contractor Final Payment Release

Authors

Alex Denne

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