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Uated at: Contract dated: This Final Payment Certificate is issued under the terms of the abovementioned Contract. Contract Price adjusted in accordance with the Contract (calculation attached).................................................................................. Amount previously certified in Interim Payment Certificates plus any outstanding payments due from the Contractor under the Contract and other payments made by the Employer and notified to the Architect/ Contract Admi.
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Situated FAQ
As used in project finance, occurs when: The project has achieved all the technical and performance requirements set out in the construction contract. All punch list items have been completed (unless the parties otherwise agree).
The final certificate is certification by the contract administrator that a construction contract has been fully completed. It is issued at the end of the defects liability period and has the effect of releasing all remaining money due to the contractor, including any remaining retention.
The final certificate is generally seen as evidence that the parties have completed and discharged their obligations under the contract.
Final accounts are an important commercial milestone in any construction project. They signify the agreement of the final amount to be paid between the client and the contractor or the contractor and subcontractor.
Final Certificate in relation to a work means the certificate issued by the Officer-in-Charge after the period of liability is over for releasing the Security Deposit.
Riba is an Arabic word that means “to increase" or “to exceed" and is commonly used in reference to unequal exchanges or charges and fees for borrowing. Interest is deemed riba, or an unjust, exploitative gain, and such practice is forbidden under Islamic law. 1.
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