Final Payment is a term used in various industries to refer to the last payment that is due to be made for services rendered or goods provided. In the context of construction and architecture, Final Payment is the payment made to the contractor or service provider after the completion of the project and the client's acceptance of the work. Final Payment is usually made in accordance with the contract terms and can be made in a lump sum or in installments, depending on the agreement between the parties involved. Final Payment is an important step in the completion of a project as it signifies the end of the contractor's or service provider's obligations and the transfer of ownership from the contractor to the client. The payment is typically made after the client has inspected the work and verified that it meets the specifications and requirements outlined in the contract. Final Payment is also an opportunity for the client to address any issues or concerns with the work before making the final payment. In some cases, Final Payment may be withheld until all warranty and guarantee periods have expired, to ensure that the work is of a satisfactory quality and that any defects or issues have been resolved. This is particularly important in construction projects, where defects may not become apparent until after the work has been completed. In summary, Final Payment is the last payment made for services rendered or goods provided, and is typically made after the completion of a project and the client's acceptance of the work. It is an important step in the transfer of ownership from the contractor to the client, and may be withheld until all warranty and guarantee periods have expired.
construction, architecture, contractor, service provider, contract terms
Final Payment in architecture is the payment of the final amount of money due for the services, goods, or labor provided. It is the last payment to be made by the client or builder to the architect, contractor, or subcontractor for the completion of the project. The payment should be made in accordance with the contract, and the construction or project specifications and requirements. Final Payment often occurs after the completion of the architect's tasks, when the building and its systems are inspected, and all warranties and guarantees are met. Final Payment is the last step of the project and signifies the completion of the architect's services.
Funding, Budget, Invoice, Due Date, Signature.
In the context of architecture, Final Payment refers to the last sum of money that is due to be paid to a contractor or service provider for a job completed. Final Payment is typically rendered after services have been provided and the resulting project has been accepted by the client. It is typically an agreed-upon amount that is based on the terms of the contract. Final Payment can be made in a lump sum or in installments, depending on the arrangement between the client and the service provider.
Invoice, Due Date, Payment Plan, Liability, Contract
CITATION : "Shelly Stone. 'Final Payment.' Design+Encyclopedia. https://design-encyclopedia.com/?E=236293 (Accessed on May 29, 2025)"
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