The Final Payment Contract is a crucial document used in New Zealand business transactions to formalize the final payment and completion stage of a project or service arrangement. It is typically employed when all substantive work has been completed and parties are ready to conclude their contractual relationship. This document addresses key aspects including the final payment amount, release of retentions, confirmation of completion, and mutual releases. It must comply with New Zealand legislation, particularly the Contract and Commercial Law Act 2017 and industry-specific regulations. The Final Payment Contract serves as evidence of project completion and helps prevent future disputes by clearly documenting the agreed terms of final settlement.
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1. Parties: Identification of all parties to the agreement, including their legal names, addresses, and company details if applicable
2. Background: References to the original contract, work completed, and context for the final payment
3. Definitions: Key terms used throughout the agreement, including 'Final Payment', 'Original Contract', and 'Completion Date'
4. Final Payment Amount: Specification of the final payment amount, including any adjustments, retentions, or deductions
5. Payment Terms: Details of how and when the final payment will be made, including payment method and timing
6. Release of Obligations: Mutual release of further obligations upon payment, except for specified surviving terms
7. Confirmation of Completion: Acknowledgment that all work has been completed to the required standard
8. Warranties: Any ongoing warranties that survive the final payment
9. Governing Law: Specification that New Zealand law governs the agreement
10. Execution: Signature blocks and execution details for all parties
1. Dispute Resolution: Include when there are outstanding disputes or potential issues to be resolved
2. Retention Release: Include when there are retention monies being released as part of the final payment
3. Outstanding Defects: Include when there are known defects to be remedied post-payment
4. GST Provisions: Include when parties need specific GST arrangements or clarifications
5. Security Interests: Include when there are securities to be released upon final payment
6. Intellectual Property: Include when IP rights transfer needs to be confirmed with final payment
7. Confidentiality: Include when specific confidentiality obligations continue post-payment
1. Payment Calculation Schedule: Detailed breakdown of the final payment amount, including any adjustments or deductions
2. Outstanding Items List: List of any minor items or documentation still to be provided
3. Completion Certificate: Official certification of work completion, if applicable
4. Original Contract Extract: Relevant extracts from the original contract regarding final payment terms
5. Release Forms: Standard form releases to be signed by all parties
6. Warranties Schedule: Details of any warranties that continue past the final payment
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Financial Controller
Commercial Manager
Quantity Surveyor
Chief Financial Officer
Construction Manager
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Account Manager
Operations Director
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