Common use of Failure to Withhold Retainage Amounts Clause in Contracts

Failure to Withhold Retainage Amounts. Fail to retain as Retainage Amounts pursuant to Section 5.7 of the Phase I Primary Construction Contract a sum equal to at least one hundred and fifty percent (150%) of the costs reasonably estimated by the Company (and confirmed by the Construction Consultant) as necessary to complete “Punch List Items” (as defined in the Phase I Primary Construction Contract) unless such retention is not permitted under applicable laws.

Failure to Withhold Retainage Amounts. Fail to retain as Retainage Amounts pursuant to Section 5.7 of the Phase I Primary Construction Contract a sum equal to at least one hundred and fifty percent (150%) of the costs reasonably estimated by the Company (and confirmed by the Construction Consultant) as necessary to complete “"Punch List Items” " (as defined in the Phase I Primary Construction Contract) unless such retention is not permitted under applicable laws.