Payment of Retainage Clause Samples

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Payment of Retainage. If at the expiration of the applicable warranty period, the Owner determines that the Contractor has faithfully performed all its obligations hereunder to the Owner’s full satisfaction, the Owner will certify the same to the Contractor within twenty (20) days after the expiration of the applicable warranty period. Within thirty (30) days of such certification, the Owner will pay, without interest, any Retainage retained by the Owner as security for warrantied Materials and Equipment and labor.
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Payment of Retainage. Reserved.
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Payment of Retainage. District shall make payment of retainage applying to such Work or designated portion thereof after receiving all Close Out Documentation, an affidavit that bills for indebtedness connected with the Work for which District’s property might be encumbered have been satisfied; a certificate to indicate that insurance required by the Contract Documents shall remain in force after final payment is in effect and will not be cancelled or expire until thirty (30) days’ prior written notice is given to District and that Contractor knows of no substantial reason that the insurance will not be renewable to cover the period required by the Contract Documents; the consent of surety to final payment; and valid waivers of all construction lien claims, ▇▇▇▇ claims, and other claims by Contractor and each subcontractor in a form acceptable to District.
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Payment of Retainage. The Parties agree that Montreat shall be responsible for paying the amount of $110,000 to satisfy the remaining retainage on the Project. Montreat has deposited $110,000 with Fidelity National Title Company as escrow agent (the “Tennoca Funds”), with disbursement as set forth in the Escrow Agreement dated October 9, 2017 and attached hereto as Exhibit A (“Escrow Agreement”), in accordance with the following schedule: a. $55,000 shall be disbursed directly to Tennoca upon mobilization of the approved subcontractor for the Track Remediation. b. $30,000 shall be disbursed directly to Tennoca upon completion of the track surface by the approved subcontractor for the Track Remediation. c. $25,000 shall be disbursed directly to Tennoca upon final walk-through, acceptance of the track, and delivery of a Final Lien Waiver from FirstForm and all subcontractors for the Track Remediation. The Parties explicitly intend and agree that Tennoca is a third-party beneficiary of this Settlement Agreement with full power to enforce this paragraph.
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Payment of Retainage. In the event the Work is progressing on schedule, and without material defects or deficiencies, the Owner may elect to hold no further retainage once the Work is fifty percent (50%) complete. The Owner reserves the right to reinstate full retainage at any time due to issues arising with the Work or the progress thereof. Each release of retainage to Subcontractors who have completed their work prior to Substantial Completion shall be dealt with on a case by case basis, in the Owner’s sole discretion.
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Payment of Retainage. Upon receipt of a written request for release of Retainage Amounts under Section 21.8(c)(i), Corporation, in its sole discretion, may agree to release such Retainage Amounts (or portion of such amounts). Upon Corporation's agreement, the Design-Builder may submit a Payment Request for such Retainage Amounts in accordance with Article 21 (Payment Provisions). Upon receipt of such released Retainage Amounts, the Design-Builder must promptly remit such released Retainage Amount to the Small Value Subcontract Subcontractor that performed such applicable Work. Any payment or release, as applicable, of such Retainage Amounts should not include any Retainage Amounts (A) deemed reasonably necessary by Corporation to secure any ongoing obligations of any Persons performing ongoing Construction Work or (B) that Corporation has applied, or on the day of such release, that Corporation determines that it may be entitled to apply against Retainage Amounts.
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Payment of Retainage. City shall make payment of retainage applying to such Work or designated portion thereof after receiving all Close Out Documentation, an affidavit that bills for indebtedness connected with the Work for which City’s property might be encumbered have been satisfied; a certificate to indicate that insurance required by the Contract Documents shall remain in force after final payment is in effect and will not be cancelled or expire until thirty (30) days’ prior written notice is given to City and that Contractor knows of no substantial reason that the insurance will not be renewable to cover the period required by the Contract Documents; the consent of surety to final payment; and valid waivers of all construction lien claims, ▇▇▇▇ claims, and other claims by Contractor and each subcontractor in a form acceptable to City.
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Payment of Retainage. Commercial Operation Date of Unit 1, Contractor shall provide Owner with a Letter of Credit in the form acceptable to Owner and Lender issued from a financial institution acceptable to Owner and Lender attached hereto as Exhibit I-2 (the "Letter of Credit for Retainage"), in an amount equal to the product of the Contract Price multiplied by 0.025. Upon the issuance of this Letter of Credit, Owner shall pay to the Contractor a portion of the Retainage in an amount equal to the product of the Contract Price multiplied by 0.025. At Commercial Operation Date of the Plant, Contractor shall increase the Letter of Credit for Retainage by an amount equal to the product of the Contract Price multiplied by 0.025 (Total amount equal to the product of the Contract Price multiplied by 0.
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Related to Payment of Retainage

  • Progress Payments; Retainage A. Owner shall make progress payments on account of the Contract Price on the basis of Contractor’s Applications for Payment on the third Wednesday of the Month during performance of the Work as provided in Paragraph 6.02.A.1 below, provided that such Applications for Payment have been submitted in a timely manner and otherwise meet the requirements of the Contract. All such payments will be measured by the Schedule of Values established as provided in the General Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no Schedule of Values, as provided elsewhere in the Contract. 1. Prior to Substantial Completion, progress payments will be made in an amount equal to the percentage indicated below but, in each case, less the aggregate of payments previously made and less such amounts as Owner may withhold, including but not limited to liquidated damages, in accordance with the Contract a. 95 percent of Work completed (with the balance being retainage). If the Work has been 50 percent completed as determined by Engineer, and if the character and progress of the Work have been satisfactory to Owner and Engineer, then as long as the character and progress of the Work remain satisfactory to Owner and Engineer, there will be no additional retainage; and

  • Payment of GST Payment of the additional amount will be made at the same time as payment for the supply is required to be made under this Contract.

  • Payment of Services For courses taught at a High School facility utilizing High School teachers who are qualified by the Dallas College using Southern Association of Colleges and Schools Commission on Colleges (SACSCOC) standards to teach college level courses, Dallas College shall pay as follows:

  • Entitlements Upon Return to Work ‌ (a) An employee who returns to work after the expiration of maternity, parental, or pre-adoption leaves shall retain the seniority the employee had accumulated prior to commencing the leave and shall be credited with seniority for the period of time covered by the leave. (b) On return from maternity, parental, or pre-adoption leaves, an employee shall be placed in the employee's former position or in a position of equal rank and basic pay. (c) Notwithstanding Clauses 18.1(b) and 18.6, vacation entitlements and vacation pay shall continue to accrue while an employee is on leave pursuant to Clause 21.1 providing: (1) the employee returns to work for a period of not less than six months, and (2) the employee has not received parental allowance pursuant to 21.6; and (3) the employee was employed prior to March 28, 2001. Notwithstanding Clause 18.6(a) vacation earned pursuant to this clause may be carried over to the following year, or be paid out, at the employee's option. (d) Employees who are unable to complete the return to work period in (c) as a result of proceeding on maternity, parental or pre-adoption leave shall be credited with their earned vacation entitlements and vacation pay providing the employee returns to work for a period of not less than six months following the expiration of the subsequent maternity, parental or pre-adoption leave.