Common use of Punch List Reduction and Holdback Clause in Contracts

Punch List Reduction and Holdback. The Purchaser shall withhold from the Contract Price an amount equal to one hundred fifty percent (150%) of the estimated cost to complete all of the Seller Punch List Items as agreed between the Parties pursuant to Section 12.7 and as approved by the Independent Engineer pursuant to Section 7.5 (such amount, the “Punch List Holdback”). Upon completion of a Seller Punch List Item, Purchaser shall release the corresponding portion of the Punch List Holdback to Seller within five (5) Business Days. 34

Punch List Reduction and Holdback. The Purchaser shall withhold from the Contract Price an amount equal to one hundred fifty percent (150%) of the estimated cost to complete all of the Seller Punch List Items as agreed between the Parties pursuant to Section 12.7 and as approved by the Independent Engineer pursuant to Section 7.5 (such amount, the “Punch List Holdback”). Upon completion of a Seller Punch List Item, Purchaser shall release the corresponding portion of the Punch List Holdback to Seller within five (5) Business Days. 3431