Common use of Reduction And Release of Security Clause in Contracts

Reduction And Release of Security. After Honeywell issue to the Subcontractor the Completion Certificate, the Subcontractor will be entitled to the release of 50% of the retention monies by Honeywell, provided that: 1) Practical Completion under the Main Contract has been granted; and 2) there are no unresolved disputes between Honeywell and the Subcontractor which might, in Honeywell’s Representative’s opinion result in an amount being payable by the Subcontractor to Honeywell under this Subcontract. Upon the Subcontractor receiving the Performance Certificate, the Subcontractor will be entitled to (subject to the following sentence of this paragraph) the release of the remaining 50% of the retention monies, provided that there is no unresolved dispute between Honeywell and the Subcontractor which might, in Honeywell’s Representative’s opinion result in an amount being payable by the Subcontractor to Honeywell under this Subcontract, then Honeywell is not required to return and release such retention monies until after such dispute is resolved. For the avoidance of doubt, the Progress Claim, Unfixed Plant and Materials, Payment Certificate, Invoice and Payment, and Setoff Sections will apply in relation to the Subcontractor’s claim for release of the retention monies.

Reduction And Release of Security. After Honeywell issue to the Subcontractor the Completion Certificate, the Subcontractor will be entitled to the release of 50% of the retention monies by Honeywell, provided that: 1) Practical Completion under the Main Contract has been granted; and 2) there are no unresolved disputes between Honeywell and the Subcontractor which might, in Honeywell’s Representative’s opinion result in an amount being payable by the Subcontractor to Honeywell under this Subcontract. Upon the Subcontractor receiving the Performance CertificateCertificate under, the Subcontractor will be entitled to (subject to the following sentence of this paragraph) the release of the remaining 50% of the retention monies, provided that there is no unresolved dispute between Honeywell and the Subcontractor which might, in Honeywell’s Representative’s opinion result in an amount being payable by the Subcontractor to Honeywell under this Subcontract, then Honeywell is not required to return and release such retention monies until after such dispute is resolved. resolved For the avoidance of doubt, the Progress ClaimPayment Claim , Unfixed Plant and Materials, Payment CertificateResponse, Invoice and Payment, and Setoff Sections will apply in relation to the Subcontractor’s claim for release of the retention monies.

Reduction And Release of Security. After Honeywell issue to the Subcontractor the Completion Certificate, the Subcontractor will be entitled to the release of 50% of the retention monies by Honeywell, provided that: 1) Practical Completion under the Main Contract has been granted; and 2) there are no unresolved disputes between Honeywell and the Subcontractor which might, in Honeywell’s Representative’s opinion result in an amount being payable by the Subcontractor to Honeywell under this Subcontract. Upon the Subcontractor receiving the Performance CertificateCertificate under, the Subcontractor will be entitled to (subject to the following sentence of this paragraph) the release of the remaining 50% of the retention monies, provided that there is no unresolved dispute between Honeywell and the Subcontractor which might, in Honeywell’s Representative’s opinion result in an amount being payable by the Subcontractor to Honeywell under this Subcontract, then Honeywell is not required to return and release such retention monies until after such dispute is resolved. resolved For the avoidance of doubt, the Progress Claim, Unfixed Plant and Materials, Payment Certificate, Invoice and Payment, and Setoff Sections will apply in relation to the Subcontractor’s claim for release of the retention monies.