Retainage Held Until Project Complete Sample Clauses
The "Retainage Held Until Project Complete" clause stipulates that a portion of payment owed to a contractor or subcontractor is withheld by the project owner until the entire project is finished. Typically, a set percentage of each progress payment is retained throughout the construction process, and this amount is only released once all contractual obligations are met and the project is accepted as complete. This clause serves to incentivize contractors to finish the work to the required standards and provides the owner with leverage to ensure all aspects of the project are properly completed before final payment is made.
Retainage Held Until Project Complete. RCO reserves the right to withhold disbursement of the total amount of the grant to the Sponsor until the project has been completed. A project is considered "complete" when:
1. All approved or required activities outlined in the Agreement are done ;
2. On-site signs are in place (if applicable);
3. A final project report is submitted to and accepted by RCO ;
4. Any other required documents and media are complete and submitted to RCO;
5. A final reimbursement request is submitted to RCO;
6. The completed project has been accepted by RCO;
7. Final amendments have been processed;
8. Fiscal transactions are complete, and
9. RCO has accepted a final boundary map, if requested by RCO, for which the Agreement terms will apply in the future.
10. Notice of Grant (if applicable) filed with the county lands records office and a stamped copy received by RCO
Retainage Held Until Project Complete. RCO reserves the right to withhold disbursement of the total amount of the grant to the Sponsor until the project has been completed. A project is considered "complete" when:
1) All approved or required activities outlined in the Agreement are done;
2) A final project report is submitted to and accepted by RCO;
3) Any other required documents and media are complete and submitted to RCO;
4) A final reimbursement request is submitted to RCO;
5) The completed project has been accepted by RCO;
6) Final amendments have been processed;
7) Fiscal transactions are complete.
Retainage Held Until Project Complete. The LCFRB reserves the right to withhold disbursement of up to ten percent (10%) of the total amount of the grant to the Sponsor until the project has been completed. A project is considered “complete” when: ▪ All approved or required activities outlined in the CRR Project Management Manual (LINK) and Agreement are done; ▪ A final project report is submitted and accepted by the LCFRB; ▪ Any other required documents are complete and submitted to the LCFRB; ▪ A final reimbursement request is submitted and accepted by the LCFRB; ▪ The completed project has been accepted by the LCFRB; and ▪ Fiscal transactions are complete.