Common use of Retainage on Progress Payments Clause in Contracts

Retainage on Progress Payments. 7.2.1 Owner will retain ten percent ( 10%) of each payment provided, however, that when fifty percent (50%) of the Work ($38,343,191.00 aggregate payment) has been completed by Design-Builder, Owner will not retain any additional amounts from Design-Builder’s subsequent payments, unless there is less than $3,834,319.10 total retainage. Owner will also reasonably consider reducing retainage for Subcontractors completing their work early in the Project. 7.2.2 Upon Substantial Completion of the entire Work or, if applicable, any portion of the Work, pursuant to Section 6.6 of the General Conditions of Contract, Owner shall release to Design-Builder all retained amounts relating, as applicable, to the entire Work or completed portion of the Work, less an amount equal to the reasonable value of all remaining or incomplete items of Work as noted in the Certificate of Substantial Completion, provided that such payment shall only be made if Design-Builder has met the Performance Guarantee Criteria listed in Exhibit A.

Retainage on Progress Payments. 7.2.1 Owner will retain ten percent ( (10%) of each payment provided, however, that when fifty percent (50%) up to a maximum of the Work ($38,343,191.00 2,794,073.00 aggregate payment) amount. Once $2,794,073.00 aggregate amount has been completed by Design-Builderretained, in total, Owner will not retain any additional amounts from Design-Builder’s any subsequent payments, unless there is less than $3,834,319.10 total retainage. Owner will also reasonably consider reducing retainage for Subcontractors completing their work early in the Project. 7.2.2 . Upon Substantial Completion of the entire Work or, if applicable, any portion of the Work, pursuant to Section 6.6 of the General Conditions of Contract6.5, Owner shall release to Design-Builder all retained amounts relating, as applicable, to the entire Work or completed portion of the Work, less an amount equal to 200% of the reasonable value of all remaining or incomplete items of Work and less an amount equal to the value of any Subcontractor lien waivers not yet obtained, as noted in the Certificate of Substantial Completion, provided that such payment shall only be made if Design-Builder has met the Performance Guarantee Criteria listed in Exhibit A.

Retainage on Progress Payments. 7.2.1 Owner will retain ten percent ( 10%) of each payment provided, however, that when fifty percent (50%) of the Work ($38,343,191.00 22,874,850.00 aggregate payment) has been completed by Design-Builder, Owner will not retain any additional amounts from Design-Builder’s subsequent payments, unless there is less than $3,834,319.10 2,287,485.00 total retainage. Owner will also reasonably consider reducing retainage for Subcontractors completing their work early in the Project. 7.2.2 Upon Substantial Completion of the entire Work or, if applicable, any portion of the Work, pursuant to Section 6.6 of the General Conditions of Contract, Owner shall release to Design-Builder all retained amounts relating, as applicable, to the entire Work or completed portion of the Work, less an amount equal to the reasonable value of all remaining or incomplete items of Work as noted in the Certificate of Substantial Completion, provided that such payment shall only be made if Design-Builder has met the Performance Guarantee Criteria listed in Exhibit A.

Retainage on Progress Payments. 7.2.1 8.3.1 Owner will retain ten five percent ( 10(5%) of each payment Application for Payment provided, however, that when fifty seventy-five percent (5075%) of the Work ($38,343,191.00 aggregate payment) has been satisfactorily completed by Design- Builder and Design-BuilderBuilder is otherwise in compliance with its contractual obligations, Owner will not retain any additional retention amounts from Design-Builder’s subsequent payments, unless there is less than $3,834,319.10 total retainageApplications for Payment. Owner will also reasonably consider reducing retainage for Subcontractors completing their work early in the Project. 7.2.2 Upon 8.3.2 Within fifteen (15) days after Substantial Completion of the entire Work or, if applicable, any portion of the Work, pursuant to Section 6.6 of the General Conditions of Contract, Owner shall release to Design-Builder all retained amounts relating, as applicable, to the entire Work or completed portion of the Work, less an amount equal to to: (a) the reasonable value of all remaining or incomplete items of Work as noted in the Certificate of Substantial Completion, provided that such payment shall only be made if Design-Builder has met ; and (b) all other amounts Owner is entitled to withhold pursuant to Section 6.3 of the Performance Guarantee Criteria listed in Exhibit A.General Conditions of Contract.

Retainage on Progress Payments. 7.2.1 Owner will retain ten percent ( 10%) of each payment provided, however, that when fifty percent (50%) of the Work ($38,343,191.00 22,872,000 aggregate payment) has been completed by Design-Builder, Owner will not retain any additional amounts from Design-Builder’s subsequent payments, unless there is less than $3,834,319.10 2,287,200 total retainage. Owner will also reasonably consider reducing retainage for Subcontractors completing their work early in the Project. 7.2.2 Upon Substantial Completion of the entire Work or, if applicable, any portion of the Work, pursuant to Section 6.6 of the General Conditions of Contract, Owner shall release to Design-Builder all retained amounts relating, as applicable, to the entire Work or completed portion of the Work, less an amount equal to the reasonable value of all remaining or incomplete items of Work as noted in the Certificate of Substantial Completion, provided that such payment shall only be made if Design-Builder has met the Performance Guarantee Criteria listed in Exhibit A.