Common use of Retainage on Progress Payments Clause in Contracts

Retainage on Progress Payments. 8.2.1 Owner will retain five percent (5%) of each Application for Payment until final payment, except as otherwise expressly provided in this Section 8.2. 8.2.2 Notwithstanding the foregoing, retainage will not be withheld from payments to the CM for its Preconstruction Phase Fee, Preconstruction Phase Reimbursables, or the CM's General Conditions Costs. Additionally, with Owner's consent, such consent not to be unreasonably withheld, retainage shall not be withheld from payments to the CM with regard to payments for direct purchases of materials, appliances, and equipment by the CM when such retainage is not commercially feasible. 8.2.3 The parties may agree to the early release of retainage for selected Subcontractors upon the satisfactory completion and acceptance of the Work of the respective Subcontractor, or at such other time as agreed by the Owner and the CM. 8.2.4 Any reduction or release of retainage, or portion thereof, shall not be a waiver of (1) any of the Owner's rights to retainage in connection with other payments to the CM or (2) any other right or remedy that the Owner has under the Contract Documents, at law or in equity. 8.2.5 Retainage under Subcontracts shall be included in CM's Application and Certificate for Payment for the purpose of indicating the value of the Work performed; however, CM shall not request payment thereof from Owner until such retainage is actually paid or payable. 8.2.6 Such retained amounts shall not be due and payable to CM until Substantial Completion of the entire Work as certified by the A/E, at which time Owner shall pay all retainage to CM, withholding only 150% of the reasonably estimated cost to complete all remaining Work, to fulfill CM's remaining obligations under the Contract, and to cover any outstanding, unpaid claims.