Common use of Retention of Contribution Clause in Contracts

Retention of Contribution. The Province will retain a minimum of 10% of the funding for the Project (“Holdback”) up until the following conditions have been met: (a) the Recipient has fulfilled all of its obligations under the Agreement; (b) the Parties have carried out a final reconciliation of all requests for payments and payments in respect of the Project and made any adjustments required in the circumstances; and (c) Canada has released the 10% of its funding contribution retained pursuant to section 9.4 (Retention of Contribution) of the Bilateral Agreement to the Province. 4. Schedule “B” (Project Specific Information) of the Agreement is amended by deleting: (a) “March 31, 2020”, in the 1st row and 2nd column of the chart, and replacing it with “March 31, 2021”;