Retention of Quality Guarantee Deposit Sample Clauses

Retention of Quality Guarantee Deposit. The quality guarantee deposit may be retained in the following three ways: (1) It shall be retained successively when paying the project progress payment. In this case, the calculation base of the quality guarantee deposit shall not include the amount of advance payment, the amount of deduction and recovery of advance payment, and the amount of price adjustment; (2) The quality guarantee deposit shall be retained in a lump sum when settling the completed project; (3) Other retention ways agreed by both parties. Unless otherwise agreed in the Special Contract Conditions, in principle, the quality guarantee deposit shall be retained in the first way mentioned above. The total amount of the quality guarantee deposit retained by the Employer shall not exceed 3% of the total settlement amount of the project price. If the Contractor submits a quality guarantee deposit letter of guarantee within 28 days after the Employer issues the completion payment certificate, the Employer shall return the retained project price as the quality guarantee deposit at the same time; the amount of the letter of guarantee shall not exceed 3% of the total settlement amount of the project price. When returning the quality guarantee deposit, the Employer shall pay interest at the benchmark lending rate of the same type and term published by the People’s Bank of China.
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Related to Retention of Quality Guarantee Deposit

  • IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.

  • WHEREAS the Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

  • NOW, THEREFORE the parties hereto agree as follows:

  • Notices Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.