Retention Release Clause Samples

Retention Release its responsibility to comply with both the proposed Scope of Work and the terms and conditions of the Job Order and Contract for completed and warranty work. The Contractor agrees that a compliance with this provision herein. The Contractor must submit a completed invoice to the County for approval. The Contractor agrees that the signature on the invoice certifies that it has completed or submitted the following: 1. All warranties and maintenance requirements; and 2. All as-built prints and record drawings; and 3. All operation and maintenance manuals; and 4. All badges, keys and security entry cards; and 5. Conducted all required training for County Personnel; 6. All other items as applicable.

Retention Release. 25.1 At practical completion of the Project, retentions held by Savcor ART will be reduced by 50%. 25.2 The balance of the retentions held by Savcor ART will be then released at the end of the Defects Liability Period, subject to satisfactory rectification of any defects. 25.3 The Defects Liability Period is the period stated in Appendix B. 25.4 The Subcontractor shall only be entitled to the release of retentions to the same extent or in the same percentages as Savcor ART obtains the release under the Head Contract.

Retention Release. After the occurrence of the conditions described in paragraph 4 above, the Retention Payment will be paid to you in a lump sum no later than 60 days after December 31, 2014 (or upon such earlier date as may be determined by agreement between the Board and the Chief Executive Officer, in their sole discretion) and within 5 days after the release described below becomes effective and is no longer subject to revocation (the “Retention Payment Date”), provided that, to the extent the Retention Payment is subject to Code Section 409A, if the date of execution of the release could result in the Retention Payment Date occurring in either the calendar year in which your termination date occurs or the following calendar year, the Retention Payment Date shall be on the first payroll date occurring in such following calendar year. The Retention Payment shall not be payable unless and until you execute and deliver a full and final release of claims against ▇▇ ▇▇▇▇▇▇, its affiliates, subsidiaries, officers and directors, in accordance with ▇▇ ▇▇▇▇▇▇’ standard practice for severance payments in a form attached hereto as Exhibit A, that is no longer subject to revocation in accordance with applicable law on the Retention Payment Date; and provided, further, that such release will not require you to waive any rights related to vested stock options, Transaction Management Incentive Plan Payments or other vested equity grants issued by ▇▇ ▇▇▇▇▇▇ or its affiliates.

Retention Release responsibility to comply with both the proposed Scope of Work and the terms and conditions of the JOC Task Order and Contract for completed and warranty Work. The Contractor agrees that five percent (5%) retention amount is in full compliance with this provision herein. The Contractor must submit a completed invoice to the County for approval. The Contractor agrees that the signature on the invoice certifies that it has completed or submitted the following: 1. All warranties and maintenance requirements; and 2. All as-built prints and record drawings; and 3. All operation and maintenance manuals; and 4. All badges, keys and security entry cards; and 5. Conducted all required training for County Personnel; 6. All other items as applicable.

Retention Release. The County’s release of the retention does not relieve the Contractor of its responsibility to comply with both the proposed Scope of Work and the terms and conditions of the JOC Task Order and Contract for completed and warranty Work. The Contractor agrees that a condition precedent to the County’s release of the five percent (5%) retention amount is in full compliance with this provision herein. The Contractor must submit a completed invoice to the County for approval. The Contractor agrees that the signature on the invoice certifies that it has completed or submitted the following: 1. All warranties and maintenance requirements; and2. All as-built prints and record drawings; and

Retention Release ase of the retention does not relieve the Contractor of its responsibility to comply with both the proposed Scope of Work and the terms and conditions of the Job Order and Contract for completed and warranty work. The Contractor agrees that a condition prec five percent (5%) retention amount is in full compliance with this provision herein. The Contractor must submit a completed invoice to the County for approval. The Contractor agrees that the signature on the invoice certifies that it has completed or submitted the following: 1. All warranties and maintenance requirements; and 2. All as-built prints and record drawings; and 3. All operation and maintenance manuals; and 4. All badges, keys and security entry cards; and 5. Conducted all required training for County Personnel; 6. All other items as applicable.

Retention Release. Contractor of its responsibility to comply with both the proposed Scope of Work and the terms and conditions of the Job Order and Contract for completed and warranty Work. The Contractor agrees that a 5%) retention amount is in full compliance with this provision herein. The Contractor must submit a completed invoice to the County for approval. The Contractor agrees that the signature on the invoice certifies that it has completed or submitted the following: 1. All warranties and maintenance requirements; and 2. All as-built prints and record drawings; and 3. All operation and maintenance manuals; and 4. All badges, keys and security entry cards; and 5. Conducted all required training for County Personnel; 6. All other items as applicable.

Retention Release. 213. The Payment Claim included a claim for an amount of $55,496.89 to be released. 214. The Payment Schedule noted that as Substantial Completion had been achieved it was intended to release 50% of the retention fund calculated as 5% of $2,176,187.95, or a release of $54,404.70. The contract value to date of $2,176,187.95 is based on the Payment Schedule figure. 215. As set out hereunder, my decisions mean that the contract value to date is to be increased by an amount of $8,524.60. This brings the contract value to date to $2,184,712.55, and the amount of retention to be released following Substantial completion (2.5% of adjusted contract sum) to be $54,617.81. 216. I find that the Claimant is entitled to retention release by payment of an amount of $54,617.81. 217. The following summarises the above valuations: Roofing 0.00 Wall finishes 0.00 Building Plant-Electrical 0.00 $0.00 RFV1 0.00 RFV18 0.00 RFV20 0.00 RFV22a 0.00 RFV23 3,740.00 RFV26 0.00 RFV28 0.00 RFV33 0.00 RFV35 0.00 RFV37 1,588.00 RFV53 1,045.00 RFV54 930.60 RFV55 495.00 RFV56 726.00 RFV57 0.00 $8,524.60 Delay Cost No.1 0.00 Delay Cost No.2 0.00 Delay Cost No.3 0.00 $0.00 Set Off $(14,028.48) Retention release $54,617.81 218. It is my decision that the adjudicated amount to be paid by the Respondent to the Claimant is $49,113.93. 219. I am required by the Act to determine the interest payable on any amount payable. 220. The work under the Contract is building work subject to the provisions of Clause 67P of the Queensland Building Services Authority Act 1991 (QBSAA). Accordingly the interest rate payable is the penalty rate prescribed under that act or the rate provided in the Contract, whichever is the higher.

Retention Release. At the end of the Project Term, ▇▇▇▇▇▇▇ may request disbursement of any Retained Grant Funds. Grantee shall submit this request by a date determined by Grantor. At its sole