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.
Appears in 2 contracts
Sources: Subcontract Agreement, Subcontract Agreement