Payment of Retainage Sample Clauses

Payment of Retainage. District shall make payment of retainage applying to such Work or designated portion thereof after receiving all Close Out Documentation, an affidavit that bills for indebtedness connected with the Work for which District’s property might be encumbered have been satisfied; a certificate to indicate that insurance required by the Contract Documents shall remain in force after final payment is in effect and will not be cancelled or expire until thirty (30) days’ prior written notice is given to District and that Contractor knows of no substantial reason that the insurance will not be renewable to cover the period required by the Contract Documents; the consent of surety to final payment; and valid waivers of all construction lien claims, bond claims, and other claims by Contractor and each subcontractor in a form acceptable to District.
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Payment of Retainage. If at the expiration of the applicable warranty period, the Owner determines that the Contractor has faithfully performed all its obligations hereunder to the Owner’s full satisfaction, the Owner will certify the same to the Contractor within twenty (20) days after the expiration of the applicable warranty period. Within thirty (30) days of such certification, the Owner will pay, without interest, any Retainage retained by the Owner as security for warrantied Materials and Equipment and labor.
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Payment of Retainage. The Parties agree that Montreat shall be responsible for paying the amount of $110,000 to satisfy the remaining retainage on the Project. Montreat has deposited $110,000 with Fidelity National Title Company as escrow agent (the “Tennoca Funds”), with disbursement as set forth in the Escrow Agreement dated October 9, 2017 and attached hereto as Exhibit A (“Escrow Agreement”), in accordance with the following schedule:
Sample 1
Payment of Retainage. Commercial Operation Date of Unit 1, Contractor shall provide Owner with a Letter of Credit in the form acceptable to Owner and Lender issued from a financial institution acceptable to Owner and Lender attached hereto as Exhibit I-2 (the "Letter of Credit for Retainage"), in an amount equal to the product of the Contract Price multiplied by 0.025. Upon the issuance of this Letter of Credit, Owner shall pay to the Contractor a portion of the Retainage in an amount equal to the product of the Contract Price multiplied by 0.025. At Commercial Operation Date of the Plant, Contractor shall increase the Letter of Credit for Retainage by an amount equal to the product of the Contract Price multiplied by 0.025 (Total amount equal to the product of the Contract Price multiplied by 0.05). Upon issuance of the adjusted Letter of Credit for Retainage by the Contractor, the Owner shall pay to the Contractor a portion of the Retainage equal to the product of the Contract Price multiplied by 0.025. Owner shall have the unconditional right to draw upon such Letter of Credit for Retainage for (i) damages, (ii) compensation, (iii) the completion of Punch List Items if Contractor has failed to complete such Punch List Items, (iv) any reason set forth in under Article 11 and 15, or (v) any other purpose specified in the draw certificate to the Letter of Credit of Retainage. Within thirty (30) days after the Final Acceptance Date, Owner shall return the remaining amount of cash Retainage. At the end of twelve (12) calendar months and twenty (20) days of the Final Acceptance Date, Owner shall return the remaining Letter of Credit for Retainage to the issuing bank with instructions for cancellation.
Sample 1
Payment of Retainage. In the event the Work is progressing on schedule, and without material defects or deficiencies, the Owner may elect to hold no further retainage once the Work is fifty percent (50%) complete. The Owner reserves the right to reinstate full retainage at any time due to issues arising with the Work or the progress thereof. Each release of retainage to Subcontractors who have completed their work prior to Substantial Completion shall be dealt with on a case by case basis, in the Owner’s sole discretion.
Sample 1
Payment of Retainage. City shall make payment of retainage applying to such Work or designated portion thereof after receiving all Close Out Documentation, an affidavit that bills for indebtedness connected with the Work for which City’s property might be encumbered have been satisfied; a certificate to indicate that insurance required by the Contract Documents shall remain in force after final payment is in effect and will not be cancelled or expire until thirty (30) days’ prior written notice is given to City and that Contractor knows of no substantial reason that the insurance will not be renewable to cover the period required by the Contract Documents; the consent of surety to final payment; and valid waivers of all construction lien claims, xxxx claims, and other claims by Contractor and each subcontractor in a form acceptable to City.
Sample 1

Related to Payment of Retainage

  • Payment of Bonus Within fifteen (15) days of such termination, the Company shall pay to the Executive his Target Bonus pursuant to Section 3(b), prorated for the number of days of employment completed by the Executive during the year in which his employment terminated.

  • Payment of Bonuses The Bonus payable to an Executive for any Fiscal Year shall be paid in accordance with the following provisions:

  • Payment of RSUs The RSUs will become payable if the Restriction Period lapses and Grantee’s right to receive payment for the RSUs becomes nonforfeitable (“Vest,” “Vesting” or “Vested”) in accordance with Section 3 and Section 4 of this Agreement.

  • Late Payment of Rent, Etc If any installment of Minimum Rent, Additional Rent or Additional Charges (but only as to those Additional Charges which are payable directly to Landlord) shall not be paid within ten (10) days after its due date, Tenant shall pay Landlord, on demand, as Additional Charges, a late charge (to the extent permitted by law) computed at the Overdue Rate on the amount of such installment, from the due date of such installment to the date of payment thereof. To the extent that Tenant pays any Additional Charges directly to Landlord or any Facility Mortgagee pursuant to any requirement of this Agreement, Tenant shall be relieved of its obligation to pay such Additional Charges to the Entity to which they would otherwise be due. If any payments due from Landlord to Tenant shall not be paid within ten (10) days after its due date, Landlord shall pay to Tenant, on demand, a late charge (to the extent permitted by law) computed at the Overdue Rate on the amount of such installment from the due date of such installment to the date of payment thereof. In the event of any failure by Tenant to pay any Additional Charges when due, Tenant shall promptly pay and discharge, as Additional Charges, every fine, penalty, interest and cost which is added for non-payment or late payment of such items. Landlord shall have all legal, equitable and contractual rights, powers and remedies provided either in this Agreement or by statute or otherwise in the case of non-payment of the Additional Charges as in the case of non-payment of the Minimum Rent and Additional Rent.

  • Payment of Amounts The Death Benefit payable on the death of the Owner, or after the death of the first Owner, or upon the death of the spouse who continues the Contract, will be distributed to the designated Beneficiary(s) as follows:

  • Payment of Performance Shares Payment of any Performance Shares that become earned as set forth herein will be made in the form of Common Shares, in cash, or in a combination of the two, as determined in the sole discretion of the Committee. Payment will be made as soon as practicable after the receipt of audited financial statements of the Corporation relating to the last fiscal year of the Performance Period and with respect to Covered Employees, the determination by the Committee of the level of attainment of the Management Objectives. Performance Shares will be forfeited if they are not earned at the end of the Performance Period and, except as otherwise provided in this Agreement, if the Grantee ceases to be employed by the Corporation or a Subsidiary at any time prior to such shares becoming earned.

  • Payment of Compensation Consultant shall submit to City a monthly itemized statement which indicates work completed and hours of Services rendered by Consultant. The statement shall describe the amount of Services and supplies provided since the initial commencement date, or since the start of the subsequent billing periods, as appropriate, through the date of the statement. City shall, within 30 days of receiving such statement, review the statement and pay all approved charges thereon.

  • Payment of Fee The cash management fee referred to in Clause 9.1 (Fee Payable) shall only be payable to the Current Issuer Cash Manager on each Payment Date in the manner contemplated by, in accordance with and subject to the provisions of the Current Issuer Pre-Enforcement Revenue Priority of Payments or, as the case may be, the Current Issuer Post-Enforcement Priority of Payments.

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