Common use of Amount Retained Clause in Contracts

Amount Retained. With respect to the Work, the City shall retain 10% of the amount of each estimate until Final Completion and acceptance of all material, equipment and Work covered by the Contract Documents. 1. Any securities submitted by Job Order Contractor in lieu of retainage as may be allowed by law, shall be deposited in an escrow account by the City. The City shall be listed as payee or multiple payee with Job Order Contractor on all such securities. 2. When the Work is 50% completed, one-half of the amount retained including any securities substituted pursuant to Subsection 13.2(B)(1) shall be paid to the Job Order Contractor upon the Job Order Contractor’s request, provided the Job Order Contractor is making satisfactory progress on the Work and there is no specific cause or claim requiring a greater amount to be retained. After the construction Work is 50% completed, no more than 5% of the amount of any subsequent progress payments made under the Contract Documents may be retained, provided the Job Order Contractor is making satisfactory progress on the Work. If, at any time, the City determines satisfactory progress is not being made, 10% retention shall be reinstated for all progress payments made under the Contract Documents after the determination.