Application of Retainage Sample Clauses

Application of Retainage. In the event the Owner determines that any of the Contract Work is damaged or defective and requires repair, replacement, rebuilding or restoration upon the expiration of the applicable warranty period, the Owner will Notify the Contractor of the same within ten (10) days of the expiration of the applicable warranty period and the Contractor shall promptly take such action as directed in the Notice to remedy the damaged or defective Contract Work described in the Notice. If the Contractor fails to repair, replace, rebuild or restore such defective or damaged Contract Work promptly after receiving such Notice, the Owner shall have the right to have such work done by others in the same manner as provided for the completion of a contract under Article 7 hereof and to deduct the cost thereof from any Retainage retained pursuant to this Article 11. The balance, if any, shall be returned to the Contractor without interest. If the amount so deposited is insufficient to cover the cost of such work, the Contractor shall be liable to pay such deficiency to the Owner on demand. The Owner’s certificate setting forth the fair and reasonable cost of repairing, replacing, rebuilding or restoring any damaged or defective Contract Work when performed by anyone other than the Contractor shall be binding and conclusive upon the Contractor.
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Related to Application of Retainage

  • Application of Agreement 4.1 This Agreement applies to:

  • Application of Receipts Except as expressly stated to the contrary in any Finance Document, any moneys which the Facility Agent receives or recovers in its capacity as Facility Agent shall be applied by the Facility Agent in accordance with Clause 35.5 (Application of receipts; partial payments).

  • Application of Commitment Reductions; Payment of Fees The Administrative Agent will promptly notify the Appropriate Lenders of any termination or reduction of unused portions of the Letter of Credit Sublimit or the Swing Line Sublimit or the unused Commitments of any Class under this Section 2.06. Upon any reduction of unused Commitments of any Class, the Commitment of each Lender of such Class shall be reduced by such Lender’s Pro Rata Share of the amount by which such Commitments are reduced (other than the termination of the Commitment of any Lender as provided in Section 3.07). All commitment fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination.

  • Application for Payment The form acceptable to Owner that is to be used by the Contractor during the course of the Work in requesting payment from the Owner and that is to be accompanied by such supporting documentation as is required by the Contract Documents.

  • Application of Payments Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect.

  • Application of Payment The monthly housing assistance payment shall be credited against the monthly rent to owner for the contract unit.

  • Payments; Application of Payments (a) All payments (including prepayments) to be made by Borrower under any Loan Document shall be made in immediately available funds in U.S. Dollars, without setoff or counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid.

  • Application Form The applicant can secure application forms from the principal's office or from the Personnel office. The application shall be filed with the appropriate administrator.

  • Application for Use a. The Employer agrees to accept properly executed leave applications within six (6) months of the first day of the period of leave being requested.

  • Application for Benefits Requests for short-term leaves shall be in writing, upon the appropriate form prescribed and provided by the District, and shall be filed with the unit member's supervisor and the appropriate manager five (5) days in advance of the intended leave (except in emergency situations), unless otherwise stated by the provisions of the specific leave.

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