Builders' Lien Holdback Sample Clauses

The Builders' Lien Holdback clause requires that a portion of payment due to contractors or subcontractors is withheld for a specified period after work is completed. Typically, this holdback is a fixed percentage of the contract price and is retained to ensure that all parties involved in the construction project have the opportunity to file a lien if they are not paid. By mandating this retention, the clause protects property owners from potential claims and ensures that subcontractors and suppliers have recourse if payment issues arise, thereby reducing the risk of unresolved payment disputes.
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Builders' Lien Holdback. 21.1 A lien holdback of ten percent (10%) of the cost of the Work will be deducted from the second (2nd) and subsequent progress invoices, and held by the City until fifty-five (55) days after the date of Substantial Performance, in accordance with the Builders Lien Act of British Columbia.
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Builders' Lien Holdback. That portion, if any, of the balance of the Purchase Price required by law to be held back by the Buyer in respect of builders’ lien claims (the “Lien Holdback”) shall be paid to the Seller’s Solicitor on the Completion Date. The Lien Holdback shall be held in trust pursuant to the Strata Property Act and Builders’ Lien Act of British Columbia (or successor statutes) solely in respect of lien claims made against the Property and registered in the New Westminster Land Title Office in connection with work done or materials supplied at the behest of the Seller. The Seller’s Solicitor are authorized to pay to the Seller, on the earlier of the date on which the time for filing a claim under the Builders’ Lien Act of British Columbia (or successor statutes) expires and the 56th day the Property is conveyed to the Buyer, the Lien Holdback, if any, accrued thereon, less the amount of any builders’ lien claims filed against the Property of which the Buyer or Buyer’s Solicitor notifies the Seller’s Solicitor in writing by 1:00 p.m. (PST) on that day. The Buyer hereby authorizes the Seller to bring any legal proceedings required to clear title to the Strata Lot of any lien claims.
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Builders' Lien Holdback. Where the Builders' Lien Act (Alberta) applies to the Services, each payment to the Engineer is subject to a 10% builders' lien holdback. the Town shall retain and release the holdback subject to and in accordance with the Builders' Lien Act (Alberta) and this Contract.
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Builders' Lien Holdback. The Owner will deduct from each progress payment (and other payment) made to the Design- Builder a holdback pursuant to and in the amount required by the Builders Lien Act (British Columbia).
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Related to Builders' Lien Holdback

  • Builder’s Risk additional provisions The insurance specified shall be maintained in force until final acceptance of the project by the State. (5) Umbrella Excess Liability Policies may be used in conjunction with primary policies to comply with any of the limit requirements specified above. (6) Claims-made" coverage forms are not acceptable without the express written prior consent of the State. Each policy furnished shall contain a rider or non-cancellation clause reading in substance as follows: Anything herein to the contrary notwithstanding, notice of any cancellation, termination or alteration to the insurance contracts must be delivered by registered mail to the Commissioner, Department of Buildings and General Services, State of Vermont, Montpelier, Vermont, at least 60 days before effective cancellation, termination or alteration date unless all work required to be performed under the terms of the Contract is satisfactorily completed as evidenced by the formal acceptance by the State of Vermont. (7) No warranty is made that the coverages and limits listed herein are adequate to cover and protect the interests of the Contractor for the Contractor’s operations. These are solely minimums that have been set to protect the interests of the State. 11.3 The State shall have power to adjust and settle any loss with the insurers.