Common use of Cash Retention Clause in Contracts

Cash Retention. Unless otherwise specified in the Letter of Intent or Work Order or Subcontract, an amount equivalent to 10% (ten percentage) of the gross value (including escalation payable, if any) of all invoices, running account xxxx / interim progress xxxx shall be deducted from all invoices / running account / interim progress bills towards Cash Retention. The retention money so withheld shall be returned without interest to the Subcontractor / PRW after completion of Defect Liability Period and Subcontractor / PRW’s fulfilling all its obligations, duties, responsibilities and liabilities under this Work Order / Subcontract and signing of ‘No Claim Certificate’ as per the format of the Company. In case of failure on the part of the Subcontractor / PRW to remedy the defects, the Company reserves its right to utilize this retention amount for carrying out the rectification works or discharging obligations, duties, responsibilities or liabilities of the Subcontractor / PRW and for this purpose the Company shall also have the right to invoke Cross Fall Breach and Set Off provisions of Clause 24.

Cash Retention. Unless otherwise specified in the Letter of Intent or Work Order or Subcontract, an amount equivalent to 10% (ten percentage) of the gross value (including escalation payable, if any) of all invoices, running account xxxx / interim progress xxxx shall be deducted from all invoices / running account / interim progress bills towards Cash Retention. The retention money so withheld shall be returned without interest to the Subcontractor / Subcontractor/ PRW after completion of Defect Liability Period and Subcontractor / Subcontractor/ PRW’s fulfilling all its obligations, duties, responsibilities and liabilities under this Work Order / Subcontract and signing of ‘No Claim Certificate’ as per the format of the Company. In case of failure on the part of the Subcontractor / Subcontractor/ PRW to remedy the defects, the Company reserves its right to utilize this retention amount for carrying out the rectification works or discharging obligations, duties, responsibilities or liabilities of the Subcontractor / Subcontractor/ PRW and for this purpose the Company shall also have the right to invoke Cross Fall Breach and Set Off provisions of Clause 24.

Cash Retention. Unless otherwise specified in the Letter of Intent or Work Order or Subcontract, an amount equivalent to 10to10% (ten percentage) of the gross value (including escalation payable, if any) of all invoices, running account xxxx / interim progress xxxx shall be deducted from all invoices / running account / interim progress bills towards Cash Retention. The retention money so withheld shall be returned without interest to the Subcontractor / PRW after completion of Defect Liability Period and Subcontractor / PRW’s fulfilling all its obligations, duties, responsibilities and liabilities under this Work Order / Subcontract and signing of ‘No Claim Certificate’ as per the format of the Company. In case of failure on the part of the Subcontractor / PRW to remedy the defects, the Company reserves its right to utilize this retention amount for carrying out the rectification works or discharging obligations, duties, responsibilities or liabilities of the Subcontractor / PRW and for this purpose the Company shall also have the right to invoke Cross Fall Breach and Set Off provisions of Clause 24.

Cash Retention. Unless otherwise specified in the Letter of Intent or Work Order or Subcontract, an amount equivalent to 10% (ten percentage) of the gross value (including escalation payable, if any) of all invoices, running account xxxx bill / interim progress xxxx bill shall be deducted from all invoices / running account / interim progress bills towards Cash Retention. The retention money so withheld shall be returned without interest to the Subcontractor / PRW after completion of Defect Liability Period and Subcontractor / PRW’s fulfilling all its obligations, duties, responsibilities and liabilities under this Work Order / Subcontract and signing of ‘No Claim Certificate’ as per the format of the Company. In case of failure on the part of the Subcontractor / PRW to remedy the defects, the Company reserves its right to utilize this retention amount for carrying out the rectification works or discharging obligations, duties, responsibilities or liabilities of the Subcontractor / PRW and for this purpose the Company shall also have the right to invoke Cross Fall Breach and Set Off provisions of Clause 24.

Cash Retention. Unless otherwise specified in the Letter of Intent or Work Order or Subcontract, an amount equivalent to 10% (ten percentage) of the gross value (including escalation payable, if any) of all invoices, running account xxxx bill / interim progress xxxx bill shall be deducted from all invoices / running account / interim progress bills towards Cash Retention. The retention money so withheld shall be returned without interest to the Subcontractor / Subcontractor/ PRW after completion of Defect Liability Period and Subcontractor / Subcontractor/ PRW’s fulfilling all its obligations, duties, responsibilities and liabilities under this Work Order / Subcontract and signing of ‘No Claim Certificate’ as per the format of the Company. In case of failure on the part of the Subcontractor / Subcontractor/ PRW to remedy the defects, the Company reserves its right to utilize this retention amount for carrying out the rectification works or discharging obligations, duties, responsibilities or liabilities of the Subcontractor / Subcontractor/ PRW and for this purpose the Company shall also have the right to invoke Cross Fall Breach and Set Off provisions of Clause 24.