Financial Consequences of Non-Performance. Pursuant to Section 287.058(1)(h), Florida Statutes, financial consequences for non-performance are required. The Contractor will be assessed a non- performance retainage equivalent to 10% of the total invoice amount or as specified in the Contract. The retainage will be applied to the invoice for the then-current billing period. The retainage will be withheld until the Contractor resolves the deficiency. If the deficiency is subsequently resolved, the Contractor may invoice the Customer for the retained amount during the next billing period. If the Contractor is unable to resolve the deficiency, the funds retained will be forfeited.
Appears in 3 contracts
Samples: Participation Agreement, Member Requested Participation Agreement, Participation Agreement
Financial Consequences of Non-Performance. Pursuant to Section 287.058(1)(h), Florida Statutes, financial consequences for non-performance are required. The Contractor will be assessed a non- non-performance retainage equivalent to 10% of the total invoice amount or as specified in the Contract. The retainage will be applied to the invoice for the then-current billing period. The retainage will be withheld until the Contractor resolves the deficiency. If the deficiency is subsequently resolved, the Contractor may invoice the Customer for the retained amount during the next billing period. If the Contractor is unable to resolve the deficiency, the funds retained will be forfeited.
Appears in 2 contracts
