Guarantee Payment. (1) Subject to the provisions of the second paragraph of this Section, at the expiration of one (1) year after the Fund has accepted all the work covered by the Contract, the Contractor shall prepare and submit to the Fund and the Consultant, for their approval, a guarantee application for payment, which the Fund, within thirty (30) days after its approval of same, shall pay. Such application and payment shall be in an amount equal to the monies retained by the Fund for the Contractor's guarantee obligations under the Agreement, less any monies deducted by the Fund under this Section. The Contractor shall not be entitled to any interest on the monies retained by the Fund pursuant to subdivision c of Section 4.18 of the Agreement.
Appears in 6 contracts
Samples: Agreement, University Construction Fund Agreement, Agreement
